ملاحظات
تمهيد
(1)
Letter of Alfred Marshall to C. R. Fay, February 23, 1915, in Arthur C. Pigou,
ed., Memorials of Alfred Marshall (London: Macmillan, 1925), 489-490.
(2)
John Maynard Keynes, Essays in Persuasion (New York: W. W. Norton, 1963
[1931]), 366-367.
مقدمة
(1)
Diane Coyle, The Soulful Science: What
Economists Really Do and Why It Matters
(Princeton University Press, 2007), 232.
(2)
Friedrich A. Hayek, “The Pretence of Knowledge,” Nobel
Prize Lecture (December 11, 1974).
(3)
Robert J. Barro, “Cut Taxes,” Wall Street
Journal (November 21, 1991).
(4)
Herbert Stein, “The Age of Ignorance,” Wall
Street Journal (June 11, 1993).
(5)
Paul Krugman, Peddling Prosperity (New
York: W. W. Norton, 1994), 9, 24. His previous book, The Age
of Diminishing Expectations, came out in the early 1990s,
just when Third World nations began throwing off socialism and Marxism,
and sensed rising expectations for the first time. The decade of the
1990s turned out to be an explosion in economic and stock market
growth.
(6)
J-B. Say, A Treatise on Political
Economy, 4th ed. (New York: Augustus M. Kelly, 1971
[1880]), xxi, xxxv.
(7)
Arjo Klamer and David Colander, The Making of an
Economist (Boulder, Colorado: Westview, 1990),
xv.
(8)
Richard A. Posner, Law and Literature,
2nd ed. (Cambridge: Harvard University Press, 1998),
182.
(9)
Gary S. Becker and Guity Nashat Becker, The
Economics of Life (New York: McGraw-Hill, 1997),
3.
الجزء الأول: الماليات الشخصية
الفصل الأول: اقتصاديٌّ يكتشف طريقة سهلة لمضاعفة معدل مدخراتك ثلاث مرات
(1)
Testimony of Richard H. Thaler, Graduate School of Business, University of
Chicago, before the U.S. Senate Panel, Helping Americans Save, March 10, 2004.
(2)
“Living on Borrowed Time,” The Economist (November 6, 1999).
(3)
See Klaus Schmidt-Hebbel and Luis Servén, eds., The Economics of Saving and
Growth (New York: Cambridge University Press, 1999).
(4)
N. Greg Mankiw, Macroeconomics, 2nd ed. (New York: Worth Publishers, 1994), 86.
(5)
Dawn Kopecki, “Wrestling for the 401(k) Purse,” BusinessWeek (September 10,
2007), 60.
(6)
References to “animal spirits” and “waves of irrational psychology” can be
found in John Maynard Keynes, The General Theory of Employment, Interest and
Money (New York: Macmillan, 1973 [1936]), 161-162.
(7)
Robert Shiller, Irrational Exuberance (Princeton University Press, 2000), 142.
(8)
Ludwig von Mises, Theory and History (New Haven: Yale
University Press, 1957), 268. However, Mises refuses to call bad
decisions “irrational.” He states, “Error, inefficiency, and
failure must not be confused with irrationality. He who shoots
wants, as a rule, to hit the mark. If he misses it, he is not ‘irrational,’ he is
a poor marksman.”
(9)
Israel M. Kirzner, “Economics and Error” in Perception, Opportunity, and Profit
(Chicago: University of Chicago Press, 1979), 135.
(10)
Mark and Jo Ann Skousen, High Finance on a Low Budget (Chicago: Dearborn,
1994), Mark Skousen’s 30-Day Plan for Financial Independence (Washington, D.
C.: Regnery, 1998).
الفصل الثاني: نظرية المحفظة الاستثمارية الحديثة
(1)
Burton G. Malkiel, A Random Walk Down Wall Street, 5th ed. (New York:
Norton, 1990), 24.
(2)
Warren Buffett, “Remarks,” Berkshire Hathaway Annual Report (1988).
(3)
Jack D. Schwager, The New Market Wizards: Conversations with America’s Top
Traders (New York: Collins, 1994).
(4)
Jack D. Schwager, Stock Market Wizards: Interviews with America’s Top Stock
Market Traders (New York: Collins, 2003).
الفصل الثالث: نعم، يمكنك التغلب على السوق … بمخاطرةٍ أقل
(1)
Lawrence Carrel, “Index Wars,” Smart
Money, August 16, 2006.
(2)
The term market cap refers to the total market
capitalization of a publicly traded company (price of the stock
times numbers of shares outstanding). A market-cap index is a
stock index where stocks are ranked according to their market-cap
size. Dividend-weight index refers to an index that is ranked
according to the dividend each company pays.
الفصل الرابع: الاستثمار ذو العائد المرتفع
(1)
David S. Swensen, Unconventional Success: A Fundamental Approach to Personal
Investment (New York: Free Press, 2005), 297.
(2)
Swensen, Unconventional Success, 298.
الفصل الخامس: كيف صنعت تشيلي ثورة عمالية-رأسمالية
(1)
José Piñera, “The Success of Chile’s Privatized Social
Security,” Cato Policy Report, http://www.cato.org/pubs/policy_report/pr-ja-jp.html.
