Small is Beautiful

Small Is Beautiful: Economics As If People Mattered
Written by E. F. Schumacher

Another fabulous book. Written in the 70s, this book gives us a deep insight about economics and development. Economics is indeed a great set of theories, however when it is used to "forecast" the future, there are so many uncertain conditions that it suddenly becomes a castle built on sand. This book points out the likely pitfalls that we tend to fall in, which was proven at the time of the oil shock and proved again last year. It also stresses many things opposite to what is thought best. For example, the importance of transferring "Intermediate Technology" (rather old fashioned technology) to developing countries instead of bringing cutting edge techs. Or as the title says, the importance of keeping it "small" instead of making everything as large as possible. This book will be a guide to the next economic era.