The Economists' Hour: False Prophets, Free Markets, and the Fracture of Society

Before the 1960s, American politicians paid little attention to economists. But as the post–World War II boom began to sputter, economists gained influence and power. Binyamin Appelbaum traces the rise of the economists, first in the United States and then around the globe, as their ideas reshaped the modern world, curbing government, unleashing corporations, and hastening globalization. Some leading figures in the field are relatively well-known, such as Milton Friedman and Arthur Laffer, while others stayed out of the limelight but left a lasting impact on modern life: Walter Oi, a blind economist who persuaded President Nixon to end military conscription; Alfred Kahn, who rejoiced in the crowded cabins on commercial flights as proof of his deregulation of air travel; and Thomas Schelling, who put a dollar value on human life.Their fundamental belief? That government should stop trying to manage the economy. Their guiding principle? That markets would deliver steady growth and ensure