LOCALDEV (alonovolabs)

Excellent explanation of the fundamental economic principles that guide our lives 2009-08-01

Reviewer: Smith

One of the best ways to learn about the capitalistic society that we live in. Take a ride along with the maestro over the course of his 20+years at the helm. This book should be standard reading for all citizens.

A Great Primer on Free-Market Economic Thought 2009-07-09

Reviewer: Charles John Gervasi

This book is a great overview of economic theory with a laissez faire point of view. You can to read about the Fed chair's thinking at the time of important historical events. He makes a powerful argument in favor of laissez-faire economics.

Greenspan explains how energy and climate change are separate important issues without being alarmist and without arguing we should just ignore the problems, as some conservatives still maintain.

There were a few points that stood out as questionable. I wish I could interview him and ask what he meant.

1. Greenspan talks about a human tendency to want to consume more when our neighbors consume more. If that's the true, might our quest for ever-increasing consumption be misguided? Might we be no happier if GDP increased tenfold b/c a big part of our desire to consume is based on envy?

2. Greenspan says the low savings rate in the US compared to the rest of the world, esp the developing world, is explained by the fact that US has such a strong economy and good opportunities. I have not observed this personally. I have seen people fail to save money and then be unable to buy things they really want, such as specialized medical care, because they spent their money on things they wanted less without planning ahead. I would like to see some non-anecdotal data on this. The claim that US's low savings rate is rational does not ring true for me.

3. Greenspan makes a strong case against protectionism. At one point, however, he says protectionism now would be an economic cataclysm comparable to WWI! In the absence of an explanation, this sounds like hyperbole.

4. Greenspan maintains throughout the book that personal freedoms are closely tied to economic freedoms. This seems like a matter of faith for some conservatives. I wish the book had offered evidence for this often-heard claim.

5. I wish he had explained why he does not think gov't policy resulted in the radical decrease in wealth disparity during the post WWII boom.

I didn't notice his remarks on the housing bubble, but I never accepted the idea he was primarily to blame for the bubble in the first place.

It would have been a 5-star book if it had better addressed liberal counterarguments and questions.

I highly recommend the book to get inside policy maker's minds during recent historical events and for the intelligent arguments in favor of free-market policy.

Really Torn on This 2009-07-07

Reviewer: Carl Roberts

I'm quite torn on this book.

First, I found it very entertaining. Greenspan did a great job using his life story as a launching pad for the more academic chapters that comprise the second half of the book.

Second, one of my favorite aspects of the book was its ability to let me glimpse the way his mind works: logical, thorough, calm, and brilliant. Greenspan seems to be the embodiment of logic and control, and after reading The Age of Turbulence, I felt as if the world could do nothing but succeed as a result of the inevitable force of the Free Market.

This brings me to the inevitable "but" section of the review. It is quite apparent that The Age of Turbulence, like Greenspan's reputation, has been tarnished by the Crash of 2008. When Greenspan wrote AoT, he did so at the height of his power, his credibility, and his quasi-infallibility.

That air of infallibility doesn't come across as arrogance; it comes across as a sort of self-assured confidence in the infallibility, not of one's self, but of Capitalism. In speaking of the "soft landings" of the economy in the 1990s, Greenspan really did seem to think that recessions were a thing of the past.

Now, don't get me wrong: I loved The Age of Turbulence. However, Greenspan's reputation has been marred, his self-assurance transformed into an uncomfortable silence.

When I finished the last sentence of The Age of Turbulence in late 2008, I regretted not being able to hear Greenspan speak to me anymore. I, and the rest of the world, are waiting for him to reply.

if you want a birdseye view of how our economy works... 2009-07-04

Reviewer: sparks

This is a well written book. Greenspan makes complicated topics extremely clear. Although I didnt agree with his conclusions at times, he came across to me as intelligent. Everyone could learn quite a bit about our government and our economy from this book.

Warning: I was already a Greenspan fan. 2009-06-27

Reviewer: Clay E. Hudgins

I was a Randian for a time. Alan Greenspan was too, and he studied under her in New York, and co-wrote a book with her. Alan Greenspan's piece that he published with Ayn Rand (Alan has a chapter within Ayn's "Capitalism: The Unknown Ideal") advocated the continuation of the Gold Standard. Alan Greenspan describes how he's evolved his views to fit the reality of fiat money in his book "Age of Turbulence" (highly recommended). Though Greenspan is now out of style in some circles, he is the greatest still-living mind that has evolved from the Randian view. So, in reading it, one could see how some of today's talking heads might turn out if they were to ever do some deeper reading, and thereafter spend 20+ years actually trying to make things work.