Given the post-recession vogue for economic prognostications of doom and gloom, it is refreshing to encounter a book from such a respected authority as Gerard Lyons chief economic adviser to Boris Johnson, the mayor of London that takes a more upbeat view. Lyons's broad thesis is that the growing power of emerging markets, and particularly China, will ultimately benefit everyone, with developed countries settling for a smaller share of a much bigger economic cake.
Lyons is also hopeful that the 2008 financial crash may yet prove to be an "Apollo 13 moment", using the analogy of a near-disaster whose root causes were successfully tackled. It is not always easy to share his optimism democratically elected authorities usually fail to act responsibly, running up debts when times are good instead of setting money aside. But his assessment of the economic state of affairs is more considered and less visceral than is typically found in books on this subject. Skilfully conveying his ideas in layman's terms, Lyons also manages to restore some confidence in the very discipline of economics, its reputation having grown tarnished during the recent crisis. Perhaps the biggest "consolation" is that he has so often been right.
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