Inflation is always and everywhere a monetary phenomenon,' according to Milton Friedman. Rises in price levels bedevil politicians but are frequently driven by political decisions. Carola Binders book ranges from the colonial era to today, chronicling Americans many attempts to outsmart inflation. . . .[ she] gives voice to critics whose ideas, in an age of high deficits, should be heard." * The Wall Street Journal, Best Books of 2024 * "[ Shock Values] is the new and very useful book by Carola Binder...a very good economic history." -- Tyler Cowen * Marginal Revolution * "Binder argues fluctuations in prices have 'shaped American democracy since its very beginning,' influencing the size, structure and scope of government. . . .Binder skillfully traces Americas circuitous path from a gold and silver standard to a fiat currency, as well as the nations recurrent battles over centralized monetary power, from Andrew Jacksons war on the Second Bank of the United States in 1832 to calls for ending the Fed today. But Shock Values is much more than a monetary history. Many of the most illuminating sections concern non-monetary responses to price fluctuations, such as government attempts to control prices directly by setting maximum or minimum prices." * The Financial Times * "Shock Values [ is] a timely subject in this inflation-focused presidential election year. Carola Binder expounds on monetary ideas both sound and otherwise. She takes up tariffs, antitrust policy, price control, rent control, the minimum wage and the quest for the will-o-the-wisp called 'price stability.' Her brisk narrative, starting in colonial times, carries the reader all the way down to the tumultuous present." * The Wall Street Journal * "In [ Shock Values], Binder looks back at the long history of politics, inflation and how the government has tried to respond, at times through fiscal policy like price controls, at others with monetary policy." * Marketplace * "Binder examines the economic destabilization caused by fluctuations in the cost of goods and the effectiveand often controversialremedies the American government has historically used to steady the market, plus their lasting effects. . . .A solid history of American economic policies." * Library Journal * "Shock Values is a very readable monetary history of the United States, from the Revolutionary era to the 2020s. . . .An excellent overview." -- Diane Coyle * The Enlightened Economist * "Shock Values explores how price fluctuations and attempts to manage them have shaped American democracy, analyzing examples of the disparate impacts of price fluctuations and their political consequences. [ Binder] covers the colonial and Revolutionary War eras, focusing on monetary arrangements, inflation, and price controls in the colonies and the new nation." * Journal of Economic Literature * "Inflation expectations cant be separated from political views. This is true now and, as Binders book shows, its been true for over two centuries." * Forbes * In recent decades, economists have made great strides in understanding how monetary and fiscal policy influence inflation. Shock Values dives deeper to show how institutional changes throughout US history have been both a cause and a consequence of an unstable price level. Binder perceptively dissects how public policies meant to control inflation have been driven by a complex mix of special interest politics, ideology, and advances in our understanding of the role of monetary policy. -- Scott Sumner | author of "The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy" Debates about the money supply and price level predate the Revolutionary War and have often been at the forefront of US politics. Accessible and a joy to read, Shock Values pulls together economic, political, and intellectual history to tell the remarkable story of three centuries of US inflation (or lack thereof). -- Joshua Hausman | University of Michigan