(2)
Milton Friedman, Capitalism and Freedom (University of Chicago Press, 1962),
182–89. Friedman later endorsed the Chilean model and favored privatization
of Social Security in the United States.
(3)
Private interview with Arnold C. Harberger at the Mont
Pelerin Society meetings in Salt Lake City, August 18, 2004. TIAA-CREF isn’t the only
pension system in the United States that
offers individualized pension accounts. The federal government’s
Thrift Savings Plan (TSA) offers federal employees a variety of fund
choices in their personal retirement accounts.
(4)
José Piñera, “The Success of Chile’s Privatized Social Security,” Cato Policy Report, http://www.cato.org/pubs/policy_report/pr-ja-jp.html.
(5)
Rudi Dornbusch, “Dole Blew a Chance to Be Bold,” BusinessWeek, September
2, 1996.
الفصل السادس: المطالبة بإصلاح الضمان الاجتماعي
(1)
Vito Tanzi and Ludger Schuknecht, Public Spending in the 20th Century;
A Global Perspective (Cambridge: Cambridge University Press, 2000), 201.
(2)
Ludwig von Mises, Planning for Freedom, 4th ed. (South
Holland, Ill.: Libertarian Press, 1980), 18–35. This argument
applies equally to pharmaceutical drugs under Medicare
coverage.
الفصل السابع: ٤ آلاف دولارٍ شهريًّا من الضمان الاجتماعي؟
(1)
William G. Shipman, “Retiring with Dignity: Social
Security vs. Private Markets,” Cato Institute Policy Analysis
(August 14, 1995): http://www.cato.org/pubs/ssps/ssp2es.html.
الفصل الثامن: كيف حلَّ القطاع الخاص أزمته مع المعاشات
(1)
Peter F. Drucker, “The Sickness of Government,” in The Age of Discontinuity
(New York: Harper, 1969), 229, 236.
(2)
Peter F. Drucker, The Unseen Revolution: How Pension Fund Socialism Came to
America (New York: Harper & Row, 1976). This book was reprinted with
a new introduction as The Pension Fund Revolution (New Brunswick, N.J.:
Transaction, 1996).
(3)
Andrew G. Biggs, “Social Security: Is It a Crisis That Doesn’t Exist?” Cato
Social Security Privatization Report 21 (www.cato.org), October 5, 2000, 3.
(4)
Ibid., 32.
(5)
Drucker, The Age of Discontinuity, 241.
الفصل التاسع: المصادر الأربعة للسعادة
(1)
Bruno S. Frey and Alois Stutzer, Happiness and Economics (Princeton, N.J.:
Princeton University Press, 2002), 81.
(2)
See my article “Easy Living—My Two Years in the Bahamas” at www.mskousen.com. Frey and Stutzer, 75.
(3)
Ibid., 78. In fact, Frey and Stutzer publish a graph showing that “Per capita
income in the United States has risen sharply in recent decades, but the proportion
of persons considering themselves to be ‘very happy’ has fallen over
the same period” (p. 77).
الجزء الثاني: الاقتصاديون يدخلون قاعات اجتماعات الشركات
الفصل العاشر: تحسين الناتج النهائي بالقيمة الاقتصادية المضافة
(1)
Al Ehrbar, EVA: The Real Key to Creating Wealth (New York: Wiley & Sons,
1998), viii.
(2)
John Kay, Why Firms Succeed (New York: Oxford
University Press, 1995), 19.
الفصل الحادي عشر: كيف ساهم لودفيج فون ميزس في إنشاء أكبر شركةٍ خاصةٍ في العالم
(1)
Ludwig von Mises, The Anti-Capitalist Mentality (Libertarian Press, 1972
[1956]), 19.
(2)
John Maynard Keynes, The General Theory of Employment, Interest and Money
(London: Macmillan, 1936), 383.
(3)
Charles Koch, The Science of Success (New York: Wiley, 2007), 149.
(4)
Koch, The Science of Success, 15.
الجزء الثالث: حل المشكلات المحلية
الفصل الثاني عشر: انظري يا سيدتي، لا توجد اختناقات مرورية!
(1)
Jonathan Leape, “The London Congestion Charge,” Journal of Economic Perspectives
20: 4 (Fall 2006): 157.
(2)
National Transportation Operations Coalition, National Traffic Signal Report
Card, 2005.
(3)
Ted Balaker and Sam Staley, The Road More Traveled (New York: Rowman &
Littlefield, 2006), xiii.
(4)
Jonathan Leape, “The London Congestion Charge,” Journal of Economic Perspectives
20: 4 (Fall 2006): 165-166.
(5)
Quoted in Robert W. Poole, Jr., “HOT Lanes Advance in Seven States,” Budget
& Tax News (Chicago: Heartland Institute, March 2004).
(6)
Peter Samuel and Robert W. Poole, Jr., “The Role of Tolls in Financing 21st
Century Highways” (Los Angeles: Reason Foundation, 2007), Executive
Summary.
الفصل الثالث عشر: قوة المريض
(1)
Michael F. Cannon and Michael D. Tanner, Healthy
Competition (Washington, D.C.: Cato Institute, 2005),
7.
