Why Economies Grow or The Fast Track to Profit

Why Economies Grow: The Forces That Shape Prosperity and How to Get Them Working Again

Author: Jeff Madrick

The forces that shape economic growth:--The size of markets. Large markets make economies of scale possible and thus encourage saving, investing, and the development of new products.--The availability of information and the literacy of the population. The spread of information gives people access to scientific and technical ideas, products, and productive farming, manufacturing, and marketing techniques.--Natural resources. These seem like primary requirements but are not: they depend on markets for their commercial value.--Surplus capital--savings--that can be used as investment.--Basic economic rights such as guarantees of property and contracts.--Entrepreneurialism, creativity, and the human drive for self-improvement.--Technology and invention. While commonly seen as primary (or even the only) requirements for growth, these are strongly dependent on other factors.

Publishers Weekly

New York Times "Economic Scene" columnist Madrick sets out to debunk the "new economy" rhetoric that ignited the late-1990s stock market, and although his argument may seem belated, it's far from mundane. According to the author, technological innovations aren't just less important to economic expansion than we've been led to believe-they're not even necessary. Henry Ford's advances were much more managerial than technological, Madrick writes; therefore, improvements in marketing and distribution can prompt growth without serious technological developments. In the supply versus demand equation, Madrick tips the balance toward demand: in the last 1,000 years of economic history, desire for product has always been the motivation for expansion. Even the 19th-century invention of the commercial thresher, which vastly improved farms' productivity, was invented to feed a growing population. Much of the book chronicles the decline of American productivity from 1970 to 1995, with Madrick asserting that stagnation inspired people to invent the fiction of a "new economy," which, by the late '90s, was almost exclusively identified with high-tech enterprises. Unfortunately, Madrick, a former Business Week financial editor, here plays the role of essayist, rather than journalist, foregoing specific data for broad assertions. He calls for more progressive taxes to redistribute wealth and greater public spending on education and healthcare, but his last chapter is fatalistically titled "Why We Won't Do It," and is a critique of the laissez-faire orthodoxy that has dominated politics and economic theory since the '80s. (Nov. 1) Copyright 2002 Cahners Business Information.

Library Journal

Economists believe that, to make an economy grow, many factors must be in place, such as sufficient capital or abundant natural resources, while most Americans believe that technological innovation is the sine qua non of prosperity. Madrick, a New York Times business columnist and cable TV pundit, devotes over three-quarters of this work to refuting the technological innovation thesis. Rather, he believes that the existence of viable markets is the most important element among a complicated mix of causes. Only in the penultimate chapter does he offer his prescription on how to make the economy grow, which is mostly a list of traditional liberal policies where "government" gives money and/or more services to people. Their spending, in turn, drives the economy. He notes, however, that he doesn't think his recommendations will be implemented; our national character prevents us from relying too heavily on government. Despite many interesting insights and a strong center section on the Industrial Revolution, a weak beginning and unconvincing end sabotage what could have been a very good book. An optional purchase. Patrick J. Brunet, Western Wisconsin Tech. Coll., LaCrosse Copyright 2002 Cahners Business Information.

Table of Contents:

	Foreword	ix
	Acknowledgments	xiii
1	Why Economies Grow	1
2	The Invention of the New Economy	13
3	The Importance of Economic Growth	31
4	The Causes of Industrial Revolution	47
5	The Drama of the American Industrial Revolution	69
6	The Productivity Slowdown of the Late Twentieth Century	87
7	Why We Grew Rapidly Again	115
8	The Challenges to Prosperity	133
9	Making America Grow: Challenges and Principles	143
10	Making America Grow: An Agenda	163
11	Why We Won't Do It	179
	Notes	199
	Index	233

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The Fast Track to Profit: An Insider's Guide to Exploiting the World's Best Internet Technologies

Author: Lee G Caldwell

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