LIFE ON PARADISE ISLAND: Economic Life on an Imaginary Island

by W. Harmon & Roman F. Warmke Wilson ‧ RELEASE DATE: April 10, 1972

Having reached a take-off stage for economic growth (caused by the development of economic specialization), the residents of tiffs fictional island proceed to invent all the trappings of modern economic society -- the gold standard and paper money (discovered simultaneously), corporations, insurance, foreign trade (one of the last innovations) and laws. All this sudden progress is chronicled by one Bosko (the inventor of Boskonomics) who busily produces flow charts to explain increasingly complex definitions of the island's GNP. Like all models, Paradise Island will be useful to those who clearly understand its limitations. The principles it is intended to illustrate are listed in a summary, but readers must be cautioned not to read this as an explanation of how the relevant institutions developed historically. Likewise, the literal minded should be warned not to take the facetious etymology seriously (""That's a capital idea. . . We'll call it capital""). Basic concepts -- inflation, money, transfer payments -- are entertainingly explained, but Boskonomics is really a very primitive form of economics, and a little help from a teacher might be necessary to bring Paradise home.

Pub Date: April 10, 1972

ISBN: N/A

Page Count: -

Publisher: Lothrop, Lee & Shepard

Review Posted Online: N/A

Kirkus Reviews Issue: April 1, 1972

Categories: NONFICTION