Economics Does Not Lie
Encyclopedia
Economics Does Not Lie: A Defense of the Free Market in a Time of Crisis is a non-fiction book by French classical liberal economist
and philosopher Guy Sorman
. Sorman argues that while the recent world economic recession involved serious problems, it would be a grievous mistake to use the crisis as justification to abandon free market
democratic capitalism
. Sorman writes that the current system has resulted in huge benefits with about a billion people worldwide lifted out of poverty
. Encounter Books
published the English language
version of the book on July 20, 2009.
The book is based on a French language
article that City Journal published (translated into English
by Ralph C. Hancock) in its Summer 2008 issue.
and economic recession, and he argues:
Stephen Spruiell
wrote a positive review for the conservative news and opinion website National Review Online. Spruiell stated that Sorman made a compelling case in favor of free markets, and Spruiell stated that "the only flaw" was that Sorman seemed to overestimate "at times the degree to which economists have reached a consensus." Spruiell remarked in his review, "Economics does not lie; on this point, Sorman is correct. But we must contend with the fact that economists sometimes do."
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and philosopher Guy Sorman
Guy Sorman
Guy Sorman is a French professor, columnist, author and public intellectual in economics and philosophy. He has written twenty books that promote the ideals of creativity and modern capitalism. His views are close to classical liberalism...
. Sorman argues that while the recent world economic recession involved serious problems, it would be a grievous mistake to use the crisis as justification to abandon free market
Free market
A free market is a competitive market where prices are determined by supply and demand. However, the term is also commonly used for markets in which economic intervention and regulation by the state is limited to tax collection, and enforcement of private ownership and contracts...
democratic capitalism
Capitalism
Capitalism is an economic system that became dominant in the Western world following the demise of feudalism. There is no consensus on the precise definition nor on how the term should be used as a historical category...
. Sorman writes that the current system has resulted in huge benefits with about a billion people worldwide lifted out of poverty
Poverty
Poverty is the lack of a certain amount of material possessions or money. Absolute poverty or destitution is inability to afford basic human needs, which commonly includes clean and fresh water, nutrition, health care, education, clothing and shelter. About 1.7 billion people are estimated to live...
. Encounter Books
Encounter Books
Encounter Books is an American conservative book publisher. It is an activity of Encounter for Culture and Education, Inc. Encounter Books draws its name from Encounter , the now defunct literary magazine founded by Irving Kristol and Stephen Spender....
published the English language
English language
English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...
version of the book on July 20, 2009.
The book is based on a French language
French language
French is a Romance language spoken as a first language in France, the Romandy region in Switzerland, Wallonia and Brussels in Belgium, Monaco, the regions of Quebec and Acadia in Canada, and by various communities elsewhere. Second-language speakers of French are distributed throughout many parts...
article that City Journal published (translated into English
English language
English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...
by Ralph C. Hancock) in its Summer 2008 issue.
Contents
Sorman refers back to the recent world financial crisisLate-2000s financial crisis
The late-2000s financial crisis is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s...
and economic recession, and he argues:
Economic cycles are the result of innovation. Innovations— whether technical, financial, or managerial— generate growth, but not all innovations are successful... It would be nice to escape economic cycles, but there is no way to have growth without innovation, innovation without risk, or risk without economic cycles. Cycles and downturns are thus not the enemies of economic progress; the enemy of human development is bad economic policies.
Reviews
Stephen Spruiell
Stephen Hill Spruiell is a conservative writer and columnist for the National Review.-Education:Spruiell received his BA in journalism from the University of Oklahoma in 2002....
wrote a positive review for the conservative news and opinion website National Review Online. Spruiell stated that Sorman made a compelling case in favor of free markets, and Spruiell stated that "the only flaw" was that Sorman seemed to overestimate "at times the degree to which economists have reached a consensus." Spruiell remarked in his review, "Economics does not lie; on this point, Sorman is correct. But we must contend with the fact that economists sometimes do."
See also
- Late-2000s financial crisisLate-2000s financial crisisThe late-2000s financial crisis is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s...
- Late-2000s recession
- 2009 in literature2009 in literatureThe year 2009 in literature involved some significant events and new books.-Events:*8 October - Romanian-born German novelist Herta Müller wins the 2009 Nobel Prize in Literature....
- Free to ChooseFree to ChooseFree to Choose is a book and a ten-part television series broadcast on public television by economists Milton and Rose D...
External links
- The Embassy of France and Full Circle celebrate the release of Guy Sorman’s “Economics Does Not Lie”, Thursday 1st July, 2010.
- Defending the Free Market: An Interview with Guy Sorman - Pajamas MediaPajamas MediaPJ Media is a media company that uses the Internet to present and comment on the news.Founded in 2004 by a network primarily, but not exclusively, made up of conservatives and libertarians led by mystery writer, screenwriter, and blogger Roger L...
- booktv.org