Could not connect to Amazon
Product Description
American Gridlock: Why the Right and Left Are Both Wrong - Commonsense 101 Solutions to the Economic Crises (9780470638927): H. Woody Brock: Books. Q&A with the Author Why are both the Right and Left wrong in their analysis and proposed solutions to our economic problems? Left or Right wing policy prejudices make meaningful compromises between the two camps all but impossible. Take, for example, the red-hot issue of fair shares of the pie, or Distributive Justice as philosophers call it. Leftists have become so indoctrinated into interpreting this issue as one of taking from the rich and giving to the poor that they cannot accept a theory of justice which respects both to each according to his needs as well as to each according to his contribution. And vice versa for rightist conservatives who assume the primacy of to each according to his contribution. A more fundamental analysis of the kind provided in Chapter 6 of the book starts off in a less prejudiced manner, demonstrating the relevance of both dimensions of fairness from first principles, it then arrives at a theory that incorporates both needs-justice and contribution-justice in their relevant domains. As a result, the new theory is neither Left wing nor Right wing in nature. It is balanced, and obviates a Dialogue of the Deaf on the subject of fair shares. Can you elaborate on your definition of a good and bad government spending deficit? Because of decades of deficit accumulation, total debt has grown to a dangerous level causing bond markets to look askance at further debt growth. Suppose that a government with a heavy debt load proposes to borrow additional funds. Deficit hawks will cry Foul, due to the fear of further displeasing the bond market, and laying even more debt upon the shoulders of the children and grandchildren who will have to service this debt. But such hawks may be wrong in their diagnosis. Suppose that the funds are being borrowed for productive infrastructure investment — projects like the interstate highway system that more than pay for themselves over time. Not just infrastructure investment (roads to both somewhere and nowhere), but productive investment (roads to somewhere only). In this case, the high return on such projects will end up lowering the debt burden on the children in the long run. On the other hand, increased borrowing to fund transfer programs will not generate healthy as there is, in effect, no investment to earn returns. This form of borrowing will increase the burden on the children, and the fears of deficit hawks are well justified. In short, there are good and bad deficits — the distinction depending upon whether the borrowed funds are spent productively or unproductively. What is your solution to the health care spending crisis? The solution to the health care spending crisis is quite simple, at heart. Suppose you know that there is going to be a large increase in demand for apricots. What do you do to make sure that people do not have to spend too much on apricots in the future? You naturally increase the supply of apricots by planting a lot more trees. This will drive the price of apricots down, so total expenditure on apricots will increase less than if you did not increase supply. In the case of health care services, suppose that you wish to increase the supply and demand of services delivered, and also wish to drive total expenditure on healthcare down as a share of GDP — not simply to slow down its growth rate as was the more modest goal of Obamacare. The nation must strive for this outcome given the huge expenditures the nation confronts as its population ages during the next four decades. Can this idealized outcome be achieved? The answer is yes: What is required is that the so-called supply curve of health care services shifts out to the right faster than the demand curve does over time. Can we preserve capitalistic incentives, whil[6723] “With rigorous logic, American Gridlock identifies five major problems confronting the nation. These range from salvaging today’s “lost decade,” to the unequal distribution of wealth, to preventing bankruptcy from “entitlements spending,” and to preventing future financial market crises. Woody Brock does not simply offer his opinions about these crises. Rather, he deduces win-win solutions to each of these from First Principles. It is high time for such a book, especially during a presidential election year.” —Dr. Nouriel Roubini, Chairman and Co-Founder, Roubini Global EconomicsWoody Brock is a brilliant economic thinker and we should heed his call for an Infrastructure Marshall Plan to lift our national economy. This book should be required reading for everyone who cares about America's future, particularly our elected officials.—Ambassador Felix G. Rohatyn , Lazard Frères & Co. LLC“Woody Brock’s new book, American Gridlock is going to force everybody to think through their views on the critical issues of public policy facing America today. It is not just a question of a failure of leadership. It is also a question, as he puts it, of a failure of thought and analysis. He focuses on this in order to overcome what he terms “the Dialogue of the Deaf;” the shouting match between the Left and the Right and its inevitable manifestation as gridlock. Agree or not, this is the kind of book to which everybody should pay attention.”— Mortimer Zuckerman, Editor-in-Chief of U.S. News & World Report“Woody Brock is one of America’s best kept secrets. My firm has had the good fortune of benefiting from his in depth analysis of future political and economic trends for years.American Gridlock allows the reader to do the same.”—Stan Druckenmiller, Chairman and CEO; Duquesne Family Office“Woody Brock is one of the most unreasonable men I know: because I agree with George Bernard Shaw that the reasonable man adapts himself to the world, whilst the unreasonable man persists in adapting the world to himself, and therefore, all progress depends on the unreasonable man.”—Sir David Tang, Founder Shanghai Tang; Author, An Apple a Week“Woody Brock’s writings are often the fi rst place I encounter issues that soon become central debates within public policy. He is prescient, penetrating, broad, surprising and wise. Some writers illuminate yesterday’s news, a few may shed light on tomorrows. But very few thinkers can help you to understand the issues that will shape not only next year, but also the next decade. As America faces a pivotal election, his book could not be more timely.”—Edward Smith, The Times (London)“The events of the past several years have clearly exposed the faults in standard economic and financial analysis. And the economics profession currently seems at a loss to provide credible and practical policy prescriptions for the current malaise facing theU.S. and other major countries. In this fascinating book, Woody Brock stands above the crowd with his original and well thought out plans for a sensible way forward to a brighter future . It is a welcome counter to the widespread gloom that surrounds most of the discussion of the outlook.”—Martin Barnes, Chief Economist, BCA Research“The world is bogged down by incremental thinking and yearns for some “big ideas” to liberate us from the serial crises that confront us. Over the years “Woody” Brock has proven himself as an original thinker whose solutions to problems often turn out to be right. Now, in this book, we have a set of recommendations that may put us on the right course.”—Byron R. Wien, Vice Chairman, Blac
Shipping Weight: 2 pounds
|
(
) 
