The Failure of the "New Economics" : An Analysis of the Keynesian Fallacies

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The Failure of the "New Economics" : An Analysis of the Keynesian Fallacies
Henry Hazlitt
Manufacturer: D. Van Nostrand Company, Inc.
ProductGroup: Book
Binding: Hardcover
ASIN: B000NTLP98

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An Analysis of the Keynesian Fallacies

Wow...

You need to have taken two calculus courses to follow the GT

Reviewer from Dallas is correct

Devistating refutation of Keynes

The Failure of the New Economics: An Analysis of the Keynesian Fallacies
Henry Hazlitt
Manufacturer: Univ Pr of Amer
ProductGroup: Book
Binding: Hardcover

General | Popular Economics | Business & Investing | Subjects | Books
Theory | Economics | Business & Investing | Subjects | Books
ASIN: 0819136646

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An Analysis of the Keynesian Fallacies.......2007-05-24

Henry Hazlitt, "Now though I have analyzed Keynes's General Theory in the following pages theorem by theorem, chapter by chapter, and sometimes even sentence by sentence ... I have been unable to find in it a single important doctrine that is both true and original. What is original in the book is not true; and what is true is not original."

Wow..........2005-07-30

Ignore this moron below me. If you were to follow his review, you'd think that Hazlitt's book was a mathematical proof of Keynesianism or a differential analysis, which it is not and never claims to be. Far more time is spent on Keynes's rampant contradictions and misunderstanding of basic principles (savings = investments; this one point Keynes manages to concede himself, then muddle in the very next section), and it is done in astounding fashion. Nearly all of Keynes's ramblings are concisely summarized into normal English, and the man is shown for what he is; a socialist wolf in progressive sheep's clothing. He was no more than a man who saw the trends of the time (socialism) and tried to substantiate it with a kooky theory that managed to convolute and contradict itself many times over. How his General Theory could have ever been considered a scholarly work is beyond me.

You need to have taken two calculus courses to follow the GT.......2005-06-26

Hazlitt attempts to write an anti-Keynes version of Keynes's General Theory(GT;1936)by selecting the material in each of his chapters so that it corresponds to the material covered in a corresponding chapter of the GT.Hazlitt is simply in way over his head.Hazlitt's mathematical training is at the grammer school sixth grade level(prealgebra).Hazlitt can't follow Keynes in chapter 19 ,the appendix to chapter 19 ,chapter 20,and chapter 21.In chapter 19 of the GT on p.262,Keynes gives the mathematical statement of the condition needed for Say's Law to hold-the mpc(marginal propensity to spend on consumption goods)must equal 1.If the capital stock is at a suboptimal level inside the boundary of either the static or dynamic production possibilities curves,then the mathematical sufficient condition that needs to be satisfied is that the mpc+mpi=1(where the mpi is the marginal propensity to spend on investment goods).In the appendix to chapter 19,Keynes points out that the mathematical representation of neoclassical theory presented by A.C.Pigou in his 1933 book,The Theory of Unemployment,overlooks this condition and implicitly assumes that mpc+mpi=1.In both chapter 20 and chapter 21(his generalized quantity theory ),Keynes derives the following optimality condition by combining and solving simultaneously the Y-Multiplier model of chapter 10 with the D-Z model of chapters 20 and 21.Hazlitt only considers the model in chapter 10.Keynes derives the following result,based on a microfoundation of purely competitive,profit maximizing firms-industries,a consumption goods producing industry and a capital goods producing industry:w/p=mpl/(mpc+mpi),where w/p is the real wage,w is the money wage,and mpl is the marginal product of labor derived from a neoclassical aggregate production function(GT,p.283,ft. 1 and 2).It is impossible for labor,in the aggregate,to eliminate involuntary unemployment by cutting their money wages unless mpc+mpi=1.Say's Law is the claim that mpc+mpi always equals 1.In this case,Keynes's general theory simplifies to the standard classical and neoclassical result that full employment occurs in the aggregate when w/p=mpl.This requires that the private sector economy is always operating on both the static and dynamic production possibilities curves.This would require that an inverse relationship always exists between the two different industries.Except in times of war,all statistical evidence shows that there is a positive relationship between the two industries.This simply means that the normal case is for the mpc+mpi <1.Say's Law is a special case.The reason it doesn't hold is due to the extreme difficulty of making long run investment decisions under conditions of uncertainty or Ellsbergian ambiguity.In the aggregate,this results in a deficiency in total investment spending over time.Roger Garrison's 2001 book presents a more balanced treatment of Keynes's GT contribution,although he also has overlooked the D-Z model of chapters 20 and 21 of the GT.The reader of this review is advised to buy the book by Garrison and not waste his time and money on the Hazlitt book

Reviewer from Dallas is correct.......2003-10-27

Do not be deterred by his misspelling the word "devastating". He is exactly right.

