The Invisible Heart: An Economic Romance | Russell Roberts | A love story for the `Free-Market...

The Invisible Heart: An Economic Romance | Russell Roberts | Thoughts on The Invisible Heart

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The Invisible Hear...

	The Invisible Heart: An Economic Romance Russell Roberts The MIT Press, 2002 - 282 pages average customer review:based on 34 reviews view larger image
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highly recommended

A love story that embraces the business and economic issues of the day?

The Invisible Heart takes a provocative look at business, economics, and regulation through the eyes of Sam Gordon and Laura Silver, teachers at the exclusive Edwards School in Washington, D.C. Sam lives and breathes capitalism. He thinks that most government regulation is unnecessary or even harmful. He believes that success in business is a virtue. He believes that our humanity flourishes under economic freedom. Laura prefers Wordsworth to the Wall Street Journal. Where Sam sees victors, she sees victims. She wants the government to protect consumers and workers from the excesses of Sam's beloved marketplace.

While Sam and Laura argue about how to make the world a better place, a parallel story unfolds across town. Erica Baldwin, the crusading head of a government watchdog agency, tries to bring Charles Krauss, a ruthless CEO, to justice. How are these two dramas connected? Why is Sam under threat of dismissal? Will Erica Baldwin find the evidence she needs? Can Laura love a man with an Adam Smith poster on his wall? The answers in The Invisible Heart give the reader a richer appreciation for how business and the marketplace transform our lives.

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A love story for the `Free-Market Romantic.'

I always thought that free-market enthusiasts got an unfair shake when it came to `Matters of the Heart" (free-marketers get a bad shake on almost everything, but especially this.) For too long, `love' and `caring' have been concepts monopolized by the John Lennon's and Michael Moore's of the world. Now, Russell Roberts has formed a romance that finally does justice to the romantic `Free-marketer.'

The story follows Sam Gordon, an economics teacher and a passionate supporter of free-markets, and Laura Silver, and equally passionate professor of literature (who-by the way- is the `anti-Gordon' when it comes to markets.)

Perchance these two meet in the subway, and not so surprising considering there viewpoints, a debate ensues. Despite very different opinions, they find they enjoy each others company.

There is also a nice parallel story about Charles Krauss, a corrupt CEO of a pharmaceutical company, and Erica Baldwin, an employee at the `Office of Corporate Responsibility', who is trying to bring him down. There is a pleasant surprise concerning this story-line (which, for any who know about Russell Roberts, feels odd), which I won't ruin.

All this cumulates to the end where, after many debates, politics, and courting, it all comes down to a very satisfying ending. It is fair to say that this story is about two main things: Love and Economics; but I don't want to imply that the characters are forgotten, each character Robert's develops is suitably complex, the characters feel real and sincere, as does their romance.

What is so delightful about this book is the breezy and fluid way in which it is written; Robert's moves from international economic theory, to relationships, to politics and scheming, all without missing a beat.

The portrayal of the characters is also a strong point. People with different viewpoints are not seen as villains in the context of the book; Robert's makes a point that Sam and Laura are really like-minded people, despite there different viewpoints.

`The Invisible Heart', is a play on Adam's `Invisible Hand', which is the metaphor used to explain the way a natural economy is able to create complex systems with no central control. Just like the play on words implies, `the invisible heart' refers to the way a free-economy naturally helps the poor, sick and unable, all without coercion. It also has a double meaning, in describing the `heart' of economists and those who believe in free-markets. At one point a character describes economists as `a grim lot, only concerned with money', this book dispenses with that notion.

Roberts is incredibly fair-minded (though not `equality-minded.'). He makes points about the environment, charity, and admits that free-markets sometimes hurt people. Robert's doesn't sugarcoat anything, but displays it in its full context.

