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“an excellent new book” — Paul Krugman, The New York Times
History, not ideology, holds the key to growth.
Brilliantly written and argued, Concrete Economics shows how government has repeatedly reshaped the American economy ever since Alexander Hamilton’s first, foundational redesign.
This book does not rehash the sturdy and long-accepted arguments that to thrive, entrepreneurial economies need a broad range of freedoms. Instead, Steve Cohen and Brad DeLong remedy our national amnesia about how our economy has actually grown and the role government has played in redesigning and reinvigorating it throughout our history. The government not only sets the ground rules for entrepreneurial activity but directs the surges of energy that mark a vibrant economy. This is as true for present-day Silicon Valley as it was for New England manufacturing at the dawn of the nineteenth century.
The authors’ argument is not one based on abstract ideas, arcane discoveries, or complex correlations. Instead it is based on the facts—facts that were once well known but that have been obscured in a fog of ideology—of how the US economy benefited from a pragmatic government approach to succeed so brilliantly.
Understanding how our economy has grown in the past provides a blueprint for how we might again redesign and reinvigorate it today, for such a redesign is sorely needed.
- Sales Rank: #136950 in Books
- Published on: 2016-03-01
- Original language: English
- Number of items: 1
- Dimensions: 8.30" h x .90" w x 5.60" l, .78 pounds
- Binding: Hardcover
- 240 pages
Review
“… high on readability… a lyrical manifesto.” — Financial Times
“Concrete economics reflects the pragmatic policies responsible for American economic development from independence through the 1960’s It is the embodiment of Alexander Hamilton’s very visible hand expanding the economic space necessary for markets to flourish. Highly recommended. — CHOICE, the publication of the American Library Association
“…a powerful little book with important messages to be debated.” — Marx and Philosophy Review of Books
“…easy to read, and extremely informative… a worthy look at the history of the U.S. economy, and how and why it has grown as it has.” — Manhattan Book Review
“a valuable lesson to people who run organizations of any type: public, private, for-profit, and nonprofit.” — strategy+business magazine
ADVANCE PRAISE for Concrete Economics:
Lawrence H. Summers, Charles W. Eliot University Professor, Harvard University—
“Cohen and DeLong’s polemical style adds a distinctive voice to economic policy debates. This book may enlighten and infuriate. It is a bold effort by bold thinkers.”
Michael Lind, author, Land of Promise: An Economic History of the United States—
“In a dynamic economy, private enterprise and public leadership are partners, not adversaries. That is the lesson of the past for the future, drawn by two of the finest economic thinkers of the present in this timely and important book.”
About the Author
Stephen S. Cohen is Professor Emeritus of City and Regional Planning at the University of California at Berkeley, where he is also codirector, and cofounder of the Berkeley Roundtable on the International Economy (BRIE). He has written and edited several books, most recently The End of Influence with J. Bradford DeLong, and his articles have appeared in such publications as Science, Foreign Affairs, Harvard Business Review, and the Wall Street Journal.
J. Bradford DeLong is a professor of economics at the University of California at Berkeley. He served as Deputy Assistant Secretary of the US Department of the Treasury in the Clinton administration. He is also a research associate of the National Bureau of Economic Research. He writes a monthly syndicated op-ed column for Project Syndicate. DeLong is also a prolific blogger and commentator on national and international affairs.
Most helpful customer reviews
0 of 0 people found the following review helpful.
A great read by economists ho know how to write well
By Interested customer
I have struggled through a number of books on economics, trying understand what Is happening to our country under the aegis o the Fed. This is by far the best I have read. Not only is the discussion of economic issues good, the book is very well written, holding my interest for long periods at a time.
The book advanced two messages, with one of which I am in full agreement, and one of which I was originally quite skeptical, but found that I had least gained new perspectives. First, our area of complete agreement--the financial sector of our economy has become far too substantial. And it's growth has provided no benefits to the economy that we weren't enjoying before its growth, which has been of benefit only to those who control these intermediaries. Second, our less agreed position. The authors, being college professors, are much of the view that government is what makes it all happen, whereas I am of the view that it is private enterprise that makes the economy go around. My conclusion is that we really don't differ. The key to government intervention in the economy is to adopt policies which facilitate an d encourage entrepreneurial activity by the private sector. On the other hand, policies such as the elimination of regulation from businesses which require restraint makes no sense except to the ideologue.
Overall;, an excellent presentation by writers to whom I am philosophically opposed. Exactly what I want to read.
0 of 0 people found the following review helpful.
Useful but not essential
By Robert P.
Presents some helpful if very brief summaries of government interventions in support of economic development throughout American history. Unfortunately many of the ideas are not clearly developed or given long enough treatment. It reads, imo, like a draft or a collection of class notes. (An editor could help with some of those overlong and convoluted sentences.) As a supporting text to a course on American economic history the book could be useful and perhaps that was the author's intention. All of the economic eras discussed in the book are covered in more depth and with greater clarity in other works. If the reader is looking for a brief and light introduction to the history of fiscal and monetary policy (in practice not theory) this book could be a useful starting point. The book's concept of promoting non-ideological, "whatever works" government economic intervention sounds fine but the argument for how such policy should be developed is sketchy.
0 of 0 people found the following review helpful.
Thoughtful and informative
By BDY
This is a terrific book that should be required reading for anyone involved in making or discussing national economic policy. It destroys a lot of myths by showing how government involvement in the economy, in the US and elsewhere, has been critical to growth and especially to the advance of technology within the country.
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