Without getting too political, I will just say that the practice, particularly at the graduate level, of studying alternative theories rather than analyzing a given theory critically is characteristic of "the dismal science". Evidence and reason seldom persuade an economist, at least a macro-economist.

Here, Hazlitt dissects Keynes' General Theory paragraph by paragraph. He does not merely dispute a few conclusions of Keynes; he dismantles a highly regarded work of scholarship. It is unfathomable that anyone could read this book and still view Keynes in a positive light. If the General Theory is a classic of economic literature, then this is an anti-classic.

Hazlitt, as a former editor of the Wall Street Journal, writes in highly readable prose, making this book accessible, though not essential, to anyone with an interest in economics, despite the complexity of some of the ideas. It should be required reading for an advanced degree.

Devistating refutation of Keynes.......2002-02-01

This book is still in print and can be purchased at the Mises Instituted web site (mises.org). One of the best, and least read books on economics. Most economics PhD's have probably never heard of this book, which refutes much of what they learned in graduate school. The book is essentially a companion volume to Keynes' "General Theory", and as such, deliberately follows the same organization, which Hazlitt explicitly apologizes for in the introduction. Hazlitt addresses "General Theory" paragraph by paragraph (and sometimes sentence by sentence) and demolishes almost everything Keynes wrote. By following Keynes'discussion in this manner, Hazlitt is able to clearly show how Keynes constantly contradicts himself and changes the meaning of his words, often within the same paragraph. At the end of the book, Hazlitt calls "General Theory" for what it is: Das Capital in (thin) disguise. And as always, Hazlitt's writing style makes even the most obscure issues easy to understand.

Failure of the New Economics: An Analysis of the Keynesian Fallacies.

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Failure of the New Economics: An Analysis of the Keynesian Fallacies.

Manufacturer: Arlington House
ProductGroup: Book
Binding: Hardcover
ASIN: B000HJFOLY

Book Description

This volume examines the Structural Adjustment Programs of the International Monetary Fund and the World Bank and their wider implications in a development context. Focusing on Africa, Latin America and Asia, the book reviews the political, environmental, economic and social impacts of Structural Adjustment Programs and demonstrates the harsh effects they can have, which can undermine development.

Structural Adjustment: Theory, Practice and Impacts. (Book Reviews).(Book Review): An article from: Capital & Class

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Structural Adjustment: Theory, Practice and Impacts. (Book Reviews).(Book Review): An article from: Capital & Class
Mahmoud Messkoub
Manufacturer: Conference of Socialist Economists
ProductGroup: Book
Binding: Digital
ASIN: B0008DR0MA
Release Date: 2005-07-31

Book Description

This digital document is an article from Capital & Class, published by Conference of Socialist Economists on June 22, 2003. The length of the article is 1399 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Structural Adjustment: Theory, Practice and Impacts. (Book Reviews).(Book Review)
Author: Mahmoud Messkoub
Publication: Capital & Class (Refereed)
Date: June 22, 2003
Publisher: Conference of Socialist Economists
Issue: 80 Page: 213(4)

Article Type: Book Review

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Farm management in peasant agriculture
M. P Collinson
Manufacturer: Westview Press
ProductGroup: Book
Binding: Paperback

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ASIN: 0865315582

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Agricultural enterprise and peasant political behavior: Draft (Purdue Workshop on Empirical Studies of Small-Farm Agriculture in Developing Nations, 1972. Papers)
John Duncan Powell
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0007BTZRG

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Areal specialization in Japanese peasant farming and agricultural settlement
Fukuo Ueno
Manufacturer: s.n
ProductGroup: Book
Binding: Unknown Binding

