Angus Deaton's book blends memoir, economics, and politics to explore the last 40 years of economics in America. He shares personal anecdotes and critiques the profession while highlighting its impact on policy and society. The book also delves into controversial economic research and the politics surrounding it.
Angus Deaton's 'Economics in America' is a unique blend of memoir, economics, and politics, offering a personal and critical look at the field over the past 40 years. Deaton shares his experiences as an immigrant economist in America, from humorous anecdotes about cultural misunderstandings to more serious reflections on the profession's impact on policy and society. He critiques contemporary economics, noting both its flaws and his affection for the field. The book also explores controversial economic research, such as the work of David Card and Alan Krueger on the minimum wage, which challenged conventional wisdom and faced significant backlash. Deaton emphasizes the importance of evidence-based economics and the need for economists to adapt their views based on new findings. The book is a love letter to the profession, highlighting its triumphs and the challenges it faces in a politically charged environment.
Quick quotes
One economist argued that the Nobel prize was one of the three worst things in the 20th century.
The best and most valuable economists are those who can change their minds with the evidence.
Economics is often boring or obscure, but many economists are not. Economics should be fun to read.