By Stephen S. Cohen, J. Bradford DeLong
History, now not ideology, holds the most important to growth.
Brilliantly written and argued, Concrete Economics exhibits how govt has again and again reshaped the yankee financial system ever on the grounds that Alexander Hamilton’s first, foundational redesign.
This e-book doesn't rehash the stable and long-accepted arguments that to thrive, entrepreneurial economies want a huge variety of freedoms. in its place, Steve Cohen and Brad DeLong treatment our nationwide amnesia approximately how our financial system has really grown and the position govt has performed in remodeling and reinvigorating it all through our background. the govt. not just units the floor principles for entrepreneurial job yet directs the surges of strength that mark a colourful financial system. this is often as real for present-day Silicon Valley because it was once for brand spanking new England production on the sunrise of the 19th century.
The authors’ argument isn't one in response to summary principles, arcane discoveries, or advanced correlations. in its place it truly is in response to the factsfacts that have been as soon as popular yet which were obscured in a fog of ideologyof how the USA economic system benefited from a practical govt method of be triumphant so brilliantly.
Understanding how our economic climate has grown long ago presents a blueprint for the way we would back remodel and reinvigorate it this day, for this sort of redecorate is sorely needed.
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Additional info for Concrete Economics: The Hamilton Approach to Economic Growth and Policy
The East Asian industrial, high-investment, export-focused economies have grown faster than any in the history of the world (omitting the no-work oil sheikdoms, and perhaps the economy of Wall Street’s finance sheikdoms). But the practice pioneered by the Japanese, exporting more than you import and targeting those exports by industry—first clothes and toys, then steel and ships, then automobiles and machine tools, and then electronics, and doing it at world-impacting scale—means that some other big country (for example, the United States) must import more than it exports year after year, run down its foreign assets, go into debt, and shrink the scale and the incomes in those of its industries targeted by the Asian exporters.
Getting economic policy right—and getting the political economy right, so that the country can get its economic policy right—is and has been of overwhelming importance in generating prosperity. But a global, bird’s-eye view cannot provide us with enough detail to understand how, exactly, or what “getting the economic policy right” really means. For that, we have to focus. And so this book will focus on the United States, which is, fortunately for us, the place where economic policy has been, without a doubt, the most successful over the past couple of centuries.
Third, by financing the large-scale development of world-leading research universities, which have been major contributors to the best American economic performance ever since. Fourth, by directly supporting the development of new technologies, mostly though the huge and now permanent defense budget, American dominance was established in such areas as commercial jet aviation and especially semiconductors, computing, and packet switching, the core technologies of what grew to be the digital era.
Concrete Economics: The Hamilton Approach to Economic Growth and Policy by Stephen S. Cohen, J. Bradford DeLong