This is a book for anyone and everyone wanting to make sense of the economic turmoil of the last two years. At the outset, Day very clearly states that his purpose…
…is merely to consider how, after more than 200 years of refining the science of political economy, we arrived in the present situation, and to reflect upon where we are likely to go next. My hope is that it will provide you, the reader, with a rational context that will help you make more informed decisions as you face the difficult challenges that lie ahead. It will also help you put the economic news reported by the financial media in a more historical perspective.
On each point – how we got here, where we’re going, a rational context and a historical perspective – Day delivers; offering a penetrating analysis of three of the most reported, yet inaccurate, economic statistics (GDP, inflation and unemployment), a devastating critique of Keynesian and Monetarist thought, a clear and concise explanation of the Austrian school and its business cycle theory; then ties it all together in a sobering forecast for the future.
As for his conclusions, frankly, I hope he’s wrong. Unfortunately, I think he’s right.