Rating: 
Summary: Almost a Quarter-Century in print & still just as relevant
Review: Wanniski first published this work in the throes of the Carter administration's stagflation malaise. For those who never experienced them, they were days of double digit inflation and unemployment, coupled with sky high interest rates. If the "Reagan revolution," undergirded by both Milton Friedman's Moneterism and Jude Wanniski's Supply Side Economics had not occured, a bloodier one may well have...the failed policies of Keynesian styled big government had failed that badly.Though the entire book has been updated and revised over its long lifespan, Chapter 13; "Energy in Abundance" is extremely vital today. In it he describes the folly of the "doom & gloom," energy scarcity adherants - "The planet itself is a ball of energy, that rides in a sea of energy." Just how untapped are the earth's energy resources? Even today, over 80% of the oil wells ever drilled, have been drilled on the continental United States! Wanniski notes that, "Indeed, it can be argued that at present, there are more organic hydrocarbons being formed than are being consumed by the entire world population." Wanniski does the best job of explaining why the Great Depression occured since Murray Rothbard addressed it in his work, "The Great Depression." In both his and Rothbard's view, protectionism (the Smoot-Hawley tariff among other protectionist measures) moved the world into a spiraling depression as international trade virtually dried up. Wanniski coined the term "Supply Side Economics." A term that has been attacked but not reputed by proponents of Command Economies. Most of the world today operates under some sort of Supply Side structure. Even Russia has adopted a 13% flat tax with no Capital Gains nor "business taxes," which are actually "people taxes, as they're always passed on to the consumer. "The Way the World Works" is a classic that puts the vagueries of economic theory into every day language and explains why individuals as entrepreneurs do a far better job of supplying the things we need than government bureaucracies do. A must read for anyone intersted in how and why both wealth and poverty are created.
Rating:
Summary: A Truly Excellent Book
Review: What could be a more boring subject for a book than a review of global economics? The book starts out slowly, laying the groundwork, but then takes off. I've been studying Keynes and Friedman for a long time as a hobby. I could never figure out what the difference was between Monetarism and Supply-side Economics, until now. It's a small difference but a very important one. I give Wanniski's work my highest recommendation for clarity, content, and depth of coverage. He lays out the proper explanations of correct monetary and fiscal policies and gives many, many examples of where its worked throughout world history.
Rating:
Summary: A classic text on economics and human behavior
Review: Whether you agree with tax cuts and supply side economics or not, this book is a great read. Using historical example of policy changes and their effect on the economy (and society) Wanniski demonstrates that when it comes to economic policy the people in Washington have failed to learn from history. Note: if you are one of the people who still thinks a tax cut "costs" money, please read this book!
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