Seeking book recommendations regarding economics from libral perspective

[kcantankerous]

Hello all,

I try to have an open mind especially when it comes to economics and finance. I find myself reading books from the point of view of Libertarian, Austrian, and Free Market schools of thought. I'd like to get a liberal prospective. A fellow member here suggested Slate.com and I found some interesting stuff. Yet, I am asking for suggestions of intelligently written books on the subject. What I mean by intelligently written is that the author refrain from say name calling or demagoguery. These suggestions could extend to the liberal perspective of the financial crisis as well.

Thanks,
K

 

[mabus]

Why not seek the FACTS, instead of just one perspective?

 

[Jagermeistered]

Oh, K...

You placed a question in the wrong part of the TMF GD forum... You should join forums that has a strong influence in economic academia, and even intelligentsia; even though, they don't exist anymore.

 

[Jagermeistered]

Why not seek the FACTS, instead of just one perspective?

What "FACTS", are you speaking of? Economics is a soft science(like, Sociology)...

 

[WorkInProgress]

Look up Paul Krugman, Nobel Prize winning economist who writes for the New York Times. He has a decidedly Keynesian point of view. And actually, when it comes to economics, it's more a matter of classical versus Keynesian than conservative versus liberal. The basic point of Keynes's theory is that the boom and bust cycles of capitalism require a strong role for the state in offsetting those cycles by spending more and taxing less when there's a slump, and cutting back on spending when there's a boom. From a Keynesian point of view, austerity in time or recession or depression--which is what's going on now--is the most dangerous thing you can do. And again, that's what Paul Krugman argues in detail.

 

[Jagermeistered]

Look up Paul Krugman, Nobel Prize winning economist who writes for the New York Times. He has a decidedly Keynesian point of view. And actually, when it comes to economics, it's more a matter of classical versus Keynesian than conservative versus liberal. The basic point of Keynes's theory is that the boom and bust cycles of capitalism require a strong role for the state in offsetting those cycles by spending more and taxing less when there's a slump, and cutting back on spending when there's a boom. From a Keynesian point of view, austerity in time or recession or depression--which is what's going on now--is the most dangerous thing you can do. And again, that's what Paul Krugman argues in detail.

I hope this is sarcasm, WIP!

 

[Jagermeistered]

Look up Paul Krugman, Nobel Prize winning economist who writes for the New York Times. He has a decidedly Keynesian point of view. And actually, when it comes to economics, it's more a matter of classical versus Keynesian than conservative versus liberal. The basic point of Keynes's theory is that the boom and bust cycles of capitalism require a strong role for the state in offsetting those cycles by spending more and taxing less when there's a slump, and cutting back on spending when there's a boom. From a Keynesian point of view, austerity in time or recession or depression--which is what's going on now--is the most dangerous thing you can do. And again, that's what Paul Krugman argues in detail.

Do you or Paul Krugman understand that boom and bust cycles are created by asset inflation? Does he understand how inflation works? Does he even understand money supply and bank credit inflation?

Where is his book?

 

[milagros317]

Why not read the original?

http://www.amazon.com/General-Theor...0156347113/ref=pd_sim_b_3/175-6933123-4471326

When I wanted to know about Jefferson, I read his autobiography first, not what others said about him. So read Keynes' own work first.

 

[Jagermeistered]

That gives cost to personal capital, and I read it in the public library, Mils... 😛

Thank goodness I read before a Keynes bust! 😛

 

[milagros317]

That gives cost to personal capital, and I read it in the public library, Mils... 😛

Thank goodness I read before a Keynes bust! 😛

I was forced to read it for a high school economics class, MANY years ago. 😱

 

[Jagermeistered]

I was forced to read it for a high school economics class, MANY years ago. 😱

At least he wasn't scarred, and with metal-bladded fingers...

 

[kcantankerous]

Why not seek the FACTS, instead of just one perspective?

What I am trying to do is listen to diverse viewpoints. I refuse to sit in an echo chamber.

WIP,

I well check out out Paul Krugman. I find him somewhat tough to listen to lol, but his name is brought up a lot so I will give it a read.

Milgros,

I will take your advice, Keynes was indeed an interesting man and a brilliant mind. I feel as though his prescriptions work well for short-term oriented politicians but are devastating in the long run. Having said that I will give it a read and try to staunch my biases.

Jager,

As ever I enjoy your posts, I enjoyed the article links you provided in the politics section. I thought about where to post this but I didn't feel it was too controversial to post here.

