You may or may not know the name Anatole Kaletsky. He's an economics writer for The Times in the U.K. and his new book, Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis will hit the stores tomorrow. When I saw the title, my first reaction was "another book about how regulation will save us from repeating the past." But that was before I read the excerpt (free content at this writing) in today's edition of The Wall Street Journal.
Kaletsky's book is about how economic crisis is often the prelude to a new era in economics. And that is something I strongly agree with, and it is one reason why I study the history of economic thought. The major ideas of economics, those concepts and theories that we work hard to have our students understand, once represented the attempt of trained individuals to answer a question, to understand a problem. After reading the excerpt, I'm adding it to my list of wants. And, if after reading the excerpt, if you're thinking about buying it, click through on the link provided near the beginning of this post and help support this blog.