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The Moral Consequences of Economic Growth by Benjamin M. Friedman
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The Moral Consequences of Economic Growth

by Benjamin M. Friedman

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127348,442 (3.46)4
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Vintage (2006), Paperback, 592 pages

Member:sgtbigg
Collections:Your library, To readRating:
Tags:Economics, Travel
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This is a thick book with small print, and I must admit, I wondered if I would get through it. Sounded really dry and academic, but my non-fiction book club was reading it. I was pleasantly surprised to find it so engaging.

The author explores the relationship between economic progress and moral progress: do they go together? Yes, they do. But how exactly? Does economic progress result from morality? Or is it a demonstration or proof of morality? Or does it foster morality? These are the key questions examined in the context of the United States and three European countries.

There are a few instances where the author may have overstated his case. For example, on page 345, he states taht high income countries where freedom and democracy are well developed are at risk if incomes stagnate. Maybe in emerging democracies, but in Canada? I doubt it.

The policy prescriptions at the end of the book are its weakest part. Having read many books on public policy and almost always having this view, I believe academics/authors would provide more value by properly framing the important issues to be addressed and leaving the policy development work to policy makers. The author doesn't seem to understand how governments act. At times, government is completely absent from the analysis, yet all the "solutions" are based on government action. Cultural and religious contexts are also missing from the analysis of morality, which is never defined.

The author's blending of psychology with economic analysis is the strength of this book; it is the innovative idea, at least for me. The book is well researched and easy to read. ( )
  LynnB | Feb 16, 2007 |
Purchased at Half Price on 7/28 for 18$.
  chastings | Jul 28, 2006 |
Well argued. Develops the historical and psychological background for the argument that economic growth is a near requirement for the creation of a more "moral", free and open society. Sometimes weak when the author leaves US history where he is obviously more comfortable. The final section makes some half-hearted policy prescriptions primarily for US fiscal policy to stimulate future growth and is quite lightweight when compared to the rest of the book. ( )
  liquidHayes | Dec 22, 2005 |
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Book description

Amazon.com (ISBN 0679448918, Hardcover)

Ever feel like you just can't get ahead with the bills? You're not alone. More than half of Americans believe the American dream has become impossible for most people to achieve. And two-thirds think this goal will be even harder for the next generation. (One reason for the gloominess--average full-time income has fallen 15 percent since 1975.) All this has Benjamin Friedman worried. In his hefty, 549-page tome, The Moral Consequences of Economic Growth, the acclaimed Harvard economist and advisor to the Federal Reserve Board says economic stagnation is bad for the moral health of a nation. Friedman, a former chair of Harvard's economics department, argues that economic growth is vital to social and political progress. Witness Hitler's Germany. Without growth, people look for answers in intolerance and fear. And that, Friedman warns, is where the U.S. is headed if the economic stagnation of the past three decades doesn't soon reverse. It's not enough for gross domestic product to rise, he says. Growth also has to be more evenly distributed. The rich shouldn't be the only ones getting richer.

Friedman's arguments are provocative but at times lack rigor. In his comparisons of various countries, he offers no objective data to measure their levels of social progress, relying instead on his own--sometimes selective--interpretation of historical events. He glosses over the fact that China, where the economy has grown sevenfold since 1978, has seen little political change in that time. He also acknowledges that the Great Depression--which brought Americans together to achieve great social and political progress--tends to disprove his theory. Friedman makes a good case that the economy sometimes influences social movements, but the jury is still out on exactly when and how that happens. --Alex Roslin

(retrieved from Amazon Fri, 24 Apr 2009 07:58:24 -0400)

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