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The underlying theme of the book, as Landsburg states on the first page, is that "[m]ost of economics can be summarized in four words: People respond to incentives." With this apparently innocuous observation, Landsburg discusses some unexpected effects of various policies such as automobile safety legislation and environmental policies.
In a review in the American Economic Review, the book was described as "a vigorous, skillful, and provocative challenge to sophisticated formulations of theory and policy," however "the lesson as a whole is too easy, and the "common-sense" answers are really answers only because the basic problems have been oversimplified so much as to divorce ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
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Kirkus Reviews gave the book a positive review, calling it "Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal." [ 11 ] In his review for The Guardian , Greek economist and politician Yanis Varoufakis praised the book and called it a "methodical deconstruction of fake facts" and an ...
Paul Zane Pilzer (born January 17, 1954) is an American economist, New York Times best-selling author, [1] and social entrepreneur.He has written 13 books, the founder of six companies, and has been profiled in more than 100 publications including on the front page of The Wall Street Journal.
The reviewer stated, "Sowell’s economics in a social vacuum is as meaningful as color in the absence of light". [11] The book has also been reviewed for the academic journals The Appraisal Journal, [12] the Journal of Economic Behavior & Organization, [13] and twice in the micro-review section for The Physics Teacher. [14] [15]
The book showed how operationally meaningful theorems can be described with a small number of analogous methods, thus providing "a general theory of economic theories." It moved mathematics out of the appendices (as in John R. Hicks's Value and Capital ) and helped change how standard economic analysis across subjects could be done with the ...