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The Price of Everything: A Parable of Possibility and Prosperity
Stanford University student and Cuban American tennis prodigy Ramon Fernandez is outraged when a nearby mega-store hikes its prices the night of an earthquake. He crosses paths with provost and economics professor Ruth Lieber when he plans a campus protest against the price-gouging retailer--which is also a major donor to the university. Ruth begins a dialogue with Ramon a
...morePaperback, 203 pages
Published
September 21st 2009
by Princeton University Press
(first published August 4th 2008)
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"Much of the novel is a one-on-one seminar about how price signals create a market more efficient than central planning could ever do, and Roberts is good at illustrating this difficult concept. There are many examples of how the same unplanned order arises in the natural world, both explicit and implicit for example, a flock of birds with a common goal, or dancing couples in a nightclub. But it s not strictly a series of lectures. The story of a born teacher, full of passion about even h...more
A pedantic tale which is really designed to educate the reader about basic economic concepts. Despite the fact that long stretches resemble classroom lectures, the story moves along fairly well. It is particularly good at taking on some of the 'conventional wisdom' which is inconsistent with economic thinking. A good example is a case where some stores mark up the prices of certain goods, such as flashlights, when demand surges due to an earthquake. A common, and natural, reaction, is anger a...more
Simplistic, unimaginative, outdated & cliched attempt to glorify the market and analogize human economic behavior with natural phenomena. Roberts wants us to believe that birds, ants, and markets mystically/magically achieve the best for all without any group communication or intentionality.
The analogy fails. He is either incredibly lazy(well, he does base his bird theory on one anecdote & ask readers to write in ...he couldn't be bothered to google for confirmation ) or willfully ignoran...more
The analogy fails. He is either incredibly lazy(well, he does base his bird theory on one anecdote & ask readers to write in ...he couldn't be bothered to google for confirmation ) or willfully ignoran...more
If you are curious about some of the basic principles of microeconomics and don't know anything about them, this might be a lovely book to read. The lectures - which are most of it - are lucid and straightforward and clear. Beyond that: it's hard to get mad about this, because (a) the book is labeled as a "parable", not a novel, and (b) the book imparts the sense that Russell Roberts, the author, writes this kind of stuff out of a genuine desire to educate, but to this reader anything ...more
As I started reading this book, I kept thinking how perfect it would be for an aspiring student of economics to read, freshman or sophomore year of college. Its conversational style (the book is largely written as a conversation between a teacher and a student) makes it a lively, if a little preachy, read. Some things are really interesting to think about, like the elements that go into creating a pencil, and how so many jobs, around the USA and around the world, are so intrinsically linked in t...more
A great introduction to emergence, or spontaneous order, as well as the information gathering function of prices. The choice of writing this in novel form allows for more of a back and forth between the teacher and student, though there are a few parts that are lectures. Roberts does an excellent job of making the material understandable, as well as putting together a readable story.
At some point in the future I will have to read this again, and also read The Wisdom of Crowds as bo...more
At some point in the future I will have to read this again, and also read The Wisdom of Crowds as bo...more
Atlas Shrugged lite, this book is a fun fiction read that takes the reader through some basic economic philosophy in a non-boring manner. The book is set as a conversation between a professor and her student, who is involved in protesting a Wal-Mart like corporation for its business practices.
The author does a great job of conveying some basic tenets of neo-classical economics without getting bogged down in the details. The references to FA Hayek are great, and provide the reader with...more
The author does a great job of conveying some basic tenets of neo-classical economics without getting bogged down in the details. The references to FA Hayek are great, and provide the reader with...more
Well I wouldn't call it captivating or incredibly wonderful as a novel or parable (and the non-explanatory writing was kind of clunky), and I'm not sure the italicized paragraphs at each chapter beginning really did much to help... But it was a good introductory text on basic economics. Seemed a little bit simplified (I had all sorts of questions to ask), so I guess the author succeeded in his goal to inspire curiosity and desire to learn more.
And most definitely interesting to read a...more
And most definitely interesting to read a...more
You’ve likely heard of the pop economics genre, but did you know that there is econ-fiction too? Perhaps econ-fiction is a merely a branch of pop economics, but either way, it makes for a great way to teach basic economics to inquiring young (and old) minds alike. And as far as I’m concerned, Russ Roberts (a professor at George Mason University) writes some of the most powerful didactic fiction about economics around.
Read the rest of my review of The Price of Everything here.
Read the rest of my review of The Price of Everything here.
I loved this book, it will probably be a front runner for my favorite book of the year, though the year is young. Here the author explains how prices keep the free market in tune with the needs of the consumer.
There are books galore about this subject and I haven't read many but the thing that made this stand out is the story format along with several teaching dialogs between teacher and student. It held my attention throughout, with many of the dialogs drawing mental applause, with...more
There are books galore about this subject and I haven't read many but the thing that made this stand out is the story format along with several teaching dialogs between teacher and student. It held my attention throughout, with many of the dialogs drawing mental applause, with...more
About half-way through, and the dialogue is as clunky as those cars being recently swapped for cash . In fact, the book reads as the video accompanying my 7th grade Spanish book sounded: very contrived. "No hay carpetas," indeed.
