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The Triumph of Economic Freedom: Debunking the Seven Great Myths of American Capitalism
In this book, Phil Gramm, one of America’s premier public policy advocates, and noted economist Donald J. Boudreaux look at the seven events and issues in American history that define, for most Americans, the role of government and how the 21st century world works. To many Americans, these 5 periods of American history—the Industrial Revolution, Progressive Era, Great Depression, decline of America’s postwar preeminence in world trade, and the Great Recession--along with the existing levels of income inequality and poverty, represent strong evidence for expanding government in American life.
Setting up each topic with a “just the facts” approach that defies partisanship, Gramm and Boudreaux provide a compelling and highly readable powerful reassessment that will challenge open-minded readers to rethink conventional wisdom and the policies that spring from them.
Setting up each topic with a “just the facts” approach that defies partisanship, Gramm and Boudreaux provide a compelling and highly readable powerful reassessment that will challenge open-minded readers to rethink conventional wisdom and the policies that spring from them.
280 pages, Hardcover
First published May 13, 2025
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Displaying 1 - 19 of 19 reviews
April 19, 2026
Right-libertarian brain candy posing as serious argument. Gave it two stars for being words on paper making coherent sentences, with footnotes and stuff.
July 1, 2025
The Triumph of Economic Freedom: Debunking the Seven Great Myths of American Capitalism – A Provocative Reexamination of Economic History
Rating: 4.5/5
Phil Gramm and Donald J. Boudreaux’s The Triumph of Economic Freedom is a bold, meticulously researched challenge to entrenched narratives about government’s role in American capitalism. As someone who has grappled with the polarized discourse around economic policy, I found this book to be both intellectually invigorating and refreshingly data-driven—a rare antidote to partisan soundbites.
Why This Book Stands Out
The authors tackle seven pivotal moments in U.S. economic history—from the Industrial Revolution to the Great Recession—with a forensic focus on empirical evidence rather than ideological dogma. Their “just the facts” approach dismantles popular myths (e.g., that Progressive Era regulations universally benefited workers or that the New Deal single-handedly ended the Great Depression) with compelling counter-narratives rooted in economic analysis. The chapter on income inequality is particularly revelatory, reframing disparities through the lens of dynamic mobility rather than static snapshots.
Emotional and Intellectual Impact
Reading this book felt like witnessing a masterclass in economic myth-busting. Gramm and Boudreaux’s prose is accessible yet rigorous, making complex concepts like trade deficits or predatory pricing accessible without oversimplifying. I alternated between nodding in agreement (their critique of postwar trade protectionism is devastating) and squirming at uncomfortable truths (their take on unintended consequences of welfare programs). The book’s greatest strength is its ability to provoke productive discomfort—pushing readers to question assumptions without resorting to polemics.
Constructive Criticism
While the authors’ evidence is robust, their libertarian-leaning perspective occasionally skirts systemic critiques of capitalism itself (e.g., environmental externalities or racial disparities). A chapter engaging with progressive counterarguments would have added intellectual balance. Additionally, the focus on historical case studies leaves contemporary challenges (e.g., gig economy precarity) underexplored.
Final Verdict
The Triumph of Economic Freedom is essential reading for policymakers, students, and anyone weary of economic debates dominated by rhetoric over reality. It’s not a neutral text—its ideological leanings are clear—but its commitment to evidence over emotion makes it a vital contribution.
Thank you to Edelweiss and the National Book Network for the gifted copy. This book won’t convince everyone, but it will force readers to sharpen their arguments—and that’s a triumph in itself.
Pair with: An open mind and a highlighter; you’ll want to annotate every page.
For fans of: Economics in One Lesson by Henry Hazlitt, Capitalism and Freedom by Milton Friedman, and The Myth of the Rational Market by Justin Fox.
Rating: 4.5/5
Phil Gramm and Donald J. Boudreaux’s The Triumph of Economic Freedom is a bold, meticulously researched challenge to entrenched narratives about government’s role in American capitalism. As someone who has grappled with the polarized discourse around economic policy, I found this book to be both intellectually invigorating and refreshingly data-driven—a rare antidote to partisan soundbites.
