Commerce & Economy

Both this book and Alan Greenspan's book "Age of Turbulence" have some stories that blend economics with politics. However, this author and Alan have different economic views. If you are new to economics then I recommend reading or listening to Alan's book first since it is an easier read. Both books touch on Adam Smith's "invisible hand" and John Maynard Keynes' idea of government spending during recessions.

This book is like reading three books in one. The first four hours covers some economists and how their ideas have influenced economic thinking. The next four hours covers examples like spillovers, the prisoner's dilemma, the market for lemons, and Keynes beauty contest. The rest covers musical chairs, the Millennium Bridge, and some of the major events that surround the current housing bubble. For me, I found the middle to be the most enlightening.

Our government has run between the extremes of de-regulation of the airline industry and the "nationalization" of Fannie Mae and Freddie Mac. This book is not a history of bubbles and crashes. While the latest crash is not in tulip bulbs, the ability of governments since then to smooth out the bubbles and crashes appears to be limited.