The Economists' Hour

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In this original history of ideas and unforgettable portrait of power, New York Times editorial writer Binyamin Appelbaum explores the rise of economists and their influence over four decades of economic revolution. Before the 1960s, American politicians largely ignored economists, but as the post-World War II boom faltered, their power surged. Appelbaum traces this evolution, highlighting how economists reshaped the modern world by curbing government, empowering corporations, and accelerating globalization. Notable figures include Milton Friedman, a key libertarian voice, and Arthur Laffer, whose curve popularized tax cuts in conservative policy. Others, like Walter Oi, who influenced President Nixon's decision to end conscription, and Alfred Kahn, who deregulated air travel, also made significant contributions. Their shared belief was that government should refrain from managing the economy, trusting that markets would foster growth and benefit all Americans. However, the promise of broad prosperity has largely gone unfulfilled, with a singular focus on markets leading to increased economic inequality, threats to liberal democracy, and challenges for future generations. This timely and well-researched narrative serves as both a reckoning and a call to reconsider the rules governing the market.