Fiscal Follies - A Little Fun with Economics (and Economists)

Daniel C. Munson

Publisher: Defiance Press and Publishing

Summary

In "Fiscal Follies," retired chemical engineer Daniel C. Munson delivers a refreshingly skeptical and entertaining examination of economic theories, government policies, and financial history. With wit and clarity, Munson challenges the scientific pretensions of economics while exploring the consequences of well-intentioned policies gone awry.

Through engaging historical anecdotes—from Thomas Malthus's gloomy predictions to the German hyperinflation of the 1920s—Munson demonstrates how economic theories rarely survive contact with reality. He cleverly weaves references to literature, opera, and theater (particularly Gilbert and Sullivan) to illustrate economic principles and the recurring patterns of human financial behavior.

The book examines pivotal moments in economic history: the gold standard's rise and fall, the Federal Reserve's creation, FDR's monetary experiments, Wall Street compensation practices, and the unintended consequences of socialist policies. Munson's narrative takes readers from the Dakota War of 1862 (influenced by gold standard constraints) to the financial crisis of 2008, exposing how economic decisions ripple through society in unexpected ways.

Neither conventionally liberal nor conservative in its approach, "Fiscal Follies" offers thoughtful analysis about the limits of economic planning, the dangers of currency devaluation, and the human costs of financial manipulation. With chapter titles like "Doolittle Economics" and "The Eternal Debtor," Munson balances serious economic insights with literary wit, making complex financial concepts accessible and entertaining.

If you enjoyed "The Undercover Economist," "Freakonomics," or "Economics: The User's Guide," you'll love "Fiscal Follies: A Little Fun with Economics (and Economists)."

Available since: 10/01/2024.

Print length: 306 pages.

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