THE INDEBTED SOCIETY

ANATOMY OF AN ONGOING DISASTER

Debt is the four-letter word Medoff (Economics/Harvard) and consultant Harless employ as a starting point for their overwrought, well-nigh hysterical critique of the socioeconomic status quo in America. At pains to point out that borrowing can be constructive (e.g., when used to fight depression or recession and to win worthwhile conflicts like WW II), the authors assert that debt has been employed for antisocial purposes in recent decades. Corporate debt has led to downsizing programs that harm older workers, they charge, while mounting federal obligations have redistributed the country's wealth to the rich, impaired government's capacity to function, and provided convenient cover for budget cuts which will inflict further misery on the least fortunate. Medoff and Harless also reprove the general public for going into hock to maintain affluent lifestyles on the grounds that overconsumption dissipates resources required to invest in the future. The authors go on to lambaste the independent Federal Reserve Board for lender-friendly inflation-containment policies, which they contend have kept jobless rates at destructively high levels (a claim unsupported by available data). Medoff and Harless offer a series of proposals for breaking the vicious cycle of mounting debt. Fiscal policy tops their list, with suggestions ranging from ``heavy taxation of the rich'' through measures calculated to encourage thrift. On the monetary side, the authors want to make the FRB more accountable for the effect of its policies, but they're vague on the score of just how an essentially autonomous agency could be brought to book. Also advocated are a much higher minimum wage, greater protection for older workers, reform of the health-care system, and allied actions from the progressive agenda. Keynesian prescriptions for socioeconomic ills, real and imagined, which free markets have long since cured, curbed, or addressed.

Pub Date: Oct. 1, 1996

ISBN: 0-316-56586-5

Page Count: 256

Publisher: Little, Brown

Review Posted Online: May 20, 2010

Kirkus Reviews Issue: Aug. 15, 1996

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Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...

THINKING, FAST AND SLOW

A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.

The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.

Pub Date: Nov. 1, 2011

ISBN: 978-0-374-27563-1

Page Count: 512

Publisher: Farrar, Straus and Giroux

Review Posted Online: Sept. 4, 2011

Kirkus Reviews Issue: Sept. 15, 2011

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A deftly argued case for a new kind of socialism that, while sure to inspire controversy, bears widespread discussion.

CAPITAL AND IDEOLOGY

A massive investigation of economic history in the service of proposing a political order to overcome inequality.

Readers who like their political manifestoes in manageable sizes, à la Common Sense or The Communist Manifesto, may be overwhelmed by the latest from famed French economist Piketty (Top Incomes in France in the Twentieth Century: Inequality and Redistribution, 1901-1998, 2014, etc.), but it’s a significant work. The author interrogates the principal forms of economic organization over time, from slavery to “non-European trifunctional societies,” Chinese-style communism, and “hypercapitalist” orders, in order to examine relative levels of inequality and its evolution. Each system is founded on an ideology, and “every ideology, no matter how extreme it may seem in its defense of inequality, expresses a certain idea of social justice.” In the present era, at least in the U.S., that idea of social justice would seem to be only that the big ones eat the little ones, the principal justification being that the wealthiest people became rich because they are “the most enterprising, deserving, and useful.” In fact, as Piketty demonstrates, there’s more to inequality than the mere “size of the income gap.” Contrary to hypercapitalist ideology and its defenders, the playing field is not level, the market is not self-regulating, and access is not evenly distributed. Against this, Piketty arrives at a proposed system that, among other things, would redistribute wealth across societies by heavy taxation, especially of inheritances, to create a “participatory socialism” in which power is widely shared and trade across nations is truly free. The word “socialism,” he allows, is a kind of Pandora’s box that can scare people off—and, he further acknowledges, “the Russian and Czech oligarchs who buy athletic teams and newspapers may not be the most savory characters, but the Soviet system was a nightmare and had to go.” Yet so, too, writes the author, is a capitalism that rewards so few at the expense of so many.

A deftly argued case for a new kind of socialism that, while sure to inspire controversy, bears widespread discussion.

Pub Date: March 10, 2020

ISBN: 978-0-674-98082-2

Page Count: 976

Publisher: Belknap/Harvard Univ.

Review Posted Online: Dec. 22, 2019

Kirkus Reviews Issue: Jan. 15, 2020

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