Everyone,

I appreciate y'alls responses. I have spent most my adult like reading books that accentuate my biases so I wanted to make sure I tried to make myself more well rounded. The liberal prospective is the only side I have yet to read.

Thanks,
K

 

[WorkInProgress]

Jags: No sarcasm, just a straightforward summary as I understand it. (I'm not an economist.) As for what Krugman "understands," you have to face the fact that there are multiple schools of thought in economics. One is not the definitive answer key to correct the other. That's right, I'm not suggesting that Krugman is always right either.

Krugman's three most recent book titles are "The Return of Depression Economics and the Crisis of 2008," "A Country Is Not a Company," and "The Conscience of a Liberal."

 

[kcantankerous]

Jags: No sarcasm, just a straightforward summary as I understand it. (I'm not an economist.) As for what Krugman "understands," you have to face the fact that there are multiple schools of thought in economics. One is not the definitive answer key to correct the other. That's right, I'm not suggesting that Krugman is always right either.

Krugman's three most recent book titles are "The Return of Depression Economics and the Crisis of 2008," "A Country Is Not a Company," and "The Conscience of a Liberal."

Hmm, do all three of those titles have a common theme? Also, which of the three would you recommend I get first? I have a huge backlog of books but I really feel I need to sprinkle in some of the liberal prospective. As I mentioned before I already have a bias against Mr. Krugman and Keynesian economics. So if you can tell me which of the three is the most informative yet least opposing view bashing I would appreciate it.

As far as Nobel prize goes, I am not overly concerned about that. LTCM had two respected Nobel prize winners and look at how that ended. Anytime a president who has not even finished his first term (keep in mind I voted for the guy) can get a Nobel Prize, that devalues the who experience in my view. Obviously, many of the prize winners are deserving, but still my view of it has been tarnished somewhat.

Thanks,
K

 

[WorkInProgress]

To be honest, I haven't looked at any of these books; I just went to the New York Public Library's online catalog and got you the titles. What I do read regularly is Paul Krugman's column in the New York Times. I would say, though, that the "crisis of 2008" book sounds from its title like the one that will apply his theories to the present situation most directly, and it just came out in 2010.

 

[kcantankerous]

To be honest, I haven't looked at any of these books; I just went to the New York Public Library's online catalog and got you the titles. What I do read regularly is Paul Krugman's column in the New York Times. I would say, though, that the "crisis of 2008" book sounds from its title like the one that will apply his theories to the present situation most directly, and it just came out in 2010.

I appreciate it WIP, do you find yourself agreeing with Mr. Krugman most of the time or do you read it his column because it is well written?

Thanks,
K

 

[Jagermeistered]

Jags: No sarcasm, just a straightforward summary as I understand it. (I'm not an economist.) As for what Krugman "understands," you have to face the fact that there are multiple schools of thought in economics. One is not the definitive answer key to correct the other. That's right, I'm not suggesting that Krugman is always right either.

Krugman's three most recent book titles are "The Return of Depression Economics and the Crisis of 2008," "A Country Is Not a Company," and "The Conscience of a Liberal."

I know WIP... For instance, the 'Chicago School'...

 

[WorkInProgress]

I appreciate it WIP, do you find yourself agreeing with Mr. Krugman most of the time or do you read it his column because it is well written?

Thanks,
K

The trouble with economic theories is that they're impossible to test conclusively. With partisan gridlock, each side gets to say "if only we had complete control." But, if you want to know what Keynesian theory is, as applied to today's situation, Paul Krugman is the one to read--and I do think he writes well, though I'll admit he's a little narrow and one-sided at times (as we all can be). And sure, to get the original theory, you can also read Keynes himself.

 

[kcantankerous]

The trouble with economic theories is that they're impossible to test conclusively. With partisan gridlock, each side gets to say "if only we had complete control." But, if you want to know what Keynesian theory is, as applied to today's situation, Paul Krugman is the one to read--and I do think he writes well, though I'll admit he's a little narrow and one-sided at times (as we all can be). And sure, to get the original theory, you can also read Keynes himself.

Yeah, I actually purchased a history of economic thought book earlier but it was clearly written by an Austrian/free-market sympathizer. I fall into that camp myself, but I am looking for material that takes different points at face value. I think I will start with Keynes as you suggested and then pick one of Krugman's books. I will make an effort to read his blog, but I have tried before and it was tough.

The problem with the profession, as I see it, is that each school of thought generally thinks theirs is the correct path. I really reminds me of the political system.

Thanks,
K