Econoclasts

The history we can't afford to forget. At last, the definitive history of supply-side economics—an incredibly timely work that reveals the foundations of America's prosperity when those very foundations are under attack. In the riveting, groundbreaking book Econoclasts, historian Brian Domitrovic tells the remarkable story of the economists, journalists, Washington staffers, and (ultimately) politicians who showed America how to get out of the 1970s stagflation and ushered in an unprecedented quarter-century run of growth and opportunity. Based on the author's years of archival research, Econoclasts is a masterful narrative history in the tradition of Amity Shlaes's The Forgotten Man and John Steele Gordon's An Empire of Wealth.

Republicans today often ask, “What would Reagan do?” The short answer: probably not what they think. Hero of modern-day conservatives, Ronald Reagan was not even conservative enough for some of his most ardent supporters in his own time—and today his practical, often bipartisan approach to politics and policy would likely be deemed apostasy. To try to get a clearer picture of what the real Reagan legacy is, in this book Marcus M. Witcher details conservatives’ frequently tense relationship with Ronald Reagan in the 1980s and explores how they created the latter-day Reagan myth. Witcher reminds us that during Reagan’s time in office, conservative critics complained that he had failed to bring about the promised Reagan Revolution—and in 1988 many Republican hopefuls ran well to the right of his policies. Notable among the dissonant acts of his administration: Reagan raised taxes when necessary, passed comprehensive immigration reform, signed a bill that saved Social Security, and worked with adversaries at home and abroad to govern effectively. Even his signature accomplishment—invoked by “Mr. Gorbachev, tear down this wall!”—was highly unpopular with the Conservative Caucus, as evidenced in their newspaper ads comparing the president to Neville Chamberlain: “Appeasement is as Unwise in 1988 as in 1938.” Reagan’s presidential library and museum positioned him above partisan politics, emphasizing his administration’s role in bringing about economic recovery and negotiating an end to the Cold War. How this legacy, as Reagan himself envisioned it, became the more grandiose version fashioned by Republicans after the 1980s tells us much about the late twentieth-century transformation of the GOP—and, as Witcher’s work so deftly shows, the conservative movement as we know it now.

"Excellent . . . I highly recommend this book." —RON PAUL Why is the boom-and-bust cycle so persistent? Why did economists fail to predict the economic meltdown that began in 2007—or to pull us out of the crisis more quickly? And how can we prevent future calamities? Mainstream economics has no adequate answers for these pressing questions. To understand how we got here, and how we can ensure prosperity, we must turn to an alternative to the dominant approach: the Austrian School of economics. Unfortunately, few people have even a vague understanding of the Austrian School, despite the prominence of leading figures such as Nobel Prize winner F. A. Hayek, author of The Road to Serfdom. Harry C. Veryser corrects that problem in this powerful and eye-opening book. In presenting the Austrian School’s perspective, he reveals why the boom-and-bust cycle is unnatural and unnecessary. Veryser tells the fascinating (but frightening) story of how our modern economic condition developed. The most recent recession, far from being an isolated incident, was part of a larger cycle that has been the scourge of the West for a century—a cycle rooted in government manipulation of markets and currency. The lesson is clear: the devastation of the recent economic crisis—and of stagflation in the 1970s, and of the Great Depression in the 1930s—could have been avoided. It didn’t have to be this way. Too long unappreciated, the Austrian School of economics reveals the crucial conditions for a successful economy and points the way to a free, prosperous, and humane society.

This book examines one of the most important economic outcomes in American history—the breakdown of the Keynesian Revolution. Drawing on economic literature, the memoirs of economists and politicians, and the popular press, Eric Crouse examines how economic decline in the 1970s precipitated a political revolution. Keynesian thought flourished through the presidencies of Lyndon B. Johnson, Richard Nixon, and Gerald Ford, until stagflation devastated American workers and Jimmy Carter’s economic policies faltered, setting the stage for the 1980 presidential campaign. Tracking years of shifting public opinion and colorful debate between free-market and Keynesian economists, this book illuminates a neglected era of American economic history and shows how Ronald Reagan harnessed a vision of small government and personal freedom that transformed the American political landscape.

