Free Lunch Thinking, Tom Bergin
Free Lunch Thinking, Tom Bergin
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Free Lunch Thinking
8 Economic Myths and Why Politicians Fall for Them

Author: Tom Bergin

Narrator: Charles Armstrong

Unabridged: 9 hr 33 min

Format: Digital Audiobook Download

Published: 01/28/2021

Synopsis

Brought to you by Penguin.

Economic theories and models shape our everyday lives. They are relied on by politicians when tax rises or cuts are being considered. They inform debates about everything from bonuses for CEOs to minimum wage rates to the level of job protection enshrined in law. They determine what levels of tobacco or petrol duty are charged, and influence government approaches to issues as diverse as obesity and climate change.

The question is: are policy makers right to be so slavishly reliant on them? Tom Bergin is sceptical, and in Free Lunch Thinking he subjects eight of the most prevalent economic mantras to close scrutiny, assessing how they play out in practice. Again and again, he shows how individuals, companies and markets fail to respond to policy changes as theory predicts. He exposes the missed opportunities and wasted resources that result. And by tracing the development of key economic tenets, he demonstrates how their champions' tendency to believe in phenomena for which they have little hard evidence leaves accepted economic wisdom frequently being more about faith than facts.

His book both exposes and challenges lazy thinking. It also sets out a path for more considered future.

© Tom Bergin 2021 (P) Penguin Audio 2021

Reviews

Goodreads review by Appu on June 24, 2022

The author tries to debunk some of the nostrums of Neo-classical economics. Can reduction in tax rates lead to increase in revenue? Does job security increase unemployment? Does linking CEO remunerations to share prices provide more incentives for the managers? Do sin taxes help in curbing unhealthy lif......more

Goodreads review by José on February 20, 2024

Extremely enlightening and persuasive. Using empirical and historical data, Bergin shows clearly and in a very accessible way how shaky the foundations of modern economic theory are. Through a meta analysis covering decades of economic research, Bergin reveals how policies taken to be obviously corr......more

Goodreads review by Nicole on October 27, 2024

Not quite a book I found particularly interesting :( The topics discussed were quite typical in the field of economics: taxation, labor protection, corporate taxes and investments, sin taxes, regulation, and economic growth.... the main idea of the book is basically down to the limitations and flaws......more

Goodreads review by Libby on June 27, 2021

Very well researched and enlightening. It’s heavy on descriptions of economic theory but really opened my eyes as to how completely wrong many theories are. Worse still many governments still follow failed theories and give too much credence to economics generally. Economists place too much emphasis......more

Goodreads review by James on July 02, 2024

This was a good, accessible introduction to some of the shibboleths of economics, but for me didn't go quite far enough in tearing them down by explaining some of the obvious mechanisms by which they fail, rather than just sticking to a more "evidence"-based approach which suffers from the same lack......more

Quotes

An essential read if you want to know how economics has erred - and how it can do better.

I couldn't put it down. A thorough and nuanced examination of the evolution of supply side economics and the debates we had around how to put the theory into practice. I loved it.

A brilliant tour de force exposing the limitations of economic theories. Bergin punctures many accepted myths and - with care and rigour - demonstrates how much accepted economic orthodoxy is based on ideology and not reality. A very readable and well-researched book that we all should read.

An entertaining and thought-provoking exploration of economic theories that have been both widely accepted and largely wrong . . . I devoured it in a couple of sittings. Reuters Breakingviews

Fantastically provocative book . . . a really great read.

Wonderful book . . . A very lively read.

A fine book . . . The quality of public policy should be all the better for it. Wealth Briefing

Superb . . . Bergin brings his sharp eye and insights to in this elegant narrative. Daily Maverick, South Africa

He has written a thoughtful, fairminded, and intellectually honest critique of free-market economics, which raises some interesting challenges for free-marketeers. He combines that with an insightful account of the recent history of economic thought. If you are looking for a book which challenges you without being annoying - make it this one.

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