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Hardcover | Out of Print | 368 pp. | 6 x 9 in | October 2000 | ISBN: 9780262041812
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Keys to Prosperity

Free Markets, Sound Money, and a Bit of Luck


The underlying theme of Rudi Dornbusch's work is unabashedly Chicago, namely, the University of Chicago belief that markets solve problems best and that most bureaucrats, even when well-intentioned, are distracted by politics or excessive zeal for perfect solutions. Dornbusch seeks to challenge those in charge with alternative answers and to limit their ambitions. He takes aim at central bankers, bureaucrats, unions, do-gooders, and politicians from Brazil, Japan, Russia, and other scenes of economic disaster.This book collects Dornbusch's recent commentaries from such publications as Business Week, the Wall Street Journal, and the Financial Times, as well as longer essays from recent and forthcoming books. The pieces focus on issues of domestic and international economic policy, including inflation and debt, exchange rates, trade policy, emerging markets, and the intersection of politics and economics. The writing is lively, opinionated, and informative.

About the Author

Rudiger Dornbusch is Professor of Economics at the Massachusetts Institute of Technology.


“While the two of us do not always agree, I think Rudi Dornbusch is about the most lively and stimulating economics professor writing for the intelligent general audience. Keys to Prosperity makes economics not dismal but engaging.”
Robert L. Bartley, Editor and Vice President, The Wall Street Journal
“For those who know and care about recent economic and financial history, the Dornbusch collection is a fascinating and important blend of insight and perspective laced with both wit and controversy.”
E. Gerald Corrigan, Managing Director, Goldman, Sachs & Co.
“Rudi Dornbusch’s Keys to Prosperity is vintage Rudi: interesting, insightful, incisive, and nearly always persuasive—and even when it isn’t, he gives the reader a great run for the money.”
Stanley Fischer, First Deputy Managing Director, International Monetary Fund
“Always knowledgeable, analytical, and thought-provoking, Dornbusch achieves his ambition of being a refreshing, vital economist.”
Jeffrey R. Shafer, Vice Chairman, Salomon Smith Barney International
“The apple carts will find Dornbusch upsetting. The rest of us will be entertained and edified.”
Jeffrey Frankel, Harpel Chair, Harvard University, and former Member, President Clinton’s Council of Economic Advisers
“When it comes to writing with substance, wit, and brevity on the hot policy issues in international economics, nobody does it better than Rudi Dornbusch. In this latest collection of essays—running the gamut from the determinants of long-run economic growth, to the Asian financial crisis, to the case for dollarization in Latin America—Dornbusch demonstrates his mastery yet again. Read, learn, and enjoy.”
Morris Goldstein, Dennis Weatherstone Senior Fellow, Institute for International Economics, Washington, DC
“Read this book. It will inoculate you against the quackery that passes for serious economic thinking these days. It will also make you laugh.”
Moisés Naím, Editor, Foreign Policy Magazine
“This book is vintage Dornbusch: insightful, wise, and irreverent. Rarely is the discussion of economic policy both so perceptive and so much fun.”
Andrei Shleifer, Professor of Economics, Harvard University
Keys to Prosperity is entertaining, outrageous, and very thought-provoking. Dornbusch makes a compelling case for betting a country’s future on markets and solid monetary policy, rather than fine-tuning bureaucrats and politicians.”
Anil Kashyap, Graduate School of Business, University of Chicago
“Rudi Dornbusch is without any doubt one of the most influential economists of his generation. He is deep, witty, and entertaining. In presenting his views he is incredibly courageous. More important, he is almost always right! The essays collected in this volume are must-reading for anyone interested in understanding the way in which countries move from backwardness to prosperity. The essays are insightful and clearly written. They will be interesting to specialists and the general public alike. Once I started reading this book, I couldn’t put it down!”
Sebastian Edwards, Henry Ford II Professor, University of California, Los Angeles
“Rudi Dornbusch’s Keys to Prosperity: Free Markets, Sound Money, and a Bit of Luck is a superb commentary about the most important issues in global economic policy. Characteristically, Rudi Dornbusch is a man with strong and clear views that come together with broad perspective. Always lucid, perceptive, engaging, and provocative. The book is a fascinating example for good economics in action. An excellent application of the market mechanism to the solution of tough economic problems. Highly recommended.”
Jacob A. Frankel, Chairman, Sovereign Advisory Group & Global Financial Institutions Group, Merrill Lynch, and former Governor, Bank of Israel