What I'm Reading

 

 

Cover of "The Myth of the Rational Market...

 

The Myth of the Rational Market: Wall Street's Impossible Quest for Predictable Markets by Justin Fox- This is a review of the history of efficient market theories and an introduction to some counter points raised in recent years. It is very accessible to non-economists and has got off to an interesting start. More will come later.

 

 

Israel Kirzner, Austrian School economist

Competition and Entrepreneurship by Israel Kirzner- This is my second run though of Dr. Kirzner's famous work. At times, astonishingly convincing, at times a little more difficult to follow, it is always insightful. Whether his theory is complete is not for me to say, but he does add a nice dimension to disequilibrium to the microeconomic equilibrium analysis that dominated the time of Kirzner's writing. I hope to do either a full length review or a chapter by chapter analysis for my own records.

 

 

Cover of

Free to Choose: A Personal Statement by Milton and Rose Friedman- Sometimes it is important to go back to the basics and appreciate the wonder of voluntary cooperation. Although markets are not perfect, the Friedman's lay out many examples illustrating the power of them. A great introduction to economic reasoning for the layman.

 

 

2 thoughts on “What I'm Reading

    • Let me preface by saying that I agree with Stigler that sloppy writing means sloppy thinking. However, some ideas are easier to explain than others regardless of the quality of the writer. Just as the motion of objects in a vacuum is straightforward while real movements are complex, so it is with economics. Kirzner has taken an incredibly complex topic, as all disequilibrium analysis is, almost by definition.

      It is not an easy book. The first chapter is simple where he lays out his general framework for the entrepreneur. When he starts to apply this framework (and I see Kirzner as attempting to construct a major revision of all of price theory) the topics and therefore the writing become harder. It is not like reading McCloskey or Stigler, who for me are clear writers. Yet, I won't say that Kirzner is difficult, because Market Theory is well written. And I really enjoyed his Economic Point of View 🙂

Comments are closed.