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ASIN: B0007K3V5Y

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Choice of technique by lexicographic safety first for peasant agriculture and re-switching of risky techniques (Discussion paper)
James A Roumasset
Manufacturer: University of the Philippines, Institute of Economic Development and Research
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Binding: Unknown Binding

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ASIN: B0007C1BA4

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Efficiency differentials in peasant agriculture and their implications for development policies (Discussion paper - Center for Research on Economic Development, University of Michigan)
Kenneth H Shapiro
Manufacturer: Center for Research on Economic Development, University of Michigan
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Binding: Unknown Binding

General | Agricultural Sciences | Science | Subjects | Books
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ASIN: B0006WQFWY

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FAO socio-economic survey of peasant agriculture in Northern Nigeria,: Findings, implications and recommendations relative to extension work in Northern Nigeria,
Dhara S Gill
Manufacturer: Food and Agriculture Organization of the United Nations
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Binding: Unknown Binding

General | Agricultural Sciences | Science | Subjects | Books
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ASIN: B0007K4Y4G

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Farm management for the peasant farmer in Uganda
C. del Mar Kearl
ProductGroup: Book
Binding: Unknown Binding

General | Agricultural Sciences | Science | Subjects | Books
ASIN: B0007HA7I6

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Peasant agriculture and risk preferences in northeast Brazil: A statistical sampling approach
Pasquale L Scandizzo
Manufacturer: s.n.]
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0007BSTC8

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Peasant cooperation in Land reform programs: Some Latin American experiences
Shlomo Eckstein
Manufacturer: [s.n.]
ProductGroup: Book
Binding: Unknown Binding

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ASIN: B000725006

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Peasant farming and the theory of the firm (Makerere University College. Faculty of Agriculture. R.D.R. papers)
J Wills
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0007JYO92

Book Description

Coral reefs are the most spectacular and diverse ecosystems in the marine environment. Over the last decades, however, dramatic declines of coral reef communities have been observed. Corals are endangered due to natural and anthropogenic detrimental factors, such as global warming and environmental pollution.

Based on an international meeting on "Coral Health and Disease" in Eilat, Israel in April 2003, the book starts with case studies of reefs, e.g. the Red Sea, Caribbean, Japan, Indian Ocean and the Great Barrier Reef. The second part on microbial ecology and physiology describes the symbiotic relations of corals and microbes, and the microbial role in nutrition or bleaching resistance of corals. Particular coral diseases such as aspergillosis, white pox, black and white band diseases are treated in the third part. Finally, various hypotheses of the mechanisms of coral bleaching, including a projection of the future of coral reefs, are discussed.

Endothelial nitric oxide synthase gene polymorphism in the Indian and mestizo populations of Mexico. (Brief Communications).(Abstract): An article from: Human Biology

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Endothelial nitric oxide synthase gene polymorphism in the Indian and mestizo populations of Mexico. (Brief Communications).(Abstract): An article from: Human Biology
Haydee Rosas-Vargas , Adrian Flores-Segura , Boris Guizada-Claure , Gilberto Vargas-Alarcon , Julio Granados , Fabio Salamanca , and Ramon Coral-Vazquez
Manufacturer: Wayne State University Press
ProductGroup: Book
Binding: Digital

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Book Description

This digital document is an article from Human Biology, published by Wayne State University Press on February 1, 2003. The length of the article is 2006 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the author: KEY WORDS: NOS POLYMORPHISM, LATIN AMERICA, CARDIOVASCULAR DISEASE, GENET-

Citation Details
Title: Endothelial nitric oxide synthase gene polymorphism in the Indian and mestizo populations of Mexico. (Brief Communications).(Abstract)
Author: Haydee Rosas-Vargas
Publication: Human Biology (Refereed)
Date: February 1, 2003
Publisher: Wayne State University Press
Volume: 75 Issue: 1 Page: 91(6)

Article Type: Abstract

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African dust causes widespread environmental distress (USGS information sheet)

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African dust causes widespread environmental distress (USGS information sheet)
Eugene A Shinn
Manufacturer: US Geological Survey, Center for Coastal Geology
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0006RL8XK

Book Description

New techniques in cellular and molecular biology have increased our understanding of the mechanisms controlling reproductive function in the female. Emphasizing these new techniques, Molecular Biology of the Female Reproductive System provides a state-of-the-art review of local regulatory mechanisms that control reproductive processes. Stressing the interface of endocrinology, immunology, and cell biology, this book concentrates on the autocrine, paracrine, and endocrine systems that regulate both the functions of the ovary and uterus and the interaction between the early embryo and the mother.

