Specialization and Trade: A Re-introduction to Economics

Specialization and Trade A Re introduction to Economics Since the end of the second World War economics professors and classroom textbooks have been telling us that the economy is one big machine that can be effectively regulated by economic experts and t
  • Title: Specialization and Trade: A Re-introduction to Economics
  • Author: Arnold Kling
  • ISBN: -
  • Page: 464
  • Format: Kindle Edition
  • Specialization and Trade: A Re-introduction to Economics
    Since the end of the second World War, economics professors and classroom textbooks have been telling us that the economy is one big machine that can be effectively regulated by economic experts and tuned by government agencies like the Federal Reserve Board It turns out they were wrong Their equations do not hold up Their policies have not produced the promised resultsSince the end of the second World War, economics professors and classroom textbooks have been telling us that the economy is one big machine that can be effectively regulated by economic experts and tuned by government agencies like the Federal Reserve Board It turns out they were wrong Their equations do not hold up Their policies have not produced the promised results Their interpretations of economic events as reported by the media are often of the mark, and unconvincing.A key alternative to the one big machine mindset is to recognize how the economy is instead an evolutionary system, with constantly changing patterns of specialization and trade This book introduces you to this powerful approach for understanding economic performance By putting specialization at the center of economic analysis, Arnold Kling provides you with new ways to think about issues like sustainability, financial instability, job creation, and inflation In short, he removes stiff, narrow perspectives and instead provides a full, multi dimensional perspective on a continually evolving system.
    Specialization and Trade: A Re-introduction to Economics By Arnold Kling,
    • READ BOOK ✓ Specialization and Trade: A Re-introduction to Economics - by Arnold Kling
      464 Arnold Kling
    • thumbnail Title: READ BOOK ✓ Specialization and Trade: A Re-introduction to Economics - by Arnold Kling
      Posted by:Arnold Kling
      Published :2020-02-01T08:22:59+00:00

    About " Arnold Kling "

  • Arnold Kling

    American economist, scholar, and blogger He is an Adjunct Scholar for the Cato Institute and a member of the Financial Markets Working Group at the Mercatus Center at George Mason University He teaches statistics and economics at the Berman Hebrew Academy in Rockville, Maryland Kling received his Ph.D in economics from the Massachusetts Institute of Technology in 1980 He was an economist on the staff of the Board of Governors of the Federal Reserve System from 1980 1986 He was a senior economist at Freddie Mac from 1986 1994.

  • 191 Comments

  • I like Kling and probably agree with him on most things The central thesis of this book is that macro is bunk, and that micro is not No disagreement there He elaborates on this over a mostly enjoyable ten chapters, and the resulting text makes for a pleasant little read.I didn t really get into the way that Kling approached this thesis though He writes from a perspective that treats specialization and trade as largely extricable from the core phenomena of scarcity, preference, and comparative ad [...]



  • Disclaimer This review is from the perspective of a machine learning specialist with a basic undergraduate knowledge of economics.My jargony and perhaps extreme take on the book s thesis there is a dual problem to the common macroeconomic optimization problem In this dual we as an economy, a mass of particles in a labor space continually rearrange ourselves into new patterns of specialization, attempting to maximize our own individual profits We can view economic growth as a local search problem [...]


  • Specialization and Trade is the kind of economic text that the world needs of Kling is heterodox through and through, using whatever approach he sees as reasonable no matter how many traditions he breaks with At the same time, he really knows how to make himself understood and his reasoning transparent The result is a book that s both innovative and a didactic masterpiece If I don t rate it higher, then that s mainly because Kling is all over the place, talking about various methodological issu [...]


  • This is a book that I ll recommend to students of economics who have finished grad school and just joined public policy Read this book It is short but contains many useful lessons that call for much unlearning and rethinking You will understand the ideas in this books, but not their full importance now You will learn to appreciate them with experience I ve been reading Kling for close to a decade now This book is a good synthesis of his ideas.


  • A small but clear book on rethinking how we approach macroeconomicsA great reintroduction to macroeconomics thru a different lens than the classical macro training Kling does a fine job appealing to armchair economists while still keeping a certain rigor to the material.


  • Clear writing from my favorite curmudgeon Convinced me that a lot of the science underpinning current economic thinking is bunk.


  • As usual, Kling s prose is crystal clear, and his ideas are thoughtful and thought provoking In addition to providing an excellent case for a trade and specialization based economics, he delivers a good economics primer and a persuasive case against basing economics on mathematical models.


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