My favorite part of the book is Sam's final speech. For too long people have been holding on to the misconception that economics is only about money, this has never been true; an economic `value' can not be measured in a purely monetary way, `matters of the heart', or human motivation, needs, and wants; are the biggest part of economics, not the transfer of goods or services. At one point Sam proclaims, "The purpose of life is to live as richly as possible", a statement which is not about money, one that I think most would agree with.

With Roberts's first novel, `The Choice', he entertained me, with this novel; he has earned a loyal reader. Some say `write what you know', others say, `write what your passionate about', in this case Roberts has done both; his knowledge and passion for the subject matter and the characters comes out in every page, which makes for an incredibly enjoyable read.

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Thoughts on The Invisible Heart

I am thankful I was assigned to read this book; it made me realize how entertaining economics can be. I liked it so much I put Freakonomics on my Christmas wish list. What I found so entertaining about it was how it made me reevaluate where I stand on policy issues, which is timely given the upcoming presidential elections. I only wish someone would write a book evaluating the presidential candidates' positions from an economist's point of view.
The book tackles issues of environmental regulation, discrimination, and personal responsibility and choice, among others. While I am certain some people disagree with Sam Gordon, the main character and an economist, on these issues, there are two well-crafted themes throughout the book that I believe are acceptable to most people. First, legislation is not the answer to every issue. Second, a more creative solution to problems is the use of incentives.
Despite my affection for this book, it does have one major shortcoming, and that is its failure to present strong counterpoints to Sam's arguments. While I recognize the intent of the book was to share an economist's perspective, more complete counterpoints would make it easier for the reader to have confidence in those viewpoints. The way the book is written, the reader feels somewhat silly accepting the arguments because he knows there is another side to the story that is not being illuminated. That is not to say the arguments are not correct; the author, Dr. Russell Roberts, has taken considerable care to include a reference section for facts presented in the book, which I applaud. It is just to say they are not balanced by other viewpoints. The counterpoints that are presented are weak and exist mostly as springboards for further affirmation of Sam's viewpoint.

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A look at The Invisilbe Heart

As a graduate student major in health economics, I always want to take part in a debate purely about economics in terms of policy making. While it is true that the individual incentive is the ultimate power to drive the society to become a better place, in the field of public health, some choices come with a cost to the society. For example, the overuse of antibiotics by patients would lead to antibiotics resistance. But with all the pressure on the reform of the health care system, I feel an understanding of market force is necessary. The Invisible Heart realized my long-time unfulfilled little wishes. Following the suit of Milton Fredman's Capitalism and Freedom, this novel shows pros and cons of government regulations from economics perspective through the conversation between a young economist Sam and an English teacher Laura at Edward high school in Washington D.C. Sam is a typical liberal economist, almost in favor of market power instead of government regulation in every argument. Laura, on the contrary, is for government policy to "help poor people and victims in the competition". Each individual is trying to make the decision in his/her best interests and by doing so he/she is unconsciously contribute to the welfare of the society. With a twist in the middle of the story, Laura began to believe in Sam is a good teacher and fell in love with Sam. The whole novel will be a great reading along with taking economics class and the abundant references can serve as supplementary materials. As a graduate student major in health economics, I think this is a novel worthwhile reading.

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Great book!

I thought this book was wonderful. It increased my economic understanding and my knowledge of oppositions to these economic positions. I also related with the main character in his "feeling alone" in his ideas/beliefs. I really enjoyed the struggle between him being true to his beliefs and wanting to fit in.

I also liked the way he presented one story line in the book, though I will not say anymore so you can have the same experience reading it as I did.

I highly recommend this book!

