Say’s Law has entered the world of literature. No longer is it mere economics but is now embedded in an extraordinary story that is both enlightening, instructive and funny all at the same time. The book is titled Waffle Street: the Confession and Rehabilitation of a Financier, it’s by a chap named James Adams and it is now into its second edition.
The story is this and is basically a first person adventure based on his own personal experience during the post-2009 crash. Jimmy Adams goes from hedge funds to a Waffle House [think a downmarket Pancake Parlour], from a seller of securities to a server of hash browns and grits. Along the way he learns some actual lessons about how economies work, Say’s Law being at the top of the list. It’s a book that you will read for its entertainment alone, but the message is very clear – and it is not a message found between the lines but in almost every chapter. Only adding value creates jobs, growth and the ability to demand.
The video is the trailer for the book and has been put together by John Papola of the Keynes-Hayek Rap. And if that’s not enough to get you to go off and order your copy, there is Doug French, the President of the Mises Institute, who has written a truly insightful review of his own which you can find here. The core quote from Doug:
But Adams does scrap with John Maynard Keynes in the pages of Waffle Street, lamenting, ‘How far we’ve fallen’ in the area of economics education. Pointing out that Say’s Treatise was once the top economics textbook in America, he explains that now, ‘Instead of learning sound doctrine, today’s undergraduates are inundated with principles that will not bear the scrutiny of common sense and experience.’
There are not many places you can go to find out about Say’s Law in the world today and there’s much else besides. You can read my book or you can read Jimmy’s. Preferably you will read both but Jimmy’s is much funnier than mine.
[Originally posted on Catallaxy on 19 August 2011]