(2)
Technically, they are Health Reimbursement Accounts (HRAs), which have
fewer rules and restrictions than HSAs. Whole Foods Market is considering
switching to HSAs in the future.
(3)
John Mackey, “Whole Foods Markets’ Consumer-Driven
Health Plan,” speech at the State Policy Network meeting, October
2004, Austin, Texas, http://www.world.congress.com/news/Mackey_Transcript.pdf
الفصل الرابع عشر: عودة إلى الأساسيات
(1)
Adam Smith, The Wealth of Nations (New York: Modern Library, 1965
[1776]), 719.
(2)
Milton Friedman, “Prologue: A Personal
Retrospective” Liberty and Learning: Milton Friedman’s
Voucher Idea at Fifty, ed. by Robert C. Enlow and Leonore T.
Ealy (Washington, D.C.: Cato Institute, 2006),
x.
(3)
Adam Smith, The Wealth of Nations, 718, 720.
(4)
Robert C. Enlow and Leonore T. Ealy, eds., Liberty and Learning (Cato Institute,
2006), viii, 4.
(5)
Milton Friedman, Capitalism and Freedom (Chicago: University of Chicago
Press, 1982 [1962]), 93.
(6)
Herbert J. Walberg, School Choice: The Findings (Washington, D.C.: Cato Institute,
2007), 104.
(7)
Andrew Coulson, “A Critique of Pure Friedman: An Empirical Reassessment
of ‘The Role of Government in Education,’” Liberty and Learning, 116.
(8)
Herbert J. Walberg, School Choice, 47–49.
(9)
Herbert J. Walberg, School Choice, 51–53.
(10)
Herbert J. Walberg, School Choice, flyleaf.
الفصل الخامس عشر: معرض أسلحة شيكاجو
(1)
Gary S. Becker and Guity Nashat Becker, The Economics of Life (New York:
McGraw-Hill, 1997), 143.
(2)
Quoted in David Colander, The Making of an Economist, Redux (Princeton
University Press, 2007), 190.
(3)
Becker and Becker, Economics of Life, 137.
(4)
John R. Lott, Jr., Freedomonomics (Washington: Regnery, 2007), 134-135.
(5)
Lawrence Katz, Steven D. Levitt, and Ellen Shustorovich,
“Prison Conditions, Capital Punishment, and Deterrence,” American
Law and Economics Review, 2003 (5:2), 318-343.
(6)
Adam Liptak, “Does Death Penalty Save Lives? A New Debate on an Old
Question,” New York Times (November 18, 2007), p. 1.
(7)
Ibid., 32.
(8)
John R. Lott, Jr., More Guns, Less Crime (Chicago: University of Chicago Press,
1998), 5.
(9)
Ibid.
(10)
Frederic Bastiat, “What Is Seen and What Is Not Seen,” Selected Essays on
Political Economy (Irvington-on-Hudson, N.Y.: Foundation for Economic
Education, 1995 [1850]), 1.
الفصل السادس عشر: حُمَّى المزادات تصيب الاقتصاديين
(1)
William Vickrey, “Counterspeculation, auctions, and
competitive sealed tenders,” Journal of Finance
16 (1961), 8–37.
(2)
Paul Klemperer, Auctions: Theory and Practice
(Princeton University Press, 2004), 105, 107.
(3)
Quoted in David Reiley, “Vickrey Auctions in
Practice: From Nineteenth Century Philately to Twenty-First Century E-commerce,” Journal of Economic
Perspectives 16:3 (Summer 2000), 183–192.
(4)
Milton and Rose Friedman, Two Lucky People (University of Chicago Press,
1998), 385-386.
(7)
Paul Klemperer, Auctions: Theory and Practice (Princeton University Press, 2004),
preface.
(8)
“Why we do what we do on eBay: Economists mine the online auction
site to find out why shoppers act irrationally,” Christian Science Monitor (July
16, 2007).
الفصل السابع عشر: دور القطاع الخاص
(1)
Paul A. Samuelson, Economics, 6th ed. (New York: McGraw-Hill, 1964), 159.
(2)
Ronald H. Coase, “The Lighthouse in Economics” in The Firm,
the Market, and the Law (Chicago: University of Chicago Press, 1988),
213. Coase’s article originally appeared in The Journal of Law and
Economics (October 1974).
(3)
Mark Skousen, “The Perseverance of Paul Samuelson’s Economics,” Journal of
Economic Perspectives (Spring 1997), 145.
(4)
Paul A. Samuelson and William D. Nordhaus, Economics, 16th ed. (New York:
McGraw-Hill, 1998), 36n.
(5)
Peter Waldman, “If You Build It Without Public Cash, They’ll Still Come,” Wall
Street Journal, March 31, 2000, 1.
(6)
Mark S. Rosentraub, Major League Losers: The Real Cost of Sports and Who’s
Paying for It (New York: Basic Books, 1997).
(7)
Roger G. Noll and Andrew Zimbalist, Sports, Jobs, and Taxes: The Economic
Impact of Sports Teams and Stadiums (Washington, D.C.: Brookings Institution,
1997).
