Why am I passionate about this?
I was initially drawn to economics as a way to understand and address global problems of poverty and hunger, like those I saw in Africa with the Peace Corps and later as a researcher. As my interests broadened toward environmental and other social problems, again I found that economics provides valuable insights about their causes and possible solutions. Economics is unfortunately often misunderstood and defined too narrowly: but as a social science, it encompasses a broad framework to comprehend individuals, families, cities, nations. It encompasses philosophical thought, normative questions, and intangibles like humans’ desire for respect. After decades as an economics professor I still find its insights fascinating and powerful.
William's book list on economics is much more than the study of the economy
Why did William love this book?
In this slim book, Ken Arrow – Nobel laureate and “one of the transcendent minds in the history of economics” – reveals with extraordinary clarity many essential truths about how the world works and why.
The first of these four essays is among the most eloquent and succinct statement about the core conflicts humanity faces: between the individual and society, between freedoms and collective obligation, between compromise and commitment.
Given that context, Arrow builds a framework for understanding the nature of organizations: their purposes, processes, and the central role of information. The clarity with which Arrow has developed this economics of information – an asset intangible and unmeasurable – reveals his genius.
The inquiry closes by considering the role of authority and responsibility; but throughout there are gems of insights in nearly every paragraph.
2 authors picked The Limits of Organization as one of their favorite books, and they share why you should read it.
The tension between what we wish for and what we can get, between values and opportunities, exists even at the purely individual level. A hermit on a mountain may value warm clothing and yet be hard-pressed to make it from the leaves, bark, or skins he can find. But when many people are competing with each other for satisfaction of their wants, learning how to exploit what is available becomes more difficult. In this volume, Nobel Laureate Kenneth J. Arrow analyzes why - and how - human beings organize their common lives to overcome the basic economic problem: the allocation…