Why This Book Stands Out
The authors tackle seven pivotal moments in U.S. economic history—from the Industrial Revolution to the Great Recession—with a forensic focus on empirical evidence rather than ideological dogma. Their “just the facts” approach dismantles popular myths (e.g., that Progressive Era regulations universally benefited workers or that the New Deal single-handedly ended the Great Depression) with compelling counter-narratives rooted in economic analysis. The chapter on income inequality is particularly revelatory, reframing disparities through the lens of dynamic mobility rather than static snapshots.
Emotional and Intellectual Impact
Reading this book felt like witnessing a masterclass in economic myth-busting. Gramm and Boudreaux’s prose is accessible yet rigorous, making complex concepts like trade deficits or predatory pricing accessible without oversimplifying. I alternated between nodding in agreement (their critique of postwar trade protectionism is devastating) and squirming at uncomfortable truths (their take on unintended consequences of welfare programs). The book’s greatest strength is its ability to provoke productive discomfort—pushing readers to question assumptions without resorting to polemics.
Constructive Criticism
While the authors’ evidence is robust, their libertarian-leaning perspective occasionally skirts systemic critiques of capitalism itself (e.g., environmental externalities or racial disparities). A chapter engaging with progressive counterarguments would have added intellectual balance. Additionally, the focus on historical case studies leaves contemporary challenges (e.g., gig economy precarity) underexplored.
Final Verdict
The Triumph of Economic Freedom is essential reading for policymakers, students, and anyone weary of economic debates dominated by rhetoric over reality. It’s not a neutral text—its ideological leanings are clear—but its commitment to evidence over emotion makes it a vital contribution.
Thank you to Edelweiss and the National Book Network for the gifted copy. This book won’t convince everyone, but it will force readers to sharpen their arguments—and that’s a triumph in itself.
Pair with: An open mind and a highlighter; you’ll want to annotate every page.
For fans of: Economics in One Lesson by Henry Hazlitt, Capitalism and Freedom by Milton Friedman, and The Myth of the Rational Market by Justin Fox.
September 13, 2025
There are tons of erroneous opinions in writing on economics ,the authors confront seven myths propounded by the left with data. This is a superb refutation about nonsense like Thomas Piketty’s book on inequality or the role of government in getting us into economic problems or more importantly how unsuccessful government interventions have been in getting us out of them. Part of this follows Gramm’s earlier book on income inequality.
May 6, 2026
This is a very important book just form the fact that it was recently published, but also that it dispels quite handily the various myths in regard to economics and capitalism, especially as the lies and rhetoric relate to this country and its politics. Policies that have lasted for years and keep getting repeated should have been put on the shelf many moons ago. The biggest take-a-way for me was the fact that the statistics that relate to poverty and income equality are flat-out wrong. When you don't include all the "transfer" payments made to a group of people into their income you skew the data grossly that leads to a false narrative about the poor in our country as well as the world. I did not agree with every stance they took in the book, but for the most part after presenting the myth and who has espoused the various positions that are negative towards capitalism, they systematically prove their points with facts, graphs and statistics that clearly debunk these lies. Biden and Obama and their policies are the most recent examples to fail our economy and the citizens of this great country, but there are many more from a historical perspective that have led to the failure of for example public education and the welfare system just to name two. Tariffs are also very controversial, and I would say I fall into their camp that question the overall good that can come out of a protective environment for our country in regard to trade with others.
May 22, 2026
A relatively short (200 page) book that addresses seven topics and an associated myth: the Industrial Revolution, the Progressive Era/monopolies, the Depression, global trade, the Great Recession, growing inequality (or not?), and the problem of poverty (or not?). You might note those seven topics basically track the last 200+ years, although the last two are more "current events." And I think that's the best way to approach the book: As a basic (undergrad elective) primer on U.S. economic history written from the perspective of someone who believes in free trade, free market, low tax, low regulation, etc. It's not exciting reading, but it's not dull either.