(8)
J.C. Bradley, The Baseball Economist (New York: Dutton,
2007), 8-9. However, it should be noted that since 1994, the hit
batter rates narrowed between the two leagues. Bradley suggests two
reasons: the league expansion in the 1990s, which diluted the
quality of players, and the “double-warning” rule for hitting
batters. See Bradley, The Baseball Economist, 10-11.
(9)
J.C. Bradbury, The Baseball Economist, 74–81.
(10)
J.C. Bradbury, The Baseball Economist, 81. See his website, www.sabernomics.com.
الفصل الثامن عشر: من هو هنري سبيرمان؟
(1)
See, for example, Gary Becker, The Economic
Approach to Human Behavior (Chicago: University of
Chicago Press, 1976).
الجزء الرابع: حل المشكلات العالمية
الفصل التاسع عشر: جدل الاقتصاد البيئي
(1)
Worldwatch Institute, The State of the World 2002 (New York: Norton,
2002), xvii.
(2)
Bjorn Lomborg, The Skeptical Environmentalist: Measuring the Real State of the
World (Cambridge: Cambridge University Press, 2001), 30, 32.
(3)
See Julian L. Simon, The Ultimate Resource 2 (Princeton University Press, 1998)
and The State of Humanity (New York: Blackwell, 1995).
(4)
Lomborg, Skeptical Environmentalist, 33.
(5)
Lomborg, Skeptical Environmentalist, 318.
(6)
Bjorn Lomborg, Cool It: The Skeptical Environmentalist’s Guide to Global Warming
(New York: Knopf, 2007).
(7)
Terry L. Anderson and Donald R. Leal, Free-Market Environmentalism, 2nd ed.
(New York: Palgrave, 2001), 47–58.
(8)
Garrett Hardin, “The Tragedy of the Commons,” reprinted in Garrett Hardin
and John Baden, eds., Managing the Commons (San Francisco: W.H. Freeman,
1977), 20.
(9)
Two additional sources written from a free-market perspective are Michael
Sanera and Jane S. Shaw, Facts, Not Fear: A Parent’s Guide to Teaching Children
About the Environment (Washington, D.C.: Regnery, 1996), and Ronald Bailey,
ed., Earth Report 2000 (New York: McGraw Hill, 2000).
الفصل العشرون: القنبلة السكانية
(1)
Julian Huxley, “Too Many People,” in Fairfield
Osborn, ed., Our Crowded Planet: Essays on the Pressure of
Population (New York: Doubleday, 1962), 223.
(2)
Paul R. Ehrlich, The Population Bomb (New York: Sierra Club, 1968), preface.
(3)
Ehrlich, Population Bomb, 17.
(4)
Robert Malthus, Essay on Population (New York: Penguin Books, 1985
[1798], 71.
(5)
Malthus, Essay on Population, 67–80, 225.
(6)
For an alternative view to Malthusianism, see Julian L. Simon, ed., The State of
Humanity (1995) and The Ultimate Resource 2 (1996).
الفصل الحادي والعشرون: حلٌّ من القطاع الخاص للفقر المدقع
(1)
William Easterly, The Elusive Quest for Growth (Cambridge, Mass.: MIT Press,
2001), 291.
(2)
Recent examples include Paul Craig Roberts and Karen
LaFollette Araujo, The Capitalist Revolution in Latin America (New York:
Oxford University Press, 1997), and James A. Dorn, Steve H. Hanke, and
Alan A. Walters, eds., The Revolution in Development Economics
(Washington, D.C.: Cato Institute, 1998).
(3)
See P.T. Bauer, The Development Frontier (Cambridge, Mass.: Harvard University
Press, 1991), Equality, the Third World and Economic Delusion (Cambridge, Mass.:
Harvard University Press, 1981), and Dissent on Development (Cambridge,
Mass.: Harvard University Press, 1976).
(4)
William Easterly, The White Man’s Burden: Why the West’s Efforts to Aid the Rest
Have Done So Much Ill and So Little Good (New York: Penguin, 2006).
(5)
Muhammad Yunus, Banker for the Poor (New York: Public-Affairs, 1999),
145-146.
(6)
Yunus, Banker to the Poor, 203–205.
الفصل الثاني والعشرون: الفقر والثراء: الهند في مقابل هونج كونج
(1)
Quoted in William Proctor, The
Templeton Prizes (New York: Doubleday, 1983),
72.
(2)
Quoted in Proctor, Templeton
Prizes, 72.
(3)
For an excellent survey of India, see “Unlocking India’s
Growth,” The Economist, June 2,
2001.
(4)
P.T. Bauer, “The Lesson of Hong Kong,” in Equality, the Third World and Economic
Delusion (London: Weidenfeld and Nicolson, 1981),
185.
(5)
P.T. Bauer, “The Lesson of Hong Kong,”
189.
(6)
James Gwartney and Robert Lawson, with William Easterly,
Economic Freedom of the World, Annual Report
2006 (Vancouver, B.C.: Fraser Institute, 2006),
13.
(7)
Milton Friedman, Friedman on
India (New Delhi: Centre for Civil Society, 2000),
10.
