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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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The Economists’ Hour summary
Binyamin Appelbaum
False Prophets, Free Markets, and the Fracture of Society
26 mins
Brief summary
The Economists' Hour by Binyamin Appelbaum is an intriguing history book that explores the impact of economics on policymaking and society since the 1960s. It reveals how economists gained influence and transformed the global economy, with both positive and negative consequences.
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The Economists’ Hour
Summary of 8 key ideas
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Key idea 1 of 8
Free-market economists advocated for ending the draft – and won.
It’s May 11, 1966. Chaos erupts at the University of Chicago. Hundreds of students storm the school’s administrative buildings. They chant, wave flags, and sing protest songs. Their demand is simple: they want the United States to end the military draft.
Dramatic actions like this often claim much of the credit for the eventual end of military conscription. But they don’t deserve all the accolades. The truth is, behind the scenes, another entirely different group also fought to end mandatory military service.
So, who were these unlikely activists? Right-wing economists. Throughout the 1960s and 1970s, their constant boosting of free-market ideology helped conservative politicians justify ending the draft.
The key message here is: Free-market economists advocated for ending the draft – and won.
In the decades after World War Two, the United States used a draft system to staff its colossal military. This meant that a certain number of fighting-aged men were obligated to enlist, whether they wanted to or not. This arrangement became increasingly unpopular as the Vietnam War ramped up in the 1960s. But politicians were reluctant to end it. They believed that relying on volunteer recruits would be costly and never attract enough men.
An emerging circle of economists had a different opinion. This group included Milton Friedman, Martin Anderson, and Walter Oi. These thinkers believed that compelling men to enlist was an unethical infringement of their rights. They argued that what the government should do was to offer a fair wage for service and only hire those who voluntarily signed up. Essentially, they thought being a soldier should be like any other job on the job market.
They laid out their case in speeches, papers, and books. For them, an all-volunteer system would be fairer, but more importantly, more cost-efficient. Yes, the government would have to pay more to attract recruits, but enlistees would be more motivated and serve longer terms. Critics were worried that a system like that would disproportionately attract poorer individuals with fewer options. But this concern was brushed aside.
These ideas eventually gained traction, especially after Martin Anderson personally delivered a memo about the plan to presidential candidate Richard Nixon. Moved by the argument, Nixon campaigned on ending the draft. And, after being elected in 1968, he pushed for the creation of an all-volunteer army. He succeeded. The draft was abolished in 1973.
This policy shift was the first big victory for economists like Anderson, Friedman, and Oi. And the decades that followed would bring many more.
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What is The Economists’ Hour about?
The Economists’ Hour (2019) is a compact history of how economists came to dominate our political discourse. This work traces the rise of neoliberal ideology from the 1960s to today.
The Economists’ Hour Review
The Economists’ Hour (2019) sheds light on the rise of economists and their influence on modern society. Here's why this book is worth reading:
- Explores how economists shaped policies that shaped the world, making it a fascinating look into the impact of their ideas and actions.
- Offers a thought-provoking analysis of economic theories and their real-world consequences, providing insight into the complexities of economic decision-making.
- By examining the successes and failures of economists, it uncovers the unintended consequences of economic policies, making the book both informative and engaging.
Best quote from The Economists’ Hour
War, once an abnormal act of national purpose, has become a regular line of work.
—Binyamin Appelbaum
Who should read The Economists’ Hour?
- Political wonks wanting to parse the current climate
- Citizens concerned about America’s rightward shift
- Anyone asking, “how did things get so bad?”
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The Economists’ Hour FAQs
What is the main message of The Economists’ Hour?
The main message of The Economists’ Hour is the rise of economists and their influence on policy decisions.
How long does it take to read The Economists’ Hour?
The estimated reading time for The Economists’ Hour varies, but the Blinkist summary can be read in just 15 minutes.
Is The Economists’ Hour a good book? Is it worth reading?
The Economists’ Hour is worth reading as it sheds light on the impact of economists and their ideas on the world.
Who is the author of The Economists’ Hour?
The author of The Economists’ Hour is Binyamin Appelbaum.
What to read after The Economists’ Hour?
If you're wondering what to read next after The Economists’ Hour, here are some recommendations we suggest:
- A Little History of Economics by Niall Kishtainy
- Talking to My Daughter About the Economy by Yanis Varoufakis
- The Only Game In Town by Mohamed A. El-Erian
- Capitalism and Freedom by Milton Friedman
- America’s Bank by Roger Lowenstein
- The Psychology of Money by Morgan Housel
- Technofeudalism by Yanis Varoufakis
- Hate the Game by Daryl Fairweather
- Adults in The Room by Yanis Varoufakis
- Economics for the Common Good by Jean Tirole