If there is a single message that emerges from the wonderful essays contained in this volume, it is that economics is hard. The fact that virtually all economists agree on a handful of simple truths that describe the marketplace belies the fact that, when push comes to shove, dynamic economic processes are notoriously difficult to understand and control. The Economic Crisis in Retrospect provides the reader with a window into how some of the most perceptive economic thinkers of the last two centuries have wrestled with these issues.' - Steven G. Medema, University of Colorado, US'When the financial crisis hit, Ben Bernanke defended the economics profession by arguing that economists such as Bagehot and Thornton had a complete analysis of financial crises. Unfortunately, until the crisis hit, most economics students had never heard of, let alone read, either. That's sad, and this book provides an excellent entree into past economists' insights and how they relate to the financial crisis. It is a useful read.' - David C. Colander, Middlebury College, US 'With apologies to Santayana. . . this excellent work shows that those who can remember past economic thought are condemned to repeat the insights of major economic thinkers and show their relevance by applying them to contemporary economic issues.' - Steven Pressman, Monmouth University, US As the United States continues its slow recovery from the global financial crisis of 2008, politicians, policymakers and academics are increasingly turning to the lessons of history to gain insight into how we might address both current and future economic challenges. This volume offers contributions by eminent economists and historians, each commenting on the theories of a particular 20th century economist and the ways in which those theories apply to modern economic thought. Presented in rough chronological order of the lives of the featured economists, these chapters tackle a number of major economic issues, including the role of central banks, monetary and fiscal policy, government spending, entrepreneurship and financial innovation. The contributors apply the theories of Walter Bagehot, Thorstein Veblen, John Maynard Keynes, Joseph Schumpeter and Friedrich Hayek to these and other crucial topics, offering both comprehensive historical analysis and vital insights into the modern US and world economies. Two additional chapters on the Great Depression and US monetary and fiscal history round out this critical collection. Students and professors of all economic disciplines will find much to admire in this fascinating volume, as will anyone with an interest in economics both past and present. Contributors: B. Bateman, B. Caldwell, R.N. Langlois, P. Mehrling, R. Prasch, T.J. Sargent, P. Temin, G.P. West III, R.M. Whaples

The chapters of this volume apply the tools of public choice theory to the types of questions which economic historians have traditionally addressed. By adding the insights of public choice economists to the traditional tools used to understand economic actors and institutions, the authors are able to provide fresh insights about many important issues of American history. Each contribution analyzes an episode in American economic history within a public choice framework of rational maximization. Agents or interest groups are interpreted as either responding in predictable ways to economic incentives put in play by government policy or attempting to influence government policy. Public Choice Interpretations of American Economic History includes eight essays that examine: Why states contributed to the national government under the Articles of Confederation. The major nineteenth-century transitions in the source of state revenues away from fees and investments and toward the property tax, and from state to local government funding of infrastructure. Three economic failures from the American West in the late nineteenth and early twentieth century: overgrazing of the northern plains, despoliation of the Yellowstone Basin, and low productivity of Indian communal lands. The impact on trusts of state-level anti-trust activities and the passage of the Sherman Antitrust Act. The economic and political determinants of state-level WPA spending by the federal government during the New Deal. Why New Deal agricultural policies under the AAA were politically successful, while industrial policies under the NRA were scrapped. The Interaction between Fed policies and banks' decisions about membership inthe Federal Reserve System in the period 1921-79. The influence of diversity among voters on states' decisions about how to regulate alcohol consumption in the decades after the end of prohibition.

“Anyone concerned with social justice will find this book makes him question his assumptions, rethink his premises, and think!" —Andrew P. Morriss, professor, Bush School of Government and Public Service, School of Law, Texas A&M University What is social justice? In these pages, twenty-one accomplished academics seek to do justice to “social justice.” Inequality exists and it obviously causes rifts in societies. But it’s not obvious how the government should address those rifts, or if it should address them at all. Have we forgotten the perhaps more efficient power of personal choice—and the corollary obligation: to serve our neighbors—to make our society more humane? Beginning with the first political philosophers in ancient Athens, and continuing right through Marx into our post-modern era, men have wrestled with the question of justice; and the answers have been as earnest as they have been varied. Today, our “expert” class also claim to have answers—updated answers, more “equitable” answers, more technological answers ... in short, answers that are simply better suited to our times. But are those answers in any way correct? Do they work? Are they—just? In these elegant, nuanced essays, the authors use the wisdom of ancient and modern philosophers to shed light on these important questions—and the answers are revealing. Armed with ample evidence from real-world experiences, lessons from history, the wisdom of the classics, modern philosophers, and even the teachings of the world religions, the contributors of Is Social Justice Just? Illuminate the central role of the individual in achieving justice in all its aspects. Read Is Social Justice Just? And discover: how to do social justice wrong with the poison of resentment, envy, and ignorance; how to do social justice right with the insights of philosophers and theologians; how to respect people’s rights and liberties without sacrificing true equality; and how to reform flawed public policies that just make everything worse. In a world of partisanship, hysteria, maliciousness, and good intentions attached to hellish outcomes, this landmark book enters the public discourse at a critical time. With a foreword by Jordan B. Peterson, a preface by Nicholas Rescher, and a collection of essays by some of the best and brightest scholars of our time, Is Social Justice Just? is a timely and urgent work. Read it, and you will begin to think about “social justice,” and justice, in some surprising new ways.

The chapters of this volume apply the tools of public choice theory to the types of questions which economic historians have traditionally addressed. By adding the insights of public choice economists to the traditional tools used to understand economic actors and institutions, the authors are able to provide fresh insights about many important issues of American history. Each contribution analyzes an episode in American economic history within a public choice framework of rational maximization. Agents or interest groups are interpreted as either responding in predictable ways to economic incentives put in play by government policy or attempting to influence government policy. Public Choice Interpretations of American Economic History includes eight essays that examine: * Why states contributed to the national government under the Articles of Confederation. * The major nineteenth-century transitions in the source of state revenues away from fees and investments and toward the property tax, and from state to local government funding of infrastructure.* Three economic failures from the American West in the late nineteenth and early twentieth century: overgrazing of the northern plains, despoliation of the Yellowstone Basin, and low productivity of Indian communal lands. * The impact on trusts of state-level anti-trust activities and the passage of the Sherman Antitrust Act. * The economic and political determinants of state-level WPA spending by the federal government during the New Deal. * Why New Deal agricultural policies under the AAA were politically successful, while industrial policies under the NRA were scrapped. * The Interaction between Fed policies and banks' decisions about membership in the Federal Reserve System in the period 1921-79. * The influence of diversity among voters on states' decisions about how to regulate alcohol consumption in the decades after the end of prohibition.