(8)
See John Stossel’s amazing example in his ABC Special
“Is America #1?” available on videotape from Laissez Faire Books,
800-326-0996.
(9)
The other free-market think tank, the Liberty
Institute, is run very capably by Barun Mitra. Shah and Mitra hosted
my visit to India in June 2001. Go to
www.libertyindia.org.
(10)
Gita Mehta, Snakes and Ladders:
A Modern View of India (London: Minerva, 1997),
16.
(11)
Adam Smith, The Wealth of
Nations (New York: Random House, 1965 [1776]),
11.
الفصل الثالث والعشرون: إلى أيِّ مدًى المعجزةُ الاقتصادية الآسيوية حقيقية؟
(1)
Lee Kuan Yew, From Third World to First: The Singapore Story, 1965–2000
(New York: Harper Collins, 2000), 291.
(2)
For an excellent survey of the region, see The World Bank, The East Asian
Miracle (New York: Oxford University Press, 1993).
(3)
East Asian Miracle, vi.
(4)
Paul Krugman, “The Myth of Asia’s Miracle,” Pop Internationalism (Cambridge:
MIT Press, 1996), 173. Originally published in Foreign Affairs (Nov./Dec.,
1994).
(5)
Krugman, “Myth of Asia’s Miracle,” Pop Internationalism, 184.
(6)
Marshall Goldman, USSR in Crisis: The Failure of an Economic System
(New York: W.W. Norton, 1983), 2.
(7)
Lee Kuan Yew, From Third World to First: The Singapore Story, 1965–2000
(New York: Harper Collins, 2000), 687.
(8)
Ludwig von Mises, “Capital Supply and American Prosperity,” Planning for
Freedom, 4th ed. (South Holland, Ill.: Libertarian Press, 1980), 214. I highly
recommend this talk on economic development, given by Mises in 1952.
الفصل الرابع والعشرون: ماذا حدث للمصريين؟
(1)
P.T. Bauer and B. S. Yamey, The Economics of Underdeveloped Countries
(Cambridge: Cambridge University Press, 1957), 157.
(2)
Claire E. Francy, Cairo: The Practical Guide, 10th ed. (Cairo: American University
in Cairo Press, 2001), 68. This guidebook is both shocking and indispensable
for anyone moving to or studying this unusual nation. I placed exclamation
points on practically every page.
(3)
Import substitution laws are laws passed by the local government to prohibit
foreign consumer products in the country, such as shoes, toothpaste, or cars,
thus forcing local companies to produce these products at considerably higher
prices (and usually less quality).
(4)
Cited in W.W. Rostow, Theorists of Economic Growth from David Hume to the
Present (New York: Oxford University Press, 1990), 423.
(5)
Doug Bandow, “The First World’s Misbegotten Economic Legacy to the
Third World,” in James A. Dorn, Steve H. Hanke, and Alan A. Walters, eds.,
The Revolution in Development Economics (Washington, D.C.: Cato Institute,
1998), 217, 222-223.
(6)
James Gwartney and Robert Lawson, Economic Freedom of the World, Annual
Report 2006 (Vancouver, B.C.: Fraser Institute, 2006), 9-10.
الفصل الخامس والعشرون: المعجزة الاقتصادية الأيرلندية
(1)
John Maynard Keynes, “Economic Possibilities for Our Grandchildren,”
Essays in Persuasion (New York: Norton, 1963), 365.
(2)
Keynes, Essays in Persuasion, 365.
(3)
Quoted in Jerry J. Jasinowski, ed., The Rising Tide (New York: John Wiley &
Sons, 1998), xxi.
(4)
James Tobin, “Can We Grow Faster?,” in The Rising Tide, 44.
(5)
Robert A. Mundell, “A Progrowth Fiscal System,” in The Rising Tide, 203-204.
(6)
Keynes, Essays in Persuasion, 367.
الفصل السادس والعشرون: ثورة الضريبة الحدية
(1)
Stephen Moore, “Reaganomincs 2.0,” Wall Street Journal (August 31, 2007), A8.
(2)
Supply-side economics is the study of how economic growth can be influenced
by incentives to produce (supply) goods and services, as opposed to
Keynesian economics, which focuses on ways to control the demand for goods
and services.
(3)
Progressive taxation means those who earn more income pay a higher income
tax rate.
(4)
Bruce Bartlett, “Supply-Side Economics and Austrian Economics,” The Freeman
(April, 1987).
(5)
John Kenneth Galbraith, The Affluent Society (Boston: Houghton Mifflin,
1958), 96.
(6)
Dan Bawley, The Subterranean Economy (New York: McGraw-Hill, 1982), 135.
(7)
William Baumol and Alan Blinder, Economics: Principles and Policy, 4th ed.
(New York: Harcourt Brace Jovanovich, 1988), 835.
(8)
Paul Craig Roberts, The Supply Side Revolution (Cambridge: Harvard University
Press, 1984), 25.
الفصل السابع والعشرون: الجدل حول غياب العدالة الاقتصادية
(1)
John Kenneth Galbraith, The Good Society: The Humane Agenda (Boston:
Houghton Mifflin, 1996), 50.
