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Paul Douglas has been a great friend of the exploited -- whether underprivileged people or abused natural resources. His name has come to stand for insistent defense of civil rigghts, hostility to bureaucracy, advocation of the prevention of waste and generous aid to depressed areas, championing of ecological preservation and fierce opposition to all those who hoodwink the public, particularly in terms of lending.
Senator Douglas waited to complete this book until his retirement from political life, because he was determined not to write a stuffy, pussyfooting "official" autobiography. He tells it the way he saw it -- about both the issues and the many prominent people who throng these pages. Trotsky, Stalin, Truman, Johnson, Nixon, Rayburn, Morse, Stevenson, the Kennedys -- all these and many more are drawn to the life in a fascinating, scrupulously honest book.
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Instead, it would be beneficial for the reader to have a very good grasp on economic principles, and some economic specifics such as rate of return, capitalization, and price ceilings. Not to say that it can't be read, pondered, and enjoyed without having a sound, college-level macroeconomics course; but it may be helpful.
Overall, Mr. MacAvoy presents a strong case for deregulation. It may be thought that regulation by OSHA, the EPA, and the Civil Aeronautics Board (now defunct) can save us from pollution, monopolistic pricing, and dangers in the workplace. This book shows how these organizations have not only failed on those objectives, but have adversely distorted the market and pulled down the economy in the process.
One complaint about this book is that it tends to be a bit dry. Fortunately, it is short.
Another complaint is that the edition I have (1992) is a bit dated. I would love to see an updated copy in print showing how regulation in the 1990's has affected the same areas that this book has covered (communications, railroad, airline, environment, workplace safety, etc.) Have we learned from past mistakes?
"Industry Regulation and the Performance of the American Economy" is an concise, economic analysis which shows how the ideals that we want to promote rarely meet up with the reality of regulation and performance. A worthwhile. if a bit tedious, read to anyone who either makes public policy or would like to influence public policy from an informed standpoint.
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This would be a good bedtime story for a preschool child who is having some concerns about goint to daycare, or starting any new activity. It does not directly address the reader about separation anxiety. For some children, the use of this type of indirect metaphorical approach works well. It is nice if the child can draw conclusions himself. However many children may also need the parents to talk about separation issues directly.
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One of the better features of the book includes the discussion on functions. The functional programming paradigm is one that I favor the most, and which is most transparently used in Mathematica. The authors do a good job of explaining anonymous functions in Mathematica and how to create the famous "one-liners" that Mathematica is famous for.
Another topic that is treated very well by the authors is recursion. Mathematica is mostly easily programmed using recursion, and the authors show, starting with the Fibonacci numbers, how to "think recursively". Readers who know Lisp will of course find the discussion very easy to follow.
A third edition of this book is in order, again since Mathematica has changed considerably since this book was written. More discussion on performance issues in Mathematica would be welcome, and also more examples and applications, along with more discussion on how to link Mathematica to external programs.
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At the very least it inspired me to drink more Scotch Whisky.