May 30, 2026
I wish I understood the nuances of economics better, but this was an interesting book reminding me how interconnected the economy and politics can be. The seven myths this book discusses are:
1. The industrial revolution impoverished workers.
2. Progressive era regulation
3. The great depression was a failure of capitalism.
4. Trade hollowing out American manufacturing.
5. Deregulation caused the financial crisis.
6. Income inequality in America.
7. Poverty is a failure of American capitalism.
Here are some quotes I liked:
"Crucial to forming our values is how we interpret the facts concerning the contemporary state of affairs, as well as the lessons we have learned from history (p. ix)."
"Beyond establishing the rule of law and the powers required to enforce the rule of law, the founders were skeptical of a powerful government not just because they questioned its competency but because they also feared its unchecked power (p. xi)."
"The government expanded during times of war, and some of those expansions carried over into the ensuing peacetime (p. xi)."
"There are at least two sides to every story (p. xii)."
"By getting the facts straight, we can enhance the development of political consensus and compromise and, in the process, strengthens the ability of our political system to better deal with our nation's many problems (p. xii)."
"No one appreciated the power of capitalism more than its greater antagonist, Karl Marx (p. 1)."
"As American capitalism blossomed, some individuals, of course, earned extraordinary riches (p. 22)."
"The rise of Big Tech is virtually a replay of the rise of scale-driven industrialization that occurred just before and at the turn of the twentieth century (p. 45)."
"While antitrust enforcement since the 1970s has sought to rise above politics by using economics-based analysis to measure and promote consumer benefits... the Biden administration engaged in unraveling this consensus through executive orders, regulatory decrees, and more active antitrust enforcement (p. 48)."
"Among laissez-faire capitalism's alleged flaws is its tendency to suffer from underconsumption (p. 53)."
"When Wall Street crashed on Black Tuesday, October 29, 1929, some Americans at the time--and even later--accused Pres. Herbert Hoover of initially denying that a problem existed (p. 55)."
"The Great Depression was not caused by human character flaws--greed and myopia--recklessly left unbridled by a laissez-faire government (p. 56)."
"The economy not only recovered but boomed for seven years (p. 59)."
"A consequence of Hoover's wage policies was that one of the keys to reducing unemployment... was impeded (P. 66)."
"'France was one of the few countries... that took longer to recover from the Great Depression than the United States' (p. 67)."
"America's economy remained mired in the Depression, with workers idled not only because of the heavier tax and regulatory burdens but also... because of the political uncertainty and fear created by Roosevelt and the New Deal (p. 72)."
"The Great Depression remains the deepest and longest economic downturn in America's history (p. 76)."
"Conventional wisdom holds that the Great Depression was finally ended by the onset of World War II (p. 77)."
"In November 1954, two years into the Eisenhower administration, the stock market finally reached its pre-Depression high (p. 80)."
"'America has come as close as almost any major country in history to eliminating significant tariffs. It was a bold experiment, and it has failed' (p. 86)."
"Far from declining over the past half century, American manufacturing output has risen and thrives to this day (p. 89)."
"The absolute number of manufacturing jobs in America reached its zenith in Juen 1979, just as the world's production capacity had fully recovered from World War II. This number has since fallen significantly (p. 92)."
"The jobs we chose to hold pay more and offer better working conditions than the ones we would have performed in the mill and shipyard (p. 97)."
"It is important to understand that small groups can exert tremendous political influence in America (p. 99)."
"US exports soared in the aftermath of the destruction in Europe from World War I (p. 101)."
"When government borrows either domestically or from foreigners, we should be concerned as to how efficiently the money is used, as it is seldom used in ways that generate income to allow the government to repay the debt plus interest (p. 102)."
"Investments in America fuel job creation no less than does demand for American exports (p. 103)."
"The value of the dollar is set on the world's largest and most nearly perfect market. Its value reflects economic decisions made by billions of foreigners who seek dollars to buy American goods and services and invest in the United States, as well as by hundreds of millions of Americans who demand foreign currencies to buy foreign goods and services and invest abroad (p. 104)."