(2)
“The Rich, the Poor, and the Growing Gap Between Them,” The Economist,
June 15, 2006.
(3)
For a critique of the Lorenz curve, see my work Economics on Trial (Homewood,
Ill.: Irwin, 1991), 187–197.
(4)
Stanley Lebergott, Pursuing Happiness: American Consumers in the Twentieth
Century (Princeton, N.J.: Princeton University Press, 1993), 58. It should also
be noted that by 2000, over half of couples were sharing housework duties.
(5)
Lebergott, Pursuing Happiness, 117-118. See also Lebergott’s work, Consumer
Expenditures (Princeton, N.J.: Princeton University Press, 1996).
(6)
Michael Cox and Richard G. Alm, “Buying Time,” Reason
Magazine, August/September 1998, 42. See also their book, Myths of
Rich and Poor: Why We’re Better Off Than We Think (New York: Basic
Books, 1999).
(7)
Gregory Clark, A Farewell to Alms: A Brief
Economic History of the World (Princeton University
Press, 2007), 276, 278.
(8)
Clark, Farewell to Alms, 277.
(9)
Clark, Farewell to Alms, 283-284.
(10)
Clark, Farewell to Alms, 16.
الفصل الثامن والعشرون: رسم بياني واحد يبوح بكل شيء
(1)
Milton Friedman, “Forward,” Economic Freedom of the World, 1975–1995, by
James Gwartney, Robert Lawson, and Walter Block (Vancouver, BC: Fraser
Institute, 1996).
(2)
Adam Smith, The Wealth of Nations (New York: Modern Library, 1965
[1776]), 651.
(3)
Smith, Wealth of Nations, 549.
(4)
Smith, Wealth of Nations, 423.
(5)
Smith, Wealth of Nations, 11.
(6)
Paul A. Samuelson and William D. Nordhaus, Economics, 12th ed. (New York:
McGraw-Hill, 1985), 776.
(7)
Mancur Olson, How Bright Are the Northern Lights? (Stockholm: Lund
University, 1990), 10.
(8)
Henry C. Wallich, The Cost of Freedom (New York: Collier Books, 1960),
9, 146.
(9)
Olson, How Bright Are the Northern Lights?, 88.
(10)
See Michael A. Walker, “The Historical Development of the
Economic Freedom Index,” in James Gwartney, Robert Lawson, and
Walter Block, eds., Economic Freedom of the World
1975–1995 (Vancouver, BC: Fraser Institute, 1996).
Early participants in these meetings included Milton and Rose
Friedman, Michael Walker, Lord Peter Bauer, Gary Becker, Douglass C.
North, Armen Alchian, Arnold Harberger, Alvin Rabushka, Walter
Block, Gordon Tullock, and Sir Alan Walters.
(11)
James Gwartney and Robert Lawson, Economic Freedom of the World 2004
(Vancouver: Fraser Institute, 2004), 5.
(12)
Marc A. Miles, Edwin J. Feulner, and Mary Anastasia O’Grady, 2005 Index
of Economic Freedom (New York and Washington D.C.: Wall Street Journal.
and the Heritage Foundation, 2005), 58. For the latest index, go to www.heritage.org.
(13)
Milton Friedman, “Forward,” Economic Freedom of the World, 1975–1995 (1996).
(14)
Gwartney and Lawson, Economic Freedom of North America, 2004 Annual
Report, 4.
(15)
James Gwartney and Robert Lawson, Economic Freedom of the World, 2004
Annual Report (Fraser Institute, 2005), 35.
(16)
Susan Rose-Ackerman, “The Role of The World Bank in Controlling
Corruption,” Law and Policy in International Business (Fall, 1997).
(17)
Jakob Svensson, as cited in The Economist (December 23, 2006), 126.
(18)
“The etiquette of bribery,” The Economist (December 23, 2006), 126.
الفصل التاسع والعشرون: مخطط بياني مدهش
(1)
Gary S. Becker and Guity Nashat Becker, The Economics of Life (New York:
McGraw-Hill, 1997), 16.
(2)
Another is Robert H. Nelson, author of two excellent books, Reaching for
Heaven on Earth: The Theological Meaning of Economics (Savage, Md.: Rowman &
Littlefield, 1991) and Economics as Religion: From Samuelson to Chicago and
Beyond (University Park: Penn State Press, 2001), both of which deal with economics
as religion rather than the economics of religion.
(3)
Adam Smith, The Wealth of Nations (New York: Modern Library, 1965 [1776]),
744–748.
(4)
Lawrence Iannaccone, “The Consequences of Religious Market Structure,”
Rationality and Society (April 1991), 156–177. See also “Adam Smith’s Hypothesis
on Religion,” chapter 10 in Edwin G. West, Adam Smith and Modern Economics
(Hants, England: Edward Elgar, 1990).
(5)
Roger Finke and Rodney Stark, The Churching of America, 1776–1990: Winners
and Losers in Our Religious Economy (New Brunswick, N.J.: Rutgers University
Press, 1992), 1.
(6)
Finke and Stark, Churching of America, 32.
(7)
Finke and Stark, Churching of America, 5.
