individual liberty
free markets
representative government
ideas defining a free society

Report 2004: Economic Prosperity and Fiscal Responsibility

Hoover fellows and other scholars participating in this initiative study productivity growth; human, financial, and intellectual capital accumulation; and the impact of tax, monetary, and fiscal policies.

The application of economics to major contemporary real-world problems — housing, medical care, discrimination, the economic development of nations, and other issues — is the theme of Hoover fellow Thomas Sowell’s Applied Economics: Thinking beyond Stage One, published by Basic Books in 2004. Writing in plain language devoid of jargon, Sowell examines economic policies not only in terms of their immediate effects but also in terms of their repercussions, which are often very different and longer lasting. The interplay of politics with economics is another theme of the book, whose examples are drawn from experiences around the world, showing how similar incentives and constraints tend to produce similar outcomes among very disparate peoples and cultures. Applied Economics is the ideal companion volume to Sowell’s acclaimed Basic Economics: A Citizen’s Guide to the Economy, a revised and expanded edition of which was also published by Basic Books in 2004.

Herbert S. Klein

Herbert S. Klein, the Gouverneur Morris Professor of History at Columbia University, was recently appointed as a research fellow at Hoover. Photograph: Roberto Delpiano.

A Population History of the United States, written by Hoover fellow Herbert Klein and published by Cambridge University Press in 2004, provides the first comprehensive, one-volume examination of demographics in the United States, beginning with the arrival of humans in the Western Hemisphere and continuing through to the current century. Maintaining a cogent connection to the broadest themes of social, economic, and political development, Klein explains how trends in births, marriages, deaths, and migration — the key elements of population change — have shaped the United States, past and present, as well as how the size and structure of its population are intertwined with the supply of and demand for labor.