13 of 16 people found the following review helpful
Add pinch of salt,
This review is from: Free Lunch: Easily Digestible Economics (Paperback)
While I found this a very readable, lively guide to capitalism and all the jargon you read in the newspapers, I was a bit disquieted by some sections. Smith takes it as given that capitalism and growth are good for most people and will go on indefinitely expanding.The notion of limited physical resources which the planet offers is summarily dismissed.
His explanations of why some countries remain poor is nothing short of astonishing - it's either their own fault (a lack of work ethic), or bad luck being located in the tropics. He completely fails to address poverty within successful economies such as the US and how this might be dealt with ( I suspect he thinks it's just tough luck. Someone has to be at the bottom).
My problem is, since I find Smith is so weak on these areas, I become suspicious of his more convincing arguments. Yes, I can now understand the Financial Times, but have I got any more insight into practical economics which can help people over the long term?