الفصل الثلاثون: السلام على الأرض، النوايا الحسنة تجاه البشر
(1)
Adam Smith, The Wealth of Nations (New York: Modern Library, 1965
[1776]), 745.
(2)
Leonard Read, Anything That’s Peaceful, 2nd ed. (New York: Foundation for
Economic Education, 1998), 30.
(3)
Tim Kane, Kim R. Holmes, and Mary Anastasia O’Grady, 2007 Index of Economic
Freedom (Washington, D.C.: Heritage Books, 2007).
(4)
Henry Hazlitt, The Foundations of Morality, 3rd ed. (New York: Foundation for
Economic Education, 1998 [1964]), 339.
(5)
See Milton Friedman, Capitalism and Freedom (Chicago: University of Chicago
Press, 1962), chapter 1.
(6)
Charles Montesquieu, The Spirit of the Laws (Cambridge: Cambridge University
Press, 1989 [1748]), 338.
(7)
Albert O. Hirschman, The Passion and the Interests, 2nd
ed. (Princeton: Princeton University Press, 1997), 72. I highly
recommend this brilliant book. For more discussion of the peaceable
nature of capitalism, see my book, The Making of Modern Economics
(New York: M. E. Sharpe, 2001), chapter 1.
(8)
John Maynard Keynes, The General Theory of Interest, Money and Employment
(London: Macmillan, 1936), 374. Today we might say, “Better that a person tyrannize
over his favorite sports team or his favorite stock than over his fellow
citizen.”
(9)
Gerald O’Driscoll, Jr., and Sara J. Fitzgerald, “Trade Promotes Prosperity and
Security,” Heritage Foundation Backgrounder #1617 (December 18, 2002).
(10)
Andrew Sullivan, “This Is a Religious War,” New York Times Magazine, October
7, 2001, 53.
(11)
Adam Smith, The Wealth of Nations, 747-748.
الجزء الخامس: التنبؤ بالمستقبل
الفصل الحادي والثلاثون: نموذج ييل الجديد للتكهنات
(1)
Robert Shiller, Irrational Exuberance, 2nd ed. (Princeton University Press,
2005), xii.
(2)
Irving Fisher was quoted in the October 16, 1929, issue of the New York
Times.
(3)
Kathryn M. Dominquez, Ray C. Fair, and Matthew D. Shapiro,
“Forecasting the Depression: Harvard Versus Yale,” American Economic
Review, September 1988, 605. The authors ignored the Austrian economists
Ludwig von Mises and Friedrich Hayek, as well as the sound money camp of
E. C. Harwood and Benjamin Anderson, who did anticipate economic
trouble. See my paper, “Who Predicted the 1929 Crash?” in Jeffrey M.
Herbener, ed. The Meaning of Ludwig von Mises (New York: Kluwer
Publishers, 1993), 247–283.
(4)
Shiller, Irrational Exuberance, xviii.
(5)
Shiller, Irrational Exuberance, 14.
الفصل الثاني والثلاثون: التنبؤ بالانتخابات
(1)
Ludwig von Mises, Human Action, 3rd ed. (Chicago: Regnery, 1966), 337-338.
(2)
Joyce Berg, Forrest Nelson, and Thomas Rietz, “Accuracy and Forecast
Standard Error of Prediction Markets,” University of Iowa Working Draft,
(November 2001), 10.
(3)
Joyce Berg, Forrest Nelson, and Thomas Rietz, “Prediction Market Accuracy
in the Long Run,” University of Iowa Working Draft (August 2007),
abstract.
(4)
Berg, Nelson, and Rietz, “Accuracy and Forecast Standard Error of Prediction
Markets” (2001), 13.
(5)
Friedrich A. Hayek, “The Use of Knowledge in Society,” American Economic
Review 35 (1945), 519–530.
الفصل الثالث والثلاثون: ما الذي يحرك الاقتصاد والأسهم
(1)
For more information, see Chapter 2 of my book,
The Making of Modern Economics (Armon,
N.Y.: M. E. Sharpe Publishers, 2001).
(2)
For more information on Gross Domestic Expenditures (GDE), see my
book, The Structure of Production (New York: New York University Press,
1990, 2007), which includes a new introduction. Also, see my article, “What
Drives the Economy: Consumer Spending or Saving/Investment? Using
GDP, Gross Output and Other National Income Statistics to Determine
Economic Performance,” Backgrounder, 2004, Initiative for Policy Dialogue,
http://www-1.gsb.columbia.edu/ipd/j_gdp.html.
(3)
For information on how the BEA figures Gross Output, go to www.bea.gov
and look under “GDP by Industry,” then “interactive tables.” For the differences
between GO, GDE, and GDP, see xv–xvi in the introduction to
The Structure of Production (2007 edition).
(4)
Peter F. Drucker, Toward the Next Economics and Other Essays (New York: Harper
& Row, 1981), 8.
(5)
Ludwig von Mises, “Capital Supply and American Prosperity,” in Planning for
Freedom, 4th ed. (Spring Mills, PA: Libertarian Press, 1980), 197.
