Introduction to Economic Growth by Charles J. Jones is a book that will surely cause many a young and even older professional in business or government to sit up, take notice, and begin to seriously consider the possibilities of economic growth as an overall principle and philosophy for their individual lives. In particular, this volume will cause a great deal of discussion within a business management course as it simultaneously introduces many topics that are not necessarily familiar to students who are pursuing a career within the discipline. By this writing assignment, I hope to present to readers the contents of this book in an easy to read format so that they may determine for themselves whether or not it might be something that would be of some value to them personally.
Introduction to Economic Growth by Charles J. Jones provides the necessary background that is required for understanding the theories of economic growth. The author begins this book with an introduction that sets up expectations and goals for the reader that is necessary for making sense of the many topics that are covered in the remainder of the book. Then, the most valuable content of the book is its detailed and thorough treatment of all the different theories that are used to support the claims that are made regarding how the economic system and the principles upon which it is based work together to create the overall economic framework of mankind. Throughout the text, the author utilizes his own expertise as a former director of the Federal Reserve Bank of America as well as a professor at the University of Chicago to comment upon the various theories that are raised and discussed within the book.
One theory that is extensively discussed throughout the pages of Introduction to Economic Growth by Charles J. Jones is the notion of central planning. While most individuals may not readily believe such a claim due to their general beliefs regarding the ability of government to effectively plan and control the economy, the author does present such a case when discussing the relationship between economic growth and the creation of government programs intended to promote economic growth. In addition to this, the author also points out the inherent flaws in planning when discussing the effects of such plans on the freedom of individuals within society. The author goes so far as to argue that people would likely respond in a negative manner if they were forced to participate in such a program. Consequently, he advocates the adoption of voluntary methods of economic control over a society instead of relying on programs imposed from a central planner or mandated by laws passed by a legislative body.
Another important topic covered in the introduction to economic growth by Charles J. Jones is the debate concerning the proper use of monetary policy to achieve economic growth. The author begins this section of the book by examining the differing opinions held by different individuals regarding the optimal use of monetary policy. Most of these arguments center around either a deflationary or an exaltic view of inflation. The former view holds that money will yield a level of wealth that is adequate for society as a whole while the latter emphasizes the idea of printing money in order to increase the level of wealth in society. The former philosophy believes that the money supply should be based on the needs of the society while exaltic philosophy believes that a larger amount of money supply will result in the society being wealthier as long as the supply is enough for individuals to survive.
The introduction concludes with a brief word on the controversial theories presented throughout the book. Specifically, the author discusses the legitimacy of centrally planned economic policies, the dangers of socialism and Fascism, and the ability of capitalism to solve social and economic problems. Overall, this is a very positive book in that the . . . . . . author presents a clear explanation of why a free market is vital for economic prosperity. However, some of the problems covered in the book may cause some to lean toward a negative view of certain free-market philosophies. In light of this, the reader might want to think through the various philosophical positions covered in this text before settling on a position regarding which philosophy or political theory should be taken on board when debating economic issues.
The author's introductory piece provides a good introduction to economics for those interested in further reading about the subject. The book review also provides an insight into the book's overall concept. After reading the book, it is then up to the reader to decide whether he or she wishes to delve further into the world of economics and economic policy.