"THE PURPOSE OF POLITICS IS NOT TO DEFEAT YOUR OPPONENT AS MUCH AS IT IS TO PROVIDE SUPERIOR LEADERSHIP AND BETTER IDEAS THAN THE OPPOSITION." —JACK KEMP The late 1970s were miserable for America. It was the post–Vietnam, post–Watergate era, a time of high unemployment, ruinous inflation, gasoline lines, Communist advances, and bottomed-out U.S. morale. In the 1980s, it all turned around: "stagflation" ended and nearly two decades of prosperity ensued. The Soviet Union retreated, then collapsed. America again believed in itself. And around the world, democratic capitalism was deemed "the end of history." Ronald Reagan’s policies sparked the American renaissance, but the Gipper’s leadership is only part of the story. The economic theory that underpinned America’s success was pioneered by a star professional quarterback turned self-taught intellectual and "bleeding-heart conservative": Jack Kemp. Kemp’s role in a pivotal period in American history is at last illuminated in this first-ever biography, which also has lessons for the politics of today. Kemp was the congressional champion of supply-side economics—the idea that lowering taxes would foster growth. Even today, almost no one advocates a return to a top income tax rate of 70 percent. Kemp didn’t just challenge the Democratic establishment. He also encouraged his fellow Republicans to be growth (not austerity) minded, open their tent to minorities and blue-collar workers, battle poverty and discrimination, and once again become "the party of Lincoln." Kemp approached politics the same way he played quarterback for the Buffalo Bills: with a refusal to accept defeat. Yet he also was incapable of personal attack, arguing always on the level of ideas. He regarded opponents as adversaries, not enemies, and often cooperated with them to get things done. Despite many ups and downs, including failed presidential and vice-presidential bids, he represented a positive, idealistic, compassionate Republicanism. Drawing on never-published papers and more than one hundred Kemp Oral History Project interviews, noted journalists Morton Kondracke and Fred Barnes trace Kemp’s life, from his childhood through his pro football career to his influential years as a congressman and cabinet secretary. As the American Dream seems to be waning and polarized politics stifles Washington, Kemp is a model for what politics ought to be. The Republican party and the nation are in desperate need of another Kemp.

Doug Peters was one of the most prominent business economists in Canada between 1966 and 1992 in his role as chief economist of the Toronto Dominion Bank. He was an outspoken critic of the economic policies of the Progressive Conservative government during the last part of his career. Instead of retiring peacefully in 1992, he decided he wanted to help change economic policy in Canada, and ran for parliament in 1993. From 1993 to 1997, he was the parliament member for Scarborough East and secretary of state for international financial institutions in the Liberal government. Doug Peters: Bay Street Economist on Parliament Hill is the life story of Doug Peters, written by his son, David Peters, but largely based on Doug’s unpublished memoirs. Doug did not follow a conventional career path for a business economist. As a teenager, Doug flunked out of university twice. He then spent ten years working in retail banking. With a more serious, mature attitude in his thirties, Doug went back to university. He was the top student in his Commerce class when he graduated in 1963. He then went on to graduate studies at the University of Pennsylvania, where he received a PhD in 1969. This book tells many interesting stories from Doug’s life. Some of the stories are quite amusing, while other stories tell about important decisions that Doug was involved in.

A quirky assortment of materialistic suburbanites trying to supersize and spend their way to happiness An affectionate satire of the culture of self-indulgence, The Final Days of Great American Shopping exposes the American obsessions with money, mass marketing, and material objects. In Belladonna, a gated subdivision in upstate South Carolina, readers meet acolorful cast of characters doing their best to buy happiness in a series of sixteen closely linked stories from the past, present, and future. Whether speed dating, test driving cars, upsizing to dream houses, flying helicopters, or lusting after designer shoes, these small-town spenders have good intentions that often go hilariously awry as they search for emotional and spiritual comfort. Gilbert Allen is a master at character development and the individuals in this collection are no exception. Among them are the childless, emotionally distant couple Butler and Marjory Breedlove; the harried appliance salesman John Beegle and his precocious, pole-dancing daughter Alison; and the one-handed soccer wunderkind Amy Knobloch. Also featured are Ted Dickey the mastermind of the Mental Defectives self-help book series and the undefeated Speed Dating Champion of the World; Jimmy Scheetz, the pragmatic philanthropist behind Ecumenical Bedding; Ruthella Anderson, a retired first-grade teacher addicted to Star Trek and to extreme couponing; and the mysterious Gabriella, an aging Italian beauty who presides over Doumi Shoes. Arranged chronologically, the stories span nearly a century. While most are set in the recent past or in the immediate future, the book's title story is set in 2084. It depicts a dystopian shopping mall worthy of George Orwell, John Cheever, or Flannery O'Connor, and raises the question, "Can America survive international terrorism, ecological apocalypse, and demographic disaster to morph triumphantly into the USAARP?"

The definitive history of the effect of the income tax on the economy. Ever since 1913, when the United States first imposed the income tax via constitutional amendment, the top rate of that tax has determined the fate of the American economy. When the top rate has been high, as in the late 1910s, the 1930s, 1940s, 1950s, and 1970s, the response of those with money and capital has been to curtail real economic activity in favor of protecting assets and income streams. Huge declines have come to the economy in these circumstances. The most brutal example was the Great Depression itself. When the top tax rate has been cut and held at reduced levels—as in the 1920s, the 1960s, in the long boom of the 1980s and 1990s, and briefly in the late 2010s—astonishing reversals have occurred. The rich have brought their money out of hiding and put it to work in the economy. The huge swings in the American economy since 1913 have had an inverse relationship to income tax rates.