Economics for the Common Good

Publisher's Summary

From Nobel Prize-winning economist Jean Tirole, a bold new agenda for the role of economics in society.

When Jean Tirole won the 2014 Nobel Prize in Economics, he suddenly found himself being stopped in the street by complete strangers and asked to comment on issues of the day, no matter how distant from his own areas of research. His transformation from academic economist to public intellectual prompted him to reflect further on the role economists and their discipline play in society. The result is Economics for the Common Good, a passionate manifesto for a world in which economics, far from being a "dismal science," is a positive force for the common good. 

Economists are rewarded for writing technical papers in scholarly journals, not joining in public debates. But Tirole says we urgently need economists to engage with the many challenges facing society, helping to identify our key objectives and the tools needed to meet them. To show how economics can help us realize the common good, Tirole shares his insights on a broad array of questions affecting our everyday lives and the future of our society, including global warming, unemployment, the post-2008 global financial order, the euro crisis, the digital revolution, innovation, and the proper balance between the free market and regulation. Providing a rich account of how economics can benefit everyone, Economics for the Common Good sets a new agenda for the role of economics in society.

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©2017 Princeton University Press (P)2018 Audible, Inc.

A Great Overview of the Challenges of Modern Econ

Tirole provides a comprehensive yet succinct take on a wide array of the many issues facing twenty-first century economics. Far from resorting to a tribalistic defence of his fellow economists, Tirole acknowledges many of the shortcomings of his field, yet also takes great care to debunk some of the more fallacious criticisms raised by non-economists. From the outset, much consideration is given to the disruptive impact of cognitive biases, imperfect information, and other real world constraints faced by those contemplating economic problems.

Importantly, Tirole identifies the paramount importance of nuance when discussing economic policy decisions, and approaches the critique of his own discipline from a highly empirical and self-critical standpoint. Ultimately, his overview of economics is sensible and well-grounded, non-dogmatic, -and most importantly-, careful to identify areas in which economics can be used to make the world a better place.

On top of this, the narrative performance by Jonathan Davis is decent enough, however, I would recommend also following along closely with the accompanying PDF if you are to get the most out of this book.

If you are looking for one book providing a well-informed critique of modern economics that is accessible to both professional economists and laypeople alike, then this is the title for you.