Currently Reading – Greenspan’s “The Age of Turbulence”

I am not quite halfway through Alan Greenspan’s “The Age of Turbulence,” the central banking legend’s part memoir, part treatise, which was published just a few weeks ago.

It really is a fascinating book.  I am reading it not as someone who is of a particular political mindset, nor as someone who would feign to have the highly developed skill set that would be necessary to target the man with either criticism or approbation for his term as the chairman of the Federal Reserve.  Instead, I am reading it as a student of economics, and I am finding Greenspan to be a surprisingly lucid writer with a dry wit, a reasonably humble personality, a keen intellect, and a single-minded fascination with all that his field of study has to offer.  Whether or not he paints a rosy picture of himself, his techniques, or his attention to detail, at the very least I find his portrayal of a man devoted to uncovering the driving forces in markets to be both inspirational and educational. 

I am inclined to recommend this book as assigned reading in a classroom.  I think his methods are exemplary, and in that sense, certain chapters would give students a sense of the importance, limits, and possibilities for collecting and interpreting data.  At the same time, he has been on the front line of most economic booms and busts for the past 50 years, and as such much of the first half of his book would be an excellent supplement to more in-depth analyses and/or class discussions.  The latter half of his book (though I have not finished it yet, but I will be sure to comment on it later), provides a normative assessment of the world around him and the present and future of the global economy.  It is, as such, an excellent conversation starter for any class discussion on economic issues or policy for students at any level in the field.

I would not mind hearing the opinions of others on their take of this book, but regardless of how one feels about the man’s policies, he strikes me as a prolific thinker and an astute observer, and his thoughts are worth the trip to the library or the bookstore.   


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