The Economists' Hour

The Economists' Hour examines the rise of economic thinking in American policy and governance from the 1960s through the early 21st century. The book traces how economists moved from the academic periphery to become central figures in shaping government decisions and public life. Through extensive research and historical analysis, Appelbaum chronicles key shifts in areas like monetary policy, tax structure, business regulation, and international trade. He focuses on influential economists who promoted free-market ideologies and their impact on major policy changes during this period. The narrative follows the transformation of economic theory into practical policy, examining both the successes and failures of market-focused approaches across different sectors of American society. The book incorporates interviews, archival materials, and case studies to document this influential period in U.S. economic history. This work raises fundamental questions about the relationship between economic expertise and democratic governance, and the long-term effects of prioritizing efficiency and market solutions in public policy decisions.

Readers found this to be a detailed history of how economists gained influence over US policy from 1969-2008. The book maintains a critical stance toward free-market economics while remaining balanced in its analysis. Readers appreciated: - Clear explanations of complex economic concepts - Rich biographical details about key economists - Thorough research and documentation - Engaging narrative style that makes economics accessible Common criticisms: - Too US-centric, minimal coverage of international impacts - Lacks depth on opposing economic viewpoints - Some readers felt the author's bias against free-market policies was too strong - Final chapters rush through more recent events Ratings: Goodreads: 4.0/5 (2,800+ ratings) Amazon: 4.4/5 (280+ ratings) Several readers noted the book pairs well with "The Death of Expertise" and "The Fifth Risk" for understanding how technical experts shape policy. Multiple reviews mentioned the book helped them better understand current economic debates about inequality and regulation.

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🔸 The author Binyamin Appelbaum works as the lead writer on business and economics for The New York Times Editorial Board, bringing decades of financial journalism expertise to this historical analysis. 🔸 The book's title refers to the period from 1969 to 2008, when economists gained unprecedented influence in shaping U.S. government policy across multiple presidential administrations. 🔸 Milton Friedman, one of the central figures discussed in the book, helped end military conscription in the U.S. by convincing President Nixon to establish an all-volunteer military force. 🔸 The book earned a spot on The New York Times' "100 Notable Books of 2019" list and was longlisted for the Financial Times and McKinsey Business Book of the Year Award. 🔸 Many policies discussed in the book, such as airline deregulation and floating exchange rates, were implemented during the 1970s and remain influential in today's economic landscape.