So I’ve had Scott Sumner’s magnum opus, The Midas Paradox, on my iPhone for two days. I’ve gotten through the preface and to test myself, I went straight to Ch. 13. I am presently on the page, in the Kindle version, with table 13.1 and have followed along so far. When I get to parts I don’t understand I will probably post some questions.
But I have to admit that while the economics of the Great Depression is fascinating, the more fascinating parts that I have read so far are the revisions pertaining to the applicability of the economics in the book to the Great Recession. If you have the book, you can understand me when I ask if Sumner meant to label the behavior of those regressive types of economists like cavemen or did I misunderstand? At any rate I prefer my interpretation and enjoyed the dishing out of earned criticism more than words can express. It was worth $20 and then some even if I ultimately find the detail of the arguments somewhat of a slog to read through. If Sumner ever finds a need to generate extra cash flow, I would pay for front row seats to hear him tell it like it is, cheering him on saying, “Preach it, man, preach it!” The truth will make some people miserable, but it then sets them free.
This reminds me that somewhere in my basement, I have a pile of unfinished research on the social history of the Great Depression. I wasn’t able to complete that project because of the emotion attached to many of the individual experiences I uncovered. It isn’t an endeavor for the deeply empathetic. But I might have found in Scott Sumner’s book the inspiration to complete it. It’s an enriching experience to debate economics, data points on a chart, but it isn’t a truly full experience without a human face on the plots.