Just published my first book-- co-authored with Dr. Charles Rowley. Well, I guess it's not my first: I also co-authored this one back in 2004. The title: Economic Contractions in the United States: A Failure of Government. Here's the summary from the back of the book:
Seeking "not to let a crisis go to waste," left-leaning politicians and old-style Keynesian economists want to remedy the alleged failure of capitalism with a rising tide of big government. Let the budget deficits rip, empower the unions, socialize healthcare, increase trade protection, go green, and socialize the financial and industrial base. The irony, as Charles Rowley and Nathanael Smith show in this timely monograph, is that the Keynesian policy prescriptions that are serving as the pretext for this program have already been tried. Expansionary fiscal and monetary policies by the Bush administration and the Greenspan Fed were implemented to deal with the recession of 2001, and are precisely what caused the current crisis.
Applying sound economic reasoning and cutting-edge public choice theory, Rowley and Smith show that both the Great Depression and the current economic contraction were caused by failures not of capitalism, but of government. While monetary policy was the primary culprit in the 1930s, the interventionist policies of the Hoover and Roosevelt administrations exacerbated the downturn and stifled recovery. Fortunately, the monetary policy of the independent Fed is much better now (though the Fed has unduly widened its role), but elected politicians are pursuing policies of intervention and re-regulation similar to those pursued in the 1930s. If these adverse trends are not reversed, the dynamic laissez-faire capitalism of the United States will be assimilated to the state capitalism and economic stagnation of Western Europe.
By ending an era of big government, America in the late 1990s achieved the longest economic boom in its history, with unemployment falling lower than economists had thought possible, and an acceleration in the growth of productivity. Prosperity and full employment can only be restored by the same means. The authors outline a radical free-market approach to policy reform designed to restore the United States economy to its stellar performance during the final fifteen years of the 20th century.
We actually put a lot of the blame for the crisis on Bush and his Keynesian policies. And even more on the Greenspan Fed, although the sharpest rhetoric is directed at Democratic politicians. We go back to the Great Depression and castigate FDR, too. Nobody comes out looking particularly good. Well, I guess Reagan and Clinton do.
Also available on Amazon for $12.