Managing The World Economy

Managing the World Economy, while recognizing how much has been achieved since the start of the Industrial Revolution, challenges the view that much better results could not have been attained. It argues that faster economic growth and much better use of the available human talent could have been in the past, and should be in the future, achievable targets. The reasons for the performance of the world economy over the past 200 years being well below the achievable optimum stem mainly from misconceptions about macroeconomic policy, which the book sets out to explain and correct.

Managing the World Economy, while recognizing how much has been achieved since the start of the Industrial Revolution, challenges the view that much better results could not have been attained. It argues that faster economic growth and much better use of the available human talent could have been in the past, and should be in the future, achievable targets. The reasons for the performance of the world economy over the past 200 years being well below the achievable optimum stem mainly from misconceptions about macroeconomic policy, which the book sets out to explain and correct.

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Mills is an economist who has spent his career running companies engaged in making and selling consumer goods. He argues that while much has been achieved since the beginning of the Industrial Revolution, more appropriate policies could have produced much higher economic growth and a more effective use of human resources without undue risk of inflation. He suggests policies to improve the economy, especially of the western industrialized countries, which have been groaning most miserably under slow growth and high unemployment for a quarter of a century. Annotation c. Book News, Inc., Portland, OR (booknews.com)

John Mills is Managing Director at John Mills Ltd in London.