"When President Trump imposed tariffs on steel and aluminum, one result was that American producers who use steel and aluminum as inputs paid higher prices for those metals (p. 105)."
"The earliest US tariffs were meant to raise revenues, not to protect industries (p. 107)."
"Production is the means that enables consumption (p. 111)."
"Allowing free trade to jeopardize the government's ability to conduct war--and the country's ability to endure it--is obviously unwise (p. 113)."
"In particular instances protection can be justified to promote national defense. It is important also to recognize the cost of this protection and the potential for its abuse (p. 113)."
"Only a genuine and narrowly defined national defense interest can justify protectionism to override the collective economic decisions of a free people (p. 115)."
"The sharp fall in housing prices and the accompanying spike in mortgage defaults, especially on subprime loans, fractured the foundations of the world's financial markets and sent the global economy into a recession (p. 119)."
"Conventional wisdom today holds that the rise and collapse of housing prices, as well as the resulting economy-wide negative repercussions, were caused by a toxic mix of ideology-driven deregulation and ruthless greed (p. 120)."
"By the time the housing market collapsed, Fannie and Freddie faced three quotas... for mortgages to individuals with below-average income... families with incomes at or below 60 percent of the area median income... geographic areas deemed to be underserved (p. 132)."
"Another myth of the financial crisis is that the bailout was required because some banks were too big to fail (p. 133)."
"From the very beginnings of recorded history, pervasive inequality has spawned cries for income and wealth redistribution, as well as unleashed envy's corrosive force against prosperity and freedom (p. 141)."
"'The reality of rising American inequality is stark' (p. 144)."
"Comparisons of average income with consumption in the other quintiles are also revealing (p. 145)."
"To 'prove' massive income inequality, advocates of greater redistribution, in addition to not taking into account most transfer payments and all taxes, focus on the earnings of a small number of very high-income earners (p. 155)."
"What is the purpose of taxation if not to serve the general welfare? (p. 158)"
"The American Dream, stated in its simplest economic form, is the dream that our children will do better economically than we have done (p. 160)."
"The obstacles to escaping poverty are numerous, but several measurable factors warrant special attention (p. 179)."
"Second only to work effort, the most important factor affecting income inequality is education and worker training (p. 182)."
"No discussions of poverty in America would be complete without some reference to the extraordinary economic progress made by working Americans in the last fifty years (p. 183)."
"The objective of the War on Poverty, however, was not just taking care of people. And it certainly wasn't to foster dependence on the government. The objective was to help people help themselves (p. 185)."
"It is a myth that poverty is the great failure of American capitalism (p. 186)."
"In England in 1215, the Magna Carta gave the church a degree of independence from the crown (p. 189)."
"The economic manifestation of the Enlightenment, the Industrial Revolution, changed everything (p. 190)."
"Whereas Americans are diligent in protecting political and religious rights, unfortunately their diligence often does not extend to protecting economic rights (p. 192)."
"Of all areas of the economy, the one most subject to exploitation and demagoguery is international trade (p. 193)."
"Those who earn the most in America are those who contribute the most (p. 195)."
"The two greatest causes of income inequality in America today spring from two failed government policies. The first cause is the explosion in government welfare payments... The second cause is that, without accountability or competition, public education has succumbed to the disease that plagues government entities (p. 195)."
"To paraphrase Winston Churchill, capitalism is highly imperfect--except when compared to any other economic system that has ever been implemented (p. 197)."
1. The industrial revolution impoverished workers.
2. Progressive era regulation
3. The great depression was a failure of capitalism.
4. Trade hollowing out American manufacturing.
5. Deregulation caused the financial crisis.
6. Income inequality in America.
7. Poverty is a failure of American capitalism.
Here are some quotes I liked:
"Crucial to forming our values is how we interpret the facts concerning the contemporary state of affairs, as well as the lessons we have learned from history (p. ix)."
"Beyond establishing the rule of law and the powers required to enforce the rule of law, the founders were skeptical of a powerful government not just because they questioned its competency but because they also feared its unchecked power (p. xi)."