الفصل الرابع والثلاثون: معدن ميداس
(1)
Roy W. Jastram, The Golden Constant: The English and American Experience,
1560–1976 (New York: Wiley & Sons, 1977), 132.
(2)
Mark Mobius, “Asia Needs a Single Currency,”
Wall Street Journal, February 19, 1998,
A22.
(3)
See my book, Economics of a Pure Gold
Standard, 3rd ed. (New York: Foundation for Economic
Education, 1997), 82. Note how the world monetary stock of gold
never has declined between 1810 and 1933, when the West was on the
classical gold standard.
(4)
Jeremy J. Siegel, Stocks for the Long Run, 3rd ed. (New York: McGraw-Hill,
2002), 195.
(5)
For further discussion regarding the inherent volatility of the mining industry,
see my work The Structure of Production (New York: New York University Press,
1990, 2007), 290–294.
(6)
“The Song of Bernanke,” Wall
Street Journal lead editorial, August 31, 2007,
A8.
الفصل الخامس والثلاثون: هل يمكن أن يحدث كساد عظيم آخر؟
(1)
Milton Friedman, “Why the American Economy is
Depression-Proof,” Dollars and Deficits (Englewood Cliffs,
N.J.: Prentice Hall, 1968), 72–96.
(2)
Benjamin M. Anderson, Economics and the
Public Welfare (Indianapolis: Liberty Press, 1979
[1949]), and Murray N. Rothbard, America’s Great
Depression (Princeton N.J.: D. Van Nostrand,
1963).
(3)
Milton Friedman and Anna J. Schwartz, A Monetary History of the United States,
1867–1960 (Princeton N.J.: Princeton University Press, 1963), 299.
(4)
Friedman and Schwartz, Monetary History, 360-361.
(5)
Gene Smiley, “Some Austrian Perspectives on Keynesian Fiscal Policy and the
Recovery of the Thirties,” Review of Austrian Economics (1987), 1:146–179, and
Mark Skousen, “The Great Depression,” in Peter Boettke, ed., The Elgar Companion
to Austrian Economics (Cheltenham, UK: Edward Elgar, 1994), 431–439.
(6)
Robert Higgs, “Regime Uncertainty: Why the Great Depression Lasted So
Long and Why Prosperity Resumed After the War,” The Independent Review
(Spring 1997), 1:4, 561–590.
(7)
Robert Higgs, “Wartime Prosperity? A Reassessment of the U.S. Economy in
the 1940s,” Journal of Economic History 52 (March 1992): 41–60. See also Richard
K. Vedder and Lowell Gallaway, “The Great Depression of 1946,” Review of
Austrian Economics 5, no. 2 (1991): 3–31.
(8)
Higgs’ papers on the Great Depression have all been compiled into one
anthology, Depression, War, and Cold War: Studies in Political Economy (Oxford
University Press, 2006).
الفصل السادس والثلاثون: الاقتصادي الأكثر تأثيرًا اليوم
(1)
Daniel Yergin and Joseph Stanislaw, The Commanding Heights: The Battle
Between Government and the Marketplace That Is Remaking the Modern World
(New York: Simon & Schuster, 1998), 15.
(2)
John Maynard Keynes, The General Theory of
Employment, Interest and Money (London: Macmillan,
1936), 383.
(3)
For a good overview of Hayek’s works, see The
Essence of Hayek, ed. Chiaka Nishiyama and Kurt R. Leube
(Stanford, Calif.: Hoover Institution, 1984). For a partial
autobiography, see Hayek on Hayek (Chicago:
University of Chicago Press, 1994). A full-scale intellectual biography
of Hayek has been written by Alan Ebenstein, Friedrich Hayek,
A Biography (New York: St. Martins Press,
2001).
(4)
Peter F. Drucker, “Modern Prophet: Schumpeter or Keynes?” in The Frontiers
of Management (New York: Harper & Row, 1986), 104.
(5)
Yergin and Stanislaw, Commanding
Heights, 141. Also see my book, Vienna and
Chicago, Friends or Foes? (Washington, D.C.: Capital
Press, 2005).
الفصل السابع والثلاثون: علم الاقتصاد للقرن الحادي والعشرون
(1)
Marquis de Condorcet, “The Future Progress of the Human Mind,” The Portable
Enlightenment Reader, ed. Isaac Kramnick (Penguin Books, 1995), 38. Several
of Condorcet’s writings can be found in this excellent anthology.
(2)
Paul Johnson, Modern Times: The World from the Twenties to the Nineties, rev. ed.
(New York: Harper, 1992). The best survey of the horrors of communism is
The Black Book of Communism: Crimes, Terror, Repression (Cambridge, Mass.:
Harvard University Press, 1999), written by six French scholars, some of whom
are former communists.
(3)
Frederic Bastiat, Selected Essays on Political Economy (Irvington-on-Hudson,
N.Y.: Foundation for Economic Education, 1995 [1964]).
(4)
Stanley Liebergott, Pursuing Happiness: American Consumers in the Twentieth
Century (Princeton University Press, 1993), flyleaf.
(5)
Peter F. Drucker, Toward the Next Economics, and Other Essays (New York:
Harper & Row, 1981), 1–21.