But I do have to admit that there is some good in what the author is (obviously) trying to portray: that the world isn't just about corporate greed gouging the poor, but about innovation driven by incentives, not all of which are money. He challenge...more
But I do have to admit that there is some good in what the author is (obviously) trying to portray: that the world isn't just about corporate greed gouging the poor, but about innovation driven by incentives, not all of which are money. He challenge...more
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Another book about economics! This story is about a college tennis player whose mother brought him from Cuba as a child and his friendship with an economics professor. The professor sees leadership potential in the guy and mentors him in his understanding of economics and the free market theory. It was very interesting and informative, and helped me to better understand the modern economy. Want to know why it is 'fair' for a store to raise its prices during natural disasters? Read the book!
The Price of Everything is the name of a book I got in the mail recently from Princeton (978-0-691-13509-0). Apart from the intriguing title, the BISAC categories on the back were POPULAR ECONOMICS and FICTION. Huh?! Who could resist that?
Not me. I sat on the back porch one Saturday and didn’t get up until it was over. Then I went back through and made notes. Then, I decided that all of my children had to read it over summer break—required. A couple of days later, I talked about it ...more
Not me. I sat on the back porch one Saturday and didn’t get up until it was over. Then I went back through and made notes. Then, I decided that all of my children had to read it over summer break—required. A couple of days later, I talked about it ...more
The story was uninteresting, simplistic, often cliche, and even maudlin. But it does what it set out to do: inform the reader of some basic economics in support of free markets. I think Roberts is a good economist and my views are very similar to many of his, but this isn't a great book. I do give him credit for trying to find a way to educate people that resist learning economics presented in a more traditional manner, as an economically literate electorate is beneficial.
The book examines the very subjective nature of what we feel is a good price for the items we want or need. The chapters that dealt with tangible items, such as a cup of specialty coffee, were more interesting to me than the chapters on the intangibles. The book truly delves into "everything," as the title promises. But the chapters on the price of marriage, polygamy, happiness, democracy, faith, and so on were not as intriguing - again, to me.
I've been wanting to learn a bit more about economics, but the books I've gotten in the past have been too boring for me. This is a fiction book that teaches econ through the dialogue and plot. It's not an AWESOME page-turner, but it's pretty good and if you're wanting to get a good background on econ without being bored out of your mind this author is the way to go. Apparently he has other works of fiction that teach other aspects of econ, too.
This caught my attention when cataloging it and trying to figure out where to put it. It's "didactic fiction," a story that seeks to teach something, and as such has kind of a Celestine Prophecy feel about it. Prophecy of economics, though. It's definitely interesting, and kept my attention throughout. I'm not sure I agree with all of the economic views contained in it, but it was fun to see a few of them outlined this way.
Greg likes these fiction economic stories, and I actually enjoyed this one! The main message seems to be how our world has so many systems that run themselves, including the cost of everything. The author teaches this lesson through the story of a professor mentoring a student, and the story is simple yet poignant.
Vincent
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review of another edition
Recommends it for:
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Recommended to Vincent by:
Cafehayek.com
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Russell Roberts has a remarkable talent for incorporating economics into readable, enjoyable fiction. This sequel to The Invisible Heart (I think it's safe to call it a sequel, considering the character "Amy" is in both) does well to show that some folks have a warped sense of economic "justice." Is it better to have products available at an "unfair" price, or unavailable at a "fair" price? What larger function do prices serve in a free market economy? How...more
Clare
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review of another edition
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review of another edition
Recommends it for:
Everybody
Recommended to Clare by:
Ben
I wish everybody in America would read this book!!
So many of us don't understand how economics works, yet we make numerous decisions based on basic economics - from voting to shopping to values/ethics judgements.
Price plays a huge role in our lives every day in ways that most people don't ever notice.
Also, many Americans do not know why Americans' standard of living is so high compared to that of other nations. It's all about price and economics, baby! Read up!
So many of us don't understand how economics works, yet we make numerous decisions based on basic economics - from voting to shopping to values/ethics judgements.
Price plays a huge role in our lives every day in ways that most people don't ever notice.
Also, many Americans do not know why Americans' standard of living is so high compared to that of other nations. It's all about price and economics, baby! Read up!
Surprisingly entertaining and engaging, The Price of Everything illustrates modern economics in such a way that is easy to understand and gives the reader a new perspective on the free market and how it runs. A really intresting read for anyone interested in economics.
Very well done--nearly as good as The Invisible Heart and I thought much more engaging than The Choice. Very good explanation of the information conveyed in prices and why relying on prices for allocation of resources is not such a bad evil idea.
A story that discusses what an economist believes is the meaning of price, and how the long term trend is that markets create more things to buy cheaper, because of or despite the best efforts of those with things to sell.
I really loved this book. The storyline was compelling and the economic arguments are very timely book and should be read by the #OWS movement.
I couldn't get through the ridiculous first chapters. Review based on my inability to finish the book, despite interest in related titles.
I love that it dares to approach untouchable subjects and reasonably try to value them based on people's choices.
A neat little story that highlights the remarkable emergent order seen in a market economy.
I'm going to make sure each of my children read this book.
Very good!
The story itself was just ok, but the concept of putting Austrian economic theory into a novel is pretty good. It was at least a good attempt at economics communicating with the layperson.
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Russell Roberts is a professor of economics at George Mason University. He blogs at www.cafehayek.com.
Librarian Note: There is more than one author in the GoodReads database with this name. See this thread for more information.
More about Russell Roberts...
Librarian Note: There is more than one author in the GoodReads database with this name. See this thread for more information.
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