Trillion Dollar Economists: How Economists and Their Ideas have Transformed Business

by Robert E. Litan

A detailed look at how economists shaped the world, and how the legacy continues Trillion Dollar Economists explores the prize-winning ideas that have shaped business decisions, business models, and government policies, expanding the popular idea of the economist's role from one of forecaster to one of innovator. Written by the former Director of Economic Research at Bloomberg Government, the Kauffman Foundation and the Brookings Institution, this book describes the ways in which economists have helped shape the world – in some cases, dramatically enough to be recognized with a Nobel Prize or Clark Medal. Detailed discussion of how economists think about the world and the pace of future innovation leads to an examination of the role, importance, and limits of the market, and economists' contributions to business and policy in the past, present, and future. Few economists actually forecast the economy's performance. Instead, the bulk of the profession is concerned with how markets work, and how they can be made more efficient and productive to generate the things people want to buy for a better life. Full of interviews with leading economists and industry leaders, Trillion Dollar Economists showcases the innovations that have built modern business and policy. Readers Economists have helped firms launch new businesses, established new ways of making money, and shaped government policy to create new opportunities and a new landscape on which businesses compete. Trillion Dollar Economists provides a comprehensive exploration of these contributions, and a detailed look at innovation to come.

Genres: Economics, Business, Finance, Nonfiction

400 pages, Hardcover

First published January 1, 2014

Reviews

[Lena L · Rating 3 out of 5]

This book is a great tribute to Bill Campbell. It is an interesting and easy read. My expectation though was that more practical advise will be given. But instead the stories and resolutions are quite generic.

[Julian Douglass · Rating 3 out of 5]

Two main issues with this book. The first one is that this book, while it tries to be conversational and geared towards people who took their basic gen ed econ classes in High School or College, this book read like an intermediate economics textbook aimed at econ majors who are starting to get their master’s or PhD is Economics.

The second issue is that Mr. Litan inserts himself into this book A LOT. He comes off with a "Way too into Jesus Youth Pastor" vibe, which can be a huge turnoff to casual readers like me who want to see economics in practice. I felt as if this was for 16–18-year-olds who were trying to figure out their college majors, and econ was the way to go.

Now, when the meat of the subject was discussed at length, the book was very interesting. Part II for example was a great part of the book. However, the two main issues above prevented me from enjoying this book more than I should have.

[Aderyn · Rating 3 out of 5]

Very detailed about the invisible hands that shaped and control our capitalist
Economy we are subjected to.

[Billy · Rating 4 out of 5]

Gives insight into how economics is being applied in various practical situations

[Peter McCluskey · Rating 4 out of 5]

This is a good introduction to economics for someone who is mainly interested in how economics can improve public policy. It's less appropriate for most other audiences.

Litan describes many ways in which ideas from economists had some sort of influence on highly valuable outcomes. Skeptics will be underwhelmed, as it's mostly hard to quantify those benefits, and hard to figure out whether they depended on economists.

The book is relatively non-partisan, with some fairly obvious bias in favor of mainstream authorities.

[Jeanne Kobs · Rating 5 out of 5]

Exceptional

Well written and immensely entertaining read! The author has a wonderful group of colleagues and friends whose work and insights provide color and texture to the book.
Thought provoking.