There was an incident

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Review of “The Return of the Great Depression”

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I recently bought a book with my Christmas money- “The Return of the Great Depression” by my favorite commentator Vox Day.  It is the literary form of the above music video (which is brilliant, by the way.) It explains in laymans terms many economic concepts and how they relate to both our present economic condition, and things that happened in the past. The book starts with a reflection of the circumstances surrounding Japan’s 1980s boom and subsequent bust, both from the perspective of someone living in the country at the time, and as an economist looking back at it retrospectivly. It goes on to explain the terms and some of the history behind the major schools of economic thinking today, and what predictions and actions they have taken in response to our economic crisis. Day is from the Austrian school, but is quite fair, or at least even toned, towards his main philosophical rivals, the Keynesians. He is extremely unimpressed by the economist Paul Krugman, and devotes a good portion of his books to tearing down Krugman’s terrible track record in predicting the market’s turns, particularly in regards to the effects of bailout spending. The book is impressive in that it simultaneously maintains a conversational tone, but never compromises it’s academic credentials. I would compare it to listening to a favorite teacher give a lecture. I highly recommend this book to anyone wanting to know more about economics.

Written by therewasanincident

January 25, 2010 at 9:15 pm

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