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This book contains a selection of the Wincott lectures, given by eminent economists (including four Nobel laureates). Economists do not always communicate their theories to the general public. But all the contributors to this volume have achieved a perfect balance between practical relevance and sound economic reasoning. For this reason their lectures remain refreshing and fascinating. In addition, with economic discourse becoming more and more mathematically formulated, these lectures are a striking example of how important concepts can be communicated simply. Every one of these advances our understanding of the market economy and how it relates to political decisions.
- Published on: 2014-01-14
- Released on: 2014-01-14
- Original language: English
- Number of items: 1
- Dimensions: 8.50" h x .56" w x 5.51" l, .70 pounds
- Binding: Paperback
- 217 pages
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What Better Memorial to a fine Business Journalist
By Junglies
This book is a collection of some of the Lectures given in honour of Harold Wincott, a journalist on the London Financial Times who died at an early age in 1969. Wincott was a journalist who throughout his career championed liberal capitalism in the face of an ascendant and then dominant Keynesian economic consensus. Ahead of his time Wincott was one of a few voices in the wilderness whose time came as the sixties and seventies developed into times of economic crises when the limits of keynesianism and collectivism were brutally exposed. Upon his death two of the stalwarts of the free market think-tank, the Institute of Economic Affairs, Ralph (later Lord) Harris and Graham Hutton organised a charitable appeal to establish a Foundation in his name. The appeal reached and exceeded it's target in a short space of time and the Wincott Foundation has since then organised an annual lecture series and awards to financial journalists. I would highly commend to Amazon readers "The Business of Capitalism" which brings together a selection of Harold Wincott's Financial Times articles.
Explorations in Economic Liberalism contains some of the Wincott Lectures. Over the years some of the most famous free market economists in the world have used the opportunity of an invitation to speak at a Wincott lecture to bring to a wider audience some of the most theoretical concepts in a clear and understandable manner which I am sure would have met with Harold Wincott's total approval.
Milton Friedman begins the volume with a paper on the counter-revolution in monetary theory which is a lucid exposition of the central tenents of monetarism. James Meade , in the second paper apllies his customary analytical skill to a consideration of wages and pricing in a mixed economy with particular emphasis on the labor market. Friedrich Hayek's concern is with the temptations which bear on democratically elected government and their subsequent impact on the economic system. Lionel Robbins looks at postwar economic policy in Britain while Alan Peacock looks at the survival of liberal economic ideas and their promulgation in the future.
Alan Walters main concern too is the performance of the British economy in the post war years and the crucial role that money plays in the economic system. George Stigler examines the relationship between business and regulation and argues for less of the latter. Deepak Lal offers a critique of developmental planning in the third world in view of the overwhelnming evidence being collected against it. Anna Schwartz returns to the question of money in her exposition on currency boards while finally Jagdish Bhagwati further promotes the benefits to be gained from free trade in a paper concerning the new World Trade Organisation.
This volume offers a wealth of economic ideas from some of best minds in economics in a way that can be understood by the average reader. While some of the concepts may be difficult one common theme is that freedom benefits everyone through free markets and free trade. Governments, supposedly for the people have their own agenda and their own interests at heart. It is an excellent book and should be on the reading lists of any worthwhile economics program.
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