Good for reading

Review of the book The Invisible Heart: An Economic Romance
For a person who rarely has an idea about economics, it is interesting to learn more by reading this book. Roberts, the author, sets the two main characters talking about numerous issues related to economics. Policies, regulations, and businesses are discussed with well developed ideas. The main character, Sam, is an economics teacher in the high school who tries to teach his students to think out of the box. Not only does he introduce new teaching approaches, he also presents that economics is not just about money. Another main character, Laura, is a teacher for literatures who has different views from Sam's. She, however, later learns more from the conversations with him. So it is easy for readers to understand by following their talk. In the meanwhile, romance is nicely fabricated in the story and that is why the book makes readers enjoy.
It is fun at the beginning of the book. The first time I start to read, I keep continue until the chapter five. Sam uses the good question asking students how long resources will be empty. That interests me to find out the answers. Moreover, the technique of teaching activates me to realize that encouraging students to think is the great part of a classroom. The concept of `self-interest' is explained well with examples so this shows sophisticated writing. The writer tells the second story of CEO in the chapter two which intrigues me to further reading because I want to know what is going on.
The third chapter, life threats and regulations are raised to be the topics. Wearing seat belts is necessary to many people's eyes; nevertheless, it annoys some people. When it comes to safety, policy makers regulate everyone to do so because implementing regulation is the way to make sure all citizens will be under the rules and receive enough the guaranteed safety for their lives. Prevention is worthwhile since it costs more when disasters happen. Nonetheless, everyone has his/her own rights to decide what he/she will do. The regulation limits people's rights to behave some behaviors. If someone does not care much about his safety and prefer to sit more comfortable with freely movement, can he do that? That is his choice. The book tries to point different views that might be sound for some reasons. Nothing is right and wrong; it is just different opinions based upon a person's concerns. In economic view, people have their own choices to do or not to do because they are responsible for their decisions. Some policy makers might say not everyone makes a right choice and why do we let people are risky to dangers? The conflicts in the book are real in the society and this stops me to rethink about them.
Furthermore, the simple but interesting question is whether or not charity should be monetary support. Money is important in a certain level to everyone but might not be wanted in every case. Laura and Sam's arguments remind me of an event I have heard matching this subject. There is a good will to bring about internet access to rural areas. A great number of computers are sent to schools in each village; however, people in those areas are starving. They need food and fundamentals for living, not extravagant resources. Sometimes valuable charity is the waste for receivers because it is not their needs.
The writer does not forget to set romantic situations while the story is going on. It is more exciting when romance goes along with serious matters. Sam and Laura have met more often and the time they talk is an opportunity to open their hearts. It is the combination that keeps readers following the book.
The chapter `Underpaid and overworked' gains more intention from me. I am the one who likes to work hard and think why other people earn more than me although they do not put much effort. Laura's opinion represents my thought and Sam introduces the power of price and values of occupations. I like one explanation that says `a basketball player help people forget their troubles as same as a psychiatrist.' People value differently. When salary is low, it does not attract quality employees to apply a position. On the other hand, if salary is high, it might lower the quality of work. According to the concept of free market, people are in suitable ways when they freely choose their own choices.
Fairness is the next topic in the book. When we pay higher for the same service whereas others pay less, we think it is unfair. There might be reasons behind the scene which customers do not know. Yet, in the real world there are many owners that do not perform like examples Sam illustrates. It is partly true that if the cost of goods is greater, the price will be more expensive OR that great quality comes with high price. Many times employees exploit customer's loyalty to charge unreasonable prices. Free market cannot completely control the society because everyone does not have equal ethics. Sam tries to sell the idea of profit and its advantages to Laura. The benevolence of profit is that it incentives producers to keep developing their products and customers will finally get benefits. However, if an owner is greed and aim to be monopoly, this may end up with bad results in the long run. When a business is growing and becomes bigger, that company has more power to reduce price of goods to attract more customers. This can lead to cut competitors out of the market. Then, the number of producers will be less and the market will have less various kinds of goods and the price becomes inflexible.
Other issues such as corruption in business, self-interest, discrimination, social security, and taxation are proposed and discussed in the book but in this review cannot represent all. Again, this book provides more ideas in an economic perspective and most of them make me to reevaluate my previous thoughts about the society.

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reviews: page 1, 2, 3, 4, 5, 6, 7

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