We find ourselves in an unsettling time when opinion is reported as news, facts are twisted to suit an agenda, and the meaning of events is constantly overlaid with political propaganda. What are we to believe? Better yet, who are we to trust?
To cut through misconceptions about the merits and shortcomings of free market capitalism, ED Yardeni, that’s who!
When it comes to analyzing the economy and business, subjects such as economic theory, data interpretation, profit motive, economic policy architecture, and perhaps most importantly for me, the intersection of economic policy and political philosophy, Ed Yardeni has been, and with his new book, In Praise of Profits, continues to be my go-to mentor for an honest assessment and defense of this country’s business model and methodology-- Entrepreneurial Capitalism, during a time when it is clearly under attack by progressives.
The dissection of the inner workings of capitalism might be a bit dry or academic to some, but not when we are being taught and challenged by Ed Yardeni’s insights and quick wit. Ed is a fabulously entertaining writer and an economic historian who always makes me feel like I am in room having a one-on-one discussion with a master thinker. Indeed, Ed’s daily missive, Morning Briefing is must-reading for me and is an ongoing course in what’s important to entrepreneurs and investors about our market-based economy.
In “In Praise of Profits,” Ed directs us to look at a free-market system, with its warts and blemishes exposed, that nonetheless has provided more prosperity than any other in history, encouraging and promoting an entrepreneurial spirit that has been the guiding mantra of this country for nearly 250 years. In 1927, it was President Calvin Coolidge who told us, “After all, the chief business of America is business!”
Ed Yardeni reminds us that capitalism is second to none in offering the prospect of widespread prosperity throughout society in his eloquently written book, “In Praise of Profits.” In Praise of Profits should be required reading for entrepreneurs, budding entrepreneurs, business owners, aspiring employees, students, dreamers, and especially for our young Gen Xer’s and Gen Zer’s, some of whom might be skeptical of our economic system .
Michael Paulenoff, December 31, 2021
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A refresher for Congress on the central role of profits in the American dream
“In Praise of Profits!” may be Dr Ed Yardeni’s best primer yet for entrepreneurs, businessmen and investors forced to defend capitalism. But after decades of knowing Ed while serving as a policy analyst for institutional investors, I’d say his latest work ought to be nestled into the overnight pouches of every member and staffer in Congress!Ed has long been celebrated for prophesying shifts like the market impact of the baby boom generation. And for his quirky manner in weaving cultural and demographic trends into his discussions of the economy. But his real trademark may be in simplifying how economic data is formulated. He treats even the most obscure data series as lovingly as an etymologist treats words. And he explains, with gravity and good humor, how different data can produce starkly different measures -- in this case, of corporate profits and income distribution.Disputes over profit use and abuse have become the cultural/economic Rorschach test of our time, Yardeni warns. Using selective data to make their case, progressives have depicted shifting income shares as proof that workers are suffering at the hands of managements. Free-market capitalism is inherently unfair, they add, with government response the only cure. The pervasiveness of such arguments has even led to submission among business execs, Yardeni notes, with demotion of shareholder interests a dangerous result.There are many side effects of capitalism that need to be redressed, and several ways that Washington policies can be improved, Dr. Ed concedes. But while income inequality will inevitably grow as a result of prosperity, there are other factors that should more than offset distributional negatives. As in economic mobility, he notes, and productivity- and life-enhancing technologies that will likely spur capital investment into the future.In any event, DC’s majority Democrats and other politicos for whom the book was dedicated should read it with an open mind, particularly chapters 6-8. Therein lie ominous “tells” about the backdrop in Washington, just as fears of returning inflation threaten to turn the political world upside down. The result could easily serve as a wakeup call for all that could still go right, or wrong.
Top reviews from the United States
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Reviewed in the United States on December 31, 2021
Reviewed in the United States on January 13, 2022
Ed has long been celebrated for prophesying shifts like the market impact of the baby boom generation. And for his quirky manner in weaving cultural and demographic trends into his discussions of the economy. But his real trademark may be in simplifying how economic data is formulated. He treats even the most obscure data series as lovingly as an etymologist treats words. And he explains, with gravity and good humor, how different data can produce starkly different measures -- in this case, of corporate profits and income distribution.
Disputes over profit use and abuse have become the cultural/economic Rorschach test of our time, Yardeni warns. Using selective data to make their case, progressives have depicted shifting income shares as proof that workers are suffering at the hands of managements. Free-market capitalism is inherently unfair, they add, with government response the only cure. The pervasiveness of such arguments has even led to submission among business execs, Yardeni notes, with demotion of shareholder interests a dangerous result.
There are many side effects of capitalism that need to be redressed, and several ways that Washington policies can be improved, Dr. Ed concedes. But while income inequality will inevitably grow as a result of prosperity, there are other factors that should more than offset distributional negatives. As in economic mobility, he notes, and productivity- and life-enhancing technologies that will likely spur capital investment into the future.
In any event, DC’s majority Democrats and other politicos for whom the book was dedicated should read it with an open mind, particularly chapters 6-8. Therein lie ominous “tells” about the backdrop in Washington, just as fears of returning inflation threaten to turn the political world upside down. The result could easily serve as a wakeup call for all that could still go right, or wrong.
A refresher for Congress on the central role of profits in the American dream
Reviewed in the United States on January 13, 2022
“In Praise of Profits!” may be Dr Ed Yardeni’s best primer yet for entrepreneurs, businessmen and investors forced to defend capitalism. But after decades of knowing Ed while serving as a policy analyst for institutional investors, I’d say his latest work ought to be nestled into the overnight pouches of every member and staffer in Congress!Reviewed in the United States on January 13, 2022
Ed has long been celebrated for prophesying shifts like the market impact of the baby boom generation. And for his quirky manner in weaving cultural and demographic trends into his discussions of the economy. But his real trademark may be in simplifying how economic data is formulated. He treats even the most obscure data series as lovingly as an etymologist treats words. And he explains, with gravity and good humor, how different data can produce starkly different measures -- in this case, of corporate profits and income distribution.
Disputes over profit use and abuse have become the cultural/economic Rorschach test of our time, Yardeni warns. Using selective data to make their case, progressives have depicted shifting income shares as proof that workers are suffering at the hands of managements. Free-market capitalism is inherently unfair, they add, with government response the only cure. The pervasiveness of such arguments has even led to submission among business execs, Yardeni notes, with demotion of shareholder interests a dangerous result.
There are many side effects of capitalism that need to be redressed, and several ways that Washington policies can be improved, Dr. Ed concedes. But while income inequality will inevitably grow as a result of prosperity, there are other factors that should more than offset distributional negatives. As in economic mobility, he notes, and productivity- and life-enhancing technologies that will likely spur capital investment into the future.
In any event, DC’s majority Democrats and other politicos for whom the book was dedicated should read it with an open mind, particularly chapters 6-8. Therein lie ominous “tells” about the backdrop in Washington, just as fears of returning inflation threaten to turn the political world upside down. The result could easily serve as a wakeup call for all that could still go right, or wrong.
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Ted
Dr. Ed presents the other side of the profit story
Reviewed in Canada on November 18, 2021