Concrete Economics The Hamilton Approach to Economic Growth and Policy
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History, not ideology, holds the key to growth.
Brilliantly written and argued, Concrete Economics shows how government has repeatedly reshaped the American economy ever since Alexander Hamilton’s first, foundational redesign.
This
book does not rehash the sturdy and long-accepted arguments that to
thrive, entrepreneurial economies need a broad range of freedoms.
Instead, Steve Cohen and Brad DeLong remedy our national amnesia about
how our economy has actually grown and the role government has played in
redesigning and reinvigorating it throughout our history. The
government not only sets the ground rules for entrepreneurial activity
but directs the surges of energy that mark a vibrant economy. This is as
true for present-day Silicon Valley as it was for New England
manufacturing at the dawn of the nineteenth century.
The authors’
argument is not one based on abstract ideas, arcane discoveries, or
complex correlations. Instead it is based on the facts—facts that were
once well known but that have been obscured in a fog of ideology—of how
the US economy benefited from a pragmatic government approach to succeed
so brilliantly.
Understanding how our economy has grown in the
past provides a blueprint for how we might again redesign and
reinvigorate it today, for such a redesign is sorely needed.
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