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America’s economic future is uncertain. Mired in a long crippling economic slump and hamstrung by bitter partisan debate over the growing debt and the role of government, the nation faces substantial challenges, exacerbated by a dearth of vision and common sense among its leaders. Prominent Stanford economist John B. Taylor brings his steady voice of reason to the discussion with a natural solution: start with the country’s founding principles of economic and political freedom—limited government, rule of law, strong incentives, reliance on markets, a predictable policy framework—and reconstruct its economic foundation from these proven principles.
Channeling his high-level experience as both a policymaker and researcher, Taylor then zeroes in on current policy issues—the budget, monetary policy, government regulation, tax reform—and lays out in simple terms bold strategies designed to place the country on sound footing in each of these areas.
Preface 9
1 First Principles Work 15
2 Who Gets Us In and Out of These Messes? 50
3 Defusing the Debt Explosion 101
4 Monetary Rules Work and Discretion Doesn't 121
5 Ending Crony Capitalism as We Know It 144
6 Improving Lives While Spiking the Entitlement Explosion 166
7 Rebuilding American Economic Leadership 186
Notes 207
Index 221
Dr. Taylor is a talented, well-grounded economist whose work in real world and academic economics carry on the traditions of von Hayek and
and other notables of the Austrian School, which has proven the only sound alternative to Marxist and Keynsian theories. Taylor's approach
in this publication and others has a decided advantage over other contemporary "economists" like Paul Krugman in that Dr. Taylor's
analysis and prescriptions have been proven repeatedly to work in the real world. An observation on the "reviews" included by B & N is
that for some reason an extremely empty-headed review by an apparent Marxist at Kirkus Reviews is given space. That was an obvious
mistake as the "reviewer" appears to be both out of touch with current economic practice and possessed of a somewhat limited
intellectual endowment. I suggest buying the book and reading it, as the Kirkus reviewer apparently neglected to do.
Overview
America’s economic future is uncertain. Mired in a long crippling economic slump and hamstrung by bitter partisan debate over the growing debt and the role of government, the nation faces substantial challenges, exacerbated by a dearth of vision and common sense among its leaders. Prominent Stanford economist John B. Taylor brings his steady voice of reason to the discussion with a natural solution: start with the country’s founding principles of economic and political freedom—limited government, rule of law, ...