Key Features
* Covers the mechanisms controlling reproductive function in the female
* Offers a cellular and molecular approach to the control of reproductive function
* Focuses on the ovary and uterus, and includes a discussion of the early embryo, including
* Hormonal control of folliculogenesis and luteal function
* Cell-cell interactions in the follicle
* Role of cytokines in regulating steroid and protein hormone production
* Endocrine receptors and mechanisms in ovulation
* Cell biology of the oviduct and uterus
* Migratory cells
* Paracrine regulation
* Hormones of the trophectoderm and early placenta
* Interaction between trophectoderm and endometrium
* Provides extensive references

Vascular Morphogenesis in the Female Reproductive System (CARDIOVASCULAR MOLECULAR MORPHOGENESIS)

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Vascular Morphogenesis in the Female Reproductive System (CARDIOVASCULAR MOLECULAR MORPHOGENESIS)
Hellmut Augustin
Manufacturer: Birkhauser Boston
ProductGroup: Book
Binding: Hardcover

General | Medicine | Subjects | Books

Generative Organs | Reproductive & Sexual | Medicine | Subjects | Books

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ASIN: 0817642218

Book Description

The field of angiogenesis is one of the most exciting fields in contemporary biomedical research. Angiogenesis in the healthy adult is primarily associated with pathological conditions such as tumor growth, inflammation, ischemia, and retinopathies. Physiological angiogenesis in the healthy adult is restricted to the organs of the female reproductive system where it occurs cyclically as well as during pregnancy. The importance of vascular morphogenetic events in the female reproductive system is increasingly being recognized. For example, it has a vital role in normal ovarian function, endometriosis and placental function as well as being important in reproductive tumors of the mammary gland, ovary and uterus. The insights gained from studying this system have a more general interest too since they help shed light on the fundamental characteristics and components involved in the formation of the vascular system and blood vessels during development, and during tumorigenesis. This is the first book that reviews and presents recent advances in the emerging field of reproductive vascular biology. It is divided into four parts reflecting the four female reproductive organs (breast, ovary, uterus, and placenta) and the authors cover both the basic biological processes involved and also stress their clinical significance. The book will interest vascular and reproductive biologists as well as cell and developmental biologists interested in angiogenesis and vasculogenesis.

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Behind the scenes, more than just the drivers

A Week In The Life Of Nascar: A View from Within
Michael J. Fresina
Manufacturer: Triumph Books
ProductGroup: Book
Binding: Hardcover

Racing | Automotive | Nonfiction | Subjects | Books
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The Wildest Ride: A History of NASCAR (or, How a Bunch of Good Ol' Boys Built a Billion-Dollar Industry out of Wrecking Cars)

ASIN: 1572437944

Book Description

Have you ever wondered what goes on behind the scenes at a NASCAR race? Join the club. The backstage race-week action is one of the most secretive and fascinating aspects of the racing world. For the first time ever, Triumph Books has been granted full access to every aspect of race week at Talladega and Darlington, even the top-secret post-race inspections. Join the very best photojournalists as they cover Hendrick Motorsports, Haas CNC Racing, and MB2/MBV Motorsports. These three teams themselves are allowing an unprecedented, behind-the-scenes view of every aspect of racing, from traveling on team planes to the machine shops, the pits, the garages, and more.

Customer Reviews:

Behind the scenes, more than just the drivers.......2005-12-27

A coffe table style book that introduces you to some of the many people that work behind the drivers. If your new to racing or NASCAR this book will help you understand the size and scope of modern auto racing. This is a BIG BUSINESS with a incredible amount of talented people involved. Full color, over 160 pages.