"The government expanded during times of war, and some of those expansions carried over into the ensuing peacetime (p. xi)."
"There are at least two sides to every story (p. xii)."
"By getting the facts straight, we can enhance the development of political consensus and compromise and, in the process, strengthens the ability of our political system to better deal with our nation's many problems (p. xii)."
"No one appreciated the power of capitalism more than its greater antagonist, Karl Marx (p. 1)."
"As American capitalism blossomed, some individuals, of course, earned extraordinary riches (p. 22)."
"The rise of Big Tech is virtually a replay of the rise of scale-driven industrialization that occurred just before and at the turn of the twentieth century (p. 45)."
"While antitrust enforcement since the 1970s has sought to rise above politics by using economics-based analysis to measure and promote consumer benefits... the Biden administration engaged in unraveling this consensus through executive orders, regulatory decrees, and more active antitrust enforcement (p. 48)."
"Among laissez-faire capitalism's alleged flaws is its tendency to suffer from underconsumption (p. 53)."
"When Wall Street crashed on Black Tuesday, October 29, 1929, some Americans at the time--and even later--accused Pres. Herbert Hoover of initially denying that a problem existed (p. 55)."
"The Great Depression was not caused by human character flaws--greed and myopia--recklessly left unbridled by a laissez-faire government (p. 56)."
"The economy not only recovered but boomed for seven years (p. 59)."
"A consequence of Hoover's wage policies was that one of the keys to reducing unemployment... was impeded (P. 66)."
"'France was one of the few countries... that took longer to recover from the Great Depression than the United States' (p. 67)."
"America's economy remained mired in the Depression, with workers idled not only because of the heavier tax and regulatory burdens but also... because of the political uncertainty and fear created by Roosevelt and the New Deal (p. 72)."
"The Great Depression remains the deepest and longest economic downturn in America's history (p. 76)."
"Conventional wisdom holds that the Great Depression was finally ended by the onset of World War II (p. 77)."
"In November 1954, two years into the Eisenhower administration, the stock market finally reached its pre-Depression high (p. 80)."
"'America has come as close as almost any major country in history to eliminating significant tariffs. It was a bold experiment, and it has failed' (p. 86)."
"Far from declining over the past half century, American manufacturing output has risen and thrives to this day (p. 89)."
"The absolute number of manufacturing jobs in America reached its zenith in Juen 1979, just as the world's production capacity had fully recovered from World War II. This number has since fallen significantly (p. 92)."
"The jobs we chose to hold pay more and offer better working conditions than the ones we would have performed in the mill and shipyard (p. 97)."
"It is important to understand that small groups can exert tremendous political influence in America (p. 99)."
"US exports soared in the aftermath of the destruction in Europe from World War I (p. 101)."
"When government borrows either domestically or from foreigners, we should be concerned as to how efficiently the money is used, as it is seldom used in ways that generate income to allow the government to repay the debt plus interest (p. 102)."
"Investments in America fuel job creation no less than does demand for American exports (p. 103)."
"The value of the dollar is set on the world's largest and most nearly perfect market. Its value reflects economic decisions made by billions of foreigners who seek dollars to buy American goods and services and invest in the United States, as well as by hundreds of millions of Americans who demand foreign currencies to buy foreign goods and services and invest abroad (p. 104)."
"When President Trump imposed tariffs on steel and aluminum, one result was that American producers who use steel and aluminum as inputs paid higher prices for those metals (p. 105)."
"The earliest US tariffs were meant to raise revenues, not to protect industries (p. 107)."
"Production is the means that enables consumption (p. 111)."
"Allowing free trade to jeopardize the government's ability to conduct war--and the country's ability to endure it--is obviously unwise (p. 113)."
"In particular instances protection can be justified to promote national defense. It is important also to recognize the cost of this protection and the potential for its abuse (p. 113)."
"Only a genuine and narrowly defined national defense interest can justify protectionism to override the collective economic decisions of a free people (p. 115)."
"The sharp fall in housing prices and the accompanying spike in mortgage defaults, especially on subprime loans, fractured the foundations of the world's financial markets and sent the global economy into a recession (p. 119)."
