● The Consolations of Economics: How We Will All Benefit from the New World Order
By Gerard Lyons
Review via The Telegraph
The Consolations of Economics provides the reasons that the world has become so much smaller over the past 40 years, ranging from President Nixon’s decision to end the last remnants of the gold standard in 1971, by ceasing the convertibility between the dollar and gold, to the Big Bang of the London markets in 1986, and the rise of China as an economic superpower. Lyons also addresses the many crises that the new economy might face in the future, from market instability to growing inequality, to the end of Western economic dominance. However, none of these problems will prove terminal, he tells us, just so long as we follow the golden rule: “In economics, allowing the market mechanism to work is the right way to proceed, as it allows the price to clear, sends the right signals and allows outcomes freed of prejudice.” But how exactly do we ensure a world free of cloudy prejudice?
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