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AISC Manual of Steel Construction: Load and Resistance Factor Design, Third Edition (LRFD 3rd Edition)
AISC Manual Committee
Manufacturer: American Institute of Steel Construction
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AISC Manual of Steel Construction: Load and Resistance Factor Design, Second Edition, LRFD, 2nd Edition, (Volume 1: Structural Members, Specifications, & Codes), (1994)
AISC Manual Committee
Manufacturer: American Institute of Steel Construction
ProductGroup: Book
Binding: Leather Bound

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ASIN: 1564240460

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AISC Manual of Steel Construction: Allowable Stress Design, 9th Edition

Manufacturer: AISC
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Binding: Hardcover
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Roark's Formulas for Stress and Strain

ASIN: B000E2D6A0

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NEVER RECEIVED THE ITEM

a good reference

AISC Manual of Steel Construction: Allowable Stress Design (AISC 316-89)
Aisc Manual Committee
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Binding: Hardcover

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ASIN: 1564240002

Customer Reviews:

NEVER RECEIVED THE ITEM.......2002-09-24

I'm not sure what you want me to rate, as I never received my order. I waited over 4 weeks just to find out that globalbooksouce did not even have the item - that was after I contacted them. So, if it's the service I'm rating...it's a zero (the form doesn't have a place for zero). I know the book is good.

a good reference.......2000-03-31

Tons of information in an easy to use format. This volume will serve as a valuable reference for years to come.

AISC Manual of Steel Construction: Allowable Stress Design 9th Edition, ASD, (1989)

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Used AISC Manual 9th Edition ASD

AISC Manual of Steel Construction: Allowable Stress Design 9th Edition, ASD, (1989)

Manufacturer: Amer Inst of Steel Construction
ProductGroup: Book
Binding: Leather Bound
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ASIN: 999460693X

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Used AISC Manual 9th Edition ASD.......2007-08-09

Book was clean and like new shape with only a few stamps. Apparently has set on shelf most of it's life. Fast Delivery and Excellent Service.

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AISC Seismic Design Manual, 2006
American Institute Of Steel Construction (Aisc) , and Structural Steel Educational Council
Manufacturer: American Institute of Steel Construction
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ASIN: 1564240568

AISC Manual of Steel Construction: Load & Resistance Factor Design, Second Edition, LRFD, 2nd Edition (Volume 2: Connections), (1994)

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AISC Manual of Steel Construction: Load & Resistance Factor Design, Second Edition, LRFD, 2nd Edition (Volume 2: Connections), (1994)
AISC Manual Committee , Barry L. Banger , Roger Brockenbrough , Louis F., Jr. Geschwindner , William A. Thornton , and Cynthia J. Zahn
Manufacturer: Amer Inst of Steel Construction
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Steel Construction Manual Fifth Edition (A Manual for Architects, Engineers and Fabricators of Buildings and Other Steel Structures)

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Steel Construction : a Manual for Architects, Engineer's and Fabricators of Buildings and Other Steel Structures

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Steel Construction : a Manual for Architects, Engineer's and Fabricators of Buildings and Other Steel Structures
AISC
Manufacturer: American Institute of Steel Construction
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Binding: Hardcover
ASIN: B000H4FA9K

Manual of Steel Construction. Seventh Edition. AISC

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Manual of Steel Construction. Seventh Edition. AISC

Manufacturer: American Institute of Steel Construction
ProductGroup: Book
Binding: Hardcover
ASIN: B000GLEBAI

Product Description

Book's Foreword: The American Institute of Steel Construction, founded in 1921, is the non-profit technical specifying and trade organization for the fabricated structural steel industry in the United States...

Book Description

Attention-getting typefaces (italic, cursive) in dazzling variety—most in upper- and lowercase, many with vignettes or punctuation marks.

Customer Reviews:

Select Scripts from Solo.......2001-09-03

This is a great reference work for any graphic designer who likes to have fun. My copy of the book didn't come with the CD-ROM so I can't comment on that aspect of the publication, however the book alone is worth the investment. While the best brush script should be done by hand, this book is the next best thing. Within 100 pages Solo has a nice variety of typefaces, the best of which have that wonderful kitsch feeling.

This book is perfect if you are looking for a groovy sixties or fat fifties script font. However some parts of the collection have a few faces that aren't so great, for example everyone must have a copy or version of "Baloon Extra Bold". But there are a few jems every few pages, so you won't be let down if you are trying to get that fifties classified ad look - or need a script font that looks like it feel off of a Doors album cover.

Professional designers should take careful note of the copyright notