Naked Economics: Undressing the Dismal Science - For Chapters 8-10 Summary & Analysis

Charles Wheelan
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In Chapter 8, the author discusses the problem with public policy. Political maneuvering brings about protests, and power is abused with pork-barrel legislation. Politicians rise in rank by offering small groups benefits without looking to the good of the entire country. Subsidies seem like small problems, but put together, they make a huge impact on the overall economy.

The small groups that benefit from subsidies also have the power to block other legislation that might benefit the economy. The fact is that each small group is out for its own collective interest. While economists agree that global trade is essential for a thriving economy, small groups protest and interfere until strict regulations are put in place, diminishing the effectiveness of the trade. This prevents public policy from working.

In Chapter 9, the author discusses how fifteen years ago Japan was on top of...

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This section contains 1,634 words
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