"Conventional wisdom today holds that the rise and collapse of housing prices, as well as the resulting economy-wide negative repercussions, were caused by a toxic mix of ideology-driven deregulation and ruthless greed (p. 120)."
"By the time the housing market collapsed, Fannie and Freddie faced three quotas... for mortgages to individuals with below-average income... families with incomes at or below 60 percent of the area median income... geographic areas deemed to be underserved (p. 132)."
"Another myth of the financial crisis is that the bailout was required because some banks were too big to fail (p. 133)."
"From the very beginnings of recorded history, pervasive inequality has spawned cries for income and wealth redistribution, as well as unleashed envy's corrosive force against prosperity and freedom (p. 141)."
"'The reality of rising American inequality is stark' (p. 144)."
"Comparisons of average income with consumption in the other quintiles are also revealing (p. 145)."
"To 'prove' massive income inequality, advocates of greater redistribution, in addition to not taking into account most transfer payments and all taxes, focus on the earnings of a small number of very high-income earners (p. 155)."
"What is the purpose of taxation if not to serve the general welfare? (p. 158)"
"The American Dream, stated in its simplest economic form, is the dream that our children will do better economically than we have done (p. 160)."
"The obstacles to escaping poverty are numerous, but several measurable factors warrant special attention (p. 179)."
"Second only to work effort, the most important factor affecting income inequality is education and worker training (p. 182)."
"No discussions of poverty in America would be complete without some reference to the extraordinary economic progress made by working Americans in the last fifty years (p. 183)."
"The objective of the War on Poverty, however, was not just taking care of people. And it certainly wasn't to foster dependence on the government. The objective was to help people help themselves (p. 185)."
"It is a myth that poverty is the great failure of American capitalism (p. 186)."
"In England in 1215, the Magna Carta gave the church a degree of independence from the crown (p. 189)."
"The economic manifestation of the Enlightenment, the Industrial Revolution, changed everything (p. 190)."
"Whereas Americans are diligent in protecting political and religious rights, unfortunately their diligence often does not extend to protecting economic rights (p. 192)."
"Of all areas of the economy, the one most subject to exploitation and demagoguery is international trade (p. 193)."
"Those who earn the most in America are those who contribute the most (p. 195)."
"The two greatest causes of income inequality in America today spring from two failed government policies. The first cause is the explosion in government welfare payments... The second cause is that, without accountability or competition, public education has succumbed to the disease that plagues government entities (p. 195)."
"To paraphrase Winston Churchill, capitalism is highly imperfect--except when compared to any other economic system that has ever been implemented (p. 197)."
November 22, 2025
Although at times I dispute some of the arguments the authors makes, such as the detailed breakdown of worker pay increase and chronology during the Industrial Revolution as well as the role structural unemployment plays in the lower quintile’s low income today, the thesis of the book is sound. One cannot ignore the self serving nature of man and just wish that national income can be raised by simply robbing those who are better off to prop up the “poor”. The IQ of public discourse around these hot issues is so far removed from data and any idea of the accumulated human knowledge in economics. I applaud the authors for their effort to alleviate this issue but honestly don’t think enough people either bother to read or have the technical competence to objectively evaluate information to benefit from such work.
Want to Read
June 21, 2025WSJ review:
https://www.wsj.com/arts-culture/book...
(Paywalled. As always, I'm happy to email a copy to non-subscribers)
Excerpt:
"A common theme throughout the book is the extent to which government intervention has either made situations worse during crises or impeded economic progress in other periods. Policymakers, meanwhile, have repeatedly exacerbated matters by misdiagnosing the problems confronting them or by doubling down on failed policies.
