Phil Gramm

"This readable and important book makes a strong case that the received version of economic history taught in high schools and colleges across the country is off the mark and that its errors distort current policy debates. It deserves attention from economic policymakers of all persuasions." -LAWRENCE SUMMERS, former Secretary of the Treasury; President Emeritus, Harvard University Since the dawn of the Industrial Revolution, capitalism has unleashed unimaginable growth in opportunity and prosperity. And yet, at key points in American history, economic disruption has led to a greater role for government, ostensibly to protect against capitalism’s excesses. Today, government regulates, mandates, subsidizes and controls a growing share of the American economy. In this book, Phil Gramm, one of America’s premier public policy advocates, and noted economist Donald J. Boudreaux look at the seven events and issues in American history that define, for most Americans, the role of government and how the 21st century world works. To many Americans, these 5 periods of American history—the Industrial Revolution, Progressive Era, Great Depression, decline of America’s postwar preeminence in world trade, and the Great Recession--along with the existing levels of income inequality and poverty, represent strong evidence for expanding government in American life. Gramm and Boudreaux argue that the evidence points to a contrary verdict: government interference and failed policies pose the most significant threat to economic freedom. Setting up each topic with a “just the facts” approach that defies partisanship, Gramm and Boudreaux provide a compelling and highly readable powerful reassessment that will challenge open-minded readers to rethink the conventional wisdom and the policies that spring from them.

A Powerful Corrective to the Debate on Inequalty in AmericaHailed by the Wall Street Journal as one of the best books of 2022, The Myth of American Inequality demonstrates that the federal government egregiously overstates the degree of inequality and poverty in the world’s wealthiest nation. In doing so, the authors--a former United States senator, eminent economist, and a former senior leader at the Bureau of Labor Statistics-- challenge the prevailing consensus that income inequality is a growing threat to American society. Getting the facts straight reveals that the key measures of well-being are greater than the official statistics of the country would lead us to believe. Income inequality is lower today than at any time in post- World War II America. The facts reveal a very different and better America than the one that is currently described by policy advocates across much of the political spectrum. The updated edition brings will challenge political debate throughout the 2024 election season and provide clear and convincing evidence that the American Dream is alive and well.

The 18th-century Enlightenment liberated mind, soul, andproperty. It established the world-changing principle that labor and capitalare private property, unleashing unprecedented explosions in work, thrift, and innovationthat lifted millions of people out of abject poverty. But the modern-day phenomenon known as environmental, social, and governance (ESG) investing threatens that prosperity. The implicit promise of ESG investing is that you can dowell and do good at the same time. Investors presume they can make a marketreturn while lowering carbon emissions or reducing income inequality. However, this seemingly noble pursuit does more harm than good. In Ending ESG andRestoring the Economic Enlightenment, Sen. Phil Gramm and Terrence Keeleybring together a collection of insightful essays considering the many problemswith ESG. The authors draw parallels between pre-Enlightenment practices andESG's mistaken attempt to enrich society by extracting rents from workers, consumers, and capital owners. They explain the inefficiencies of ESGinvesting, the flaws of ESG rating methodologies, and the conflict between ESGand fiduciary standards. They also show how impact investing is a viablealternative for those who genuinely want their capital to do well and do good. Featuring the writing of Mike Edleson, Alex Edmans, HesterPeirce, Andy Puzder, and Mike Solon, this insightful volume illustrates why ESGis so ineffective and ultimately dangerous. ESG, at its root, is a return tothe pre-Enlightenment world, where a self-chosen elite use nondemocratic meansto extract the rewards that come from the sweat of the workers' brows and thesacrifice of their thrift. We have seen this drama play out many times before. Thesooner we end the ESG experiment, the sooner we can restore the principles thathave always allowed humanity to flourish.

Everything you know about income inequality, poverty, and other measures of economic well-being in America is wrong. In this provocative book, a former United States senator, eminent economist, and a former senior leader at the Bureau of Labor Statistics challenge the prevailing consensus that income inequality is a growing threat to American society. By taking readers on a deep dive into the way government measures economic well-being, they show that the assumptions dramatically undercount income. Getting the facts straight shows that every measure of well-being is greater than the official statistics of the country would lead us to believe. Income inequality is lower today than at any time in post- World War II America. The facts reveal a very different and better America than the one that is currently described by advocates across much of the political spectrum. The Myths of American Inequality shows that the dream of American prosperity is very much alive.