This book provides a historical background of the American business
cycle, challenges the validity of conventional Keynesian ideology,
and presents a bold, alternative theory of how production leads to
wealth in our modern economy. The United States is mired in the
aftermath of booming economic prosperity, resembling the trouble
recently experienced by the Japanese economy due partially to
similar Keynesian bailouts and subsidies. Now more than two years
into the current financial crisis, Americans are starting to wonder
if we can ever escape the consequences of past mistakes. If our
"recovery" plan continues along the previous paths that generated
economic bubbles and unemployment, then we are destined for
failure. Destined for Failure: American Prosperity in the Age of
Bailouts provides a conceptual framework previously available only
to those with formal university training. It explains the effects
of government regulation, political interference in the housing and
job markets, misallocation of resources in health and education,
moral hazard, environmental constraints, and excessive taxation.
The authors provide insight into their view of Keynesian economics
as an outdated, detrimental ideology, and take the Bush and Obama
administrations to task for budget deficits and cronyistic
subsidies and bailouts. The senior author is a distinguished
economist who supplemented his in-depth knowledge with
contributions from two of his brightest undergraduate students
Seven graphical representations and three data tables highlight key
information Index provides the reader with easy access to specific
topics throughout the text More than 20 case studies apply the
general theory of the book to real-world examples, each concluding
with specific policy proposals
General
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