Nowhere is this more apparent than in Messrs. Gramm and Boudreaux’s exploration of the mythologies surrounding the Great Depression. Far from being the laissez-faire dogmatist portrayed by historians such as Arthur Schlesinger Jr. and economists such as John Kenneth Galbraith and Paul Samuelson, President Herbert Hoover was, the authors contend, effectively a proto-New Dealer who tried to beat the Depression with the heavy hand of government. Hoover’s attempts to keep prices and wages from falling, and his willingness to sign the Smoot-Hawley Tariff Act in 1930—which taxed some 20,000 imported goods—did nothing to promote growth and much to impede it. These measures also created precedents for Franklin Roosevelt to embark on even more systematic interventions from 1933 onward."
Worth looking for. I'll request it from the libraries. Not a book our current President will relish.
https://www.wsj.com/arts-culture/book...
(Paywalled. As always, I'm happy to email a copy to non-subscribers)
Excerpt:
"A common theme throughout the book is the extent to which government intervention has either made situations worse during crises or impeded economic progress in other periods. Policymakers, meanwhile, have repeatedly exacerbated matters by misdiagnosing the problems confronting them or by doubling down on failed policies.
Nowhere is this more apparent than in Messrs. Gramm and Boudreaux’s exploration of the mythologies surrounding the Great Depression. Far from being the laissez-faire dogmatist portrayed by historians such as Arthur Schlesinger Jr. and economists such as John Kenneth Galbraith and Paul Samuelson, President Herbert Hoover was, the authors contend, effectively a proto-New Dealer who tried to beat the Depression with the heavy hand of government. Hoover’s attempts to keep prices and wages from falling, and his willingness to sign the Smoot-Hawley Tariff Act in 1930—which taxed some 20,000 imported goods—did nothing to promote growth and much to impede it. These measures also created precedents for Franklin Roosevelt to embark on even more systematic interventions from 1933 onward."
Worth looking for. I'll request it from the libraries. Not a book our current President will relish.
May 22, 2026
I picked up this book not knowing exactly what the content entailed. I was directed to this book after researching books that related to advancements on the nobel peace prize winning theory of Creative Destruction; however I found myself reading a book where the majority of arguments I disagree.
While I won’t go as far as to call this book propaganda; I do find it slightly irresponsible to approach the issues/topics that this book does present from a “everything you’ve been taught is wrong” sort of perspective, I think that in it of itself makes it hard to convince readers like myself that the arguments hold any real weight.
If I had to read this book again I would only read select chapters on the Industrial Revolution(which I thought made sound arguments), the chapter on the great depression(which while the argument were very manufactured, still follows a chain or reasoning that is understandable) & the chapter on trade (which I agree with).
The rest of the chapters really do miss the mark in my opinion; especially the final two chapters on income inequality(which is not really the big issue, it’s wealth inequality) and the chapter on poverty. These are clearly deliberatly set up to lead to the conclusion that one of the two biggest problems plaguing the American economy are government assistance programs, while offering vague alternatives on how the money could be better reapportioned.
While I won’t go as far as to call this book propaganda; I do find it slightly irresponsible to approach the issues/topics that this book does present from a “everything you’ve been taught is wrong” sort of perspective, I think that in it of itself makes it hard to convince readers like myself that the arguments hold any real weight.
If I had to read this book again I would only read select chapters on the Industrial Revolution(which I thought made sound arguments), the chapter on the great depression(which while the argument were very manufactured, still follows a chain or reasoning that is understandable) & the chapter on trade (which I agree with).
The rest of the chapters really do miss the mark in my opinion; especially the final two chapters on income inequality(which is not really the big issue, it’s wealth inequality) and the chapter on poverty. These are clearly deliberatly set up to lead to the conclusion that one of the two biggest problems plaguing the American economy are government assistance programs, while offering vague alternatives on how the money could be better reapportioned.
June 21, 2025
This book challenges the flawed narratives of economic history frequently pushed on the news, in educational institutions, and on social platforms, which make reasonable policy discussions almost impossible. Authored by economists Phil Gramm and Donald Boudreaux, it offers timely, grounded insights into America’s economic development from the Industrial Revolution to today. It clarifies complex issues like tariffs, income inequality, and poverty, making them accessible and well-sourced. Essential for understanding current policy debates, it provides vital historical context and economic perspective. Highly recommended.
December 27, 2025
An important and informative presentation of compelling evidence in support of less economic regulation.
Like a lot of people, my main exposure to economic policy debates is through the news, podcasts, and YouTube videos. Reading this, I found myself enlightened to the practical realities of economic policy that are so often distorted through moralistic, political, and ideological filters.
Simply put, the authors make a good case for less regulation of the free market.
and yet...
I can't help but feel there's something missing in this free market calculus of rising wages, growing GDP, and increasing consumption:
Are we sacrificing Health and Balance on the alter of Supply and Demand?
1) The free market doesn't do a good job of measuring the value of the natural environment, instead taking for granted anything that can't easily be quantified in dollars.
2) The argument that new technologies "create wealth" out of nothing fails to take into account the value of (among other things) attention, mindfulness and mental health.
3) Short-term vs long-term stability; the free market may incentivize dangerous and destructive trends and technologies that, beyond crucial tipping points, cannot be corrected. Take the above examples: by the time the free market places a measurable value on things like mental health and environmental sustainability, the damage may be irrevocable.
In short, this book was definitely worth reading.
Like a lot of people, my main exposure to economic policy debates is through the news, podcasts, and YouTube videos. Reading this, I found myself enlightened to the practical realities of economic policy that are so often distorted through moralistic, political, and ideological filters.
Simply put, the authors make a good case for less regulation of the free market.
and yet...
I can't help but feel there's something missing in this free market calculus of rising wages, growing GDP, and increasing consumption:
Are we sacrificing Health and Balance on the alter of Supply and Demand?
1) The free market doesn't do a good job of measuring the value of the natural environment, instead taking for granted anything that can't easily be quantified in dollars.
2) The argument that new technologies "create wealth" out of nothing fails to take into account the value of (among other things) attention, mindfulness and mental health.
3) Short-term vs long-term stability; the free market may incentivize dangerous and destructive trends and technologies that, beyond crucial tipping points, cannot be corrected. Take the above examples: by the time the free market places a measurable value on things like mental health and environmental sustainability, the damage may be irrevocable.
In short, this book was definitely worth reading.
May 7, 2026
A well-researched economic analysis of seven critial periods of American history that had lasting economic and/or social impact. Some of that impact is due to the fact that the common understanding of the causes and effects of history are not supported by the underlying facts. Gramm and Boudreaux bust the myths surrounding these events - myths not only believed by many, but still taught in schools.
While the authors sometimes dove too deep into the statistics at times, they were careful to provide the analysis to show the relationship between the statistics and their conclusions.
While the authors sometimes dove too deep into the statistics at times, they were careful to provide the analysis to show the relationship between the statistics and their conclusions.
February 17, 2026
A good review of several topics including income inequality, poverty, and trade in the US. Lots of stats. Addresses the significant impacts transfer payments, taxes, quality increases and lifestyle creep, household size, etc. have on those topics. Also touches on differences in international statistical measurements.
February 18, 2026
I give this a 2.5 because I think this book really stretches some conclusions. However, I do highly recommend that people read at least a few chapters (especially 6 and 7). It is very informative about how capitalists in America think about poverty and social services. It might hurt your brain, though, so TW...
September 17, 2025
Marred by a weird, gratuitous dismissal of the budgetary impact of Social Security and Medicare at the end (and a disingenuous inflation of the impact of means-tested transfers by excluding payroll taxes from total revenues). A few sentences. Very strange.
Otherwise, pretty brilliant.
Otherwise, pretty brilliant.
December 2, 2025
A fine example of smart people selectively using statistics to support their policy agenda. I would love to see an economist rebuttal to the positions put forward in this book. I need to spend more time digging in to the references and will need to check the book back out from my local library.
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November 21, 2025Gave up on finding time to finish the last chapter and the conclusion 🙂
December 24, 2025
Phil Gramm exposes many generally excepted myths in economics and illustrates his contentions through clear logic and statistical proof.
May 24, 2026
Outstanding. Should be required reading of every college student. Debunks all the myths of bad economics and equally bad progressive politics. Phil Gramm for President!
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