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Reviewed by Roy T. James for Readers' Favorite
Introducing Economic Actualism by David Billings introduces a new thesis; that mankind’s history is “the confusion of actual and nominal wealth." The book begins with a thorough discussion on the essential principles - Uncertainty, Certain Deviation and Confusion. But applying these principles, the study of how nominal and actual economic reality get confused is discussed with suggested corrections, which can help us to manage the problem. As David says towards the end, “Just as it would be a mistake to neglect our health because we are certain to die, it is a mistake to neglect to manage nominalism because we are fated to suffer its effects.”
Introducing Economic Actualism by David Billings gives a good insight into this new branch of the social sciences which is sure to have many applications in numerous fields at a time when it is sorely needed, though it has always been needed. In good times, in bad times, and in crisis, managing nominalism yields opportunity for life, especially when we note that some behavior can increase nominal wealth while decreasing actual wealth, or vice versa, in ways that are quite predictable.
This book makes this rather hazy area of an inexact science clearer; the descriptions at the start of the book laying the necessary foundation with a good index making it easy to refer back. I found the different perspective of people’s choice for growth, and the actual economic path they take, offered new vistas of knowledge. A gratifying book.