Visible Hand: A Wealth of Notions on the Miracle of the Market

by Matthew Hennessey

To most people, the word "economics" sounds like homework. In Visible Hand, Wall Street Journal op-ed editor Matthew Hennessey brings basic economic principles vividly to life in plain English, without resort to numbers, graphs, or jargon. This isn't Fed policy or the stock market. This is the essential supply and demand, incentives and tradeoffs, scarcity and innovation, work and leisure. A teenager should be able to discuss these things intelligently. Sadly, too few of us can explain them even in adulthood. Visible Hand equips readers with the essential vocabulary necessary to understand and explain how we make the choices we do. In Hennessey's hands, economics is far from the dismal science. It's the sparkling art of decision making. No homework necessary.

Genres: Economics, Audiobook, Politics, Nonfiction

246 pages, Kindle Edition

Published April 12, 2022

About the author

Matthew Hennessey is the Wall Street Journal's deputy op-ed editor and the author of "Zero Hour for Gen X: How the Last Adult Generation Can Save America from Millennials" (2018) and "Visible Hand: A Wealth of Notions on the Miracle of the Market" (2022).

Reviews

[Ben Quackenbush · Rating 3 out of 5]

liked the beginning of the book, read the part about his parents business, don't really remember if it ties well to the beginning. then the end of the book where he goes after Bernie , not sure was fact checked well. The COVID vaccine was not very well researched, and J&J have been pushing no helpful drugs for a while.... read up on it. 😉

I wish he would have spent more time on Economics, but again in the beginning he said he wasn't going to make a book about econ 🤷

[Lucille Nguyen · Rating 3 out of 5]

The book in one sentence: "market fundamentalism in a small package."

At its best, explaining the nature of economics as the study of choices and how trade-offs are inherent to the economic experience. At its worst, trite comments about how socialists and the far right are the worst, because they don't appreciate markets. But it doesn't really give enough credit to critics on the left or right to really address *why* those criticisms exist, merely by giving dime store explanations of surface-level economic principles it's expected of the reader to find self-evident the market fundamentalism of the author as the True and Correct position.

This kind of casual disengagement with critics is part and parcel of why those criticisms strike so strongly — that markets are, in the words of legal antitrust scholar Chris Segers "machines that create pain." That pain drives entrepreneurs to strive, for working parents to put food on the table, for inventors to create. But by refusing to even justify its existence the market fundamentalists unfortunately help politically weaken the case for robust competitive markets for the public good.

Ultimately, this book would have been better if it were just an attempt to explain economic principles with the delightfully charming stories of family and the innocence of youth (which was done very well in the first part). The later part fails in making a political case for the market, merely because it fails to address opponents as anything but strawmen of opponents' actual beliefs. And there is a necessity to make that case, politically, for markets that a book like this just does not. The "miracle of the market" needs defenders, for sure, but in this book Hennessey does not make a good one.

[Paul Sand · Rating 3 out of 5]

I got this book via Interlibrary Loan from the University Near Here. Originally from the University of Wisconsin - Eau Claire. Thanks to all involved.

The author, Matthew Hennessey, is the WSJ's deputy op-ed editor. And occasional columnist. The book was a finalist for the 2023 Hayek Book Prize given by the Manhattan Institute.

Hennessey's style is informal and laced with humor and personal reflections. He takes the reader over the basics, chapter by chapter, showing how (see the subtitle) free markets "miraculously" produce prosperity via the action of billions of individuals that are making choices, responding to incentives, usually just trying to make an honest living. A penultimate chapter looks at the "anti-marketers" (e.g., Senator Bernie) and refutes their arguments.

Particularly charming: the story of how his parents, after years of various jobs, became small-businesspeople after buying a local bar, slowly turning it from a dive into a respectable joint. (I'm reading between the lines a bit here.)

Readers who have read other pro-capitalism books might find this one to be a little basic. Hennessey writes that his initial plan was to write this book for his kids, as an introduction to basic economics. And I can heartily recommend it for bright youngsters (or oldsters, for that matter) who are looking for such a thing.

[MPauzer · Rating 4 out of 5]

A light read covering some of the economic topics is a storytelling manner. Some of the stories are a bit long and slow to making their point. Might be appropriate for a young teen to read and discuss with parents.

[Jojo · Rating 1 out of 5]

Annoying book! I only got into the 2nd chapter before I gave up on it. It seemed like every other paragraph, the author incessantly repeats that he is not qualified to discuss the subject of economics and the reader shouldn't really be listening to him! Huh?

[Leslie · Rating 5 out of 5]

this is not the kind of book I usually read, but I was intrigued. It was funny, and very informative and and instructive. I can't say I know everything about economics, but I do have the basics down. I enjoyed this book very much.

[N · Rating 5 out of 5]

A humorous and light primer on economic concepts like opportunity cost, scarcity, preferences, and price controls that sees capitalism as a good idea. My kids enjoyed listening when they happened to be around. The narrator is excellent.

[Kristjan · Rating 5 out of 5]

A nice overview of economics in common English (mostly). For me, there were a couple of concepts that could have used a little further explanation, but contains very good, real-life examples to explain the concepts involved.

[Billy · Rating 4 out of 5]

Great introduction to economics.

[Tracey · Rating 4 out of 5]

This is a great book for teens (and adults) to help them understand the workings and benefits of a free market. Easy to understand, engaging and a great primer to an essential topic.

[Louis Prontnicki · Rating 2 out of 5]

Not focused enough. At times a tribute to his father, and at other times some homespun economic lessons

[Francis Yanga · Rating 3 out of 5]

Good introduction to economics, loved the stories and analogies. However, towards the end it became a bias apology to capitalism dismissing other systems.

[Jordan Davis · Rating 3 out of 5]

This book is helpful if you don’t know anything about economics. If you’ve read one Thomas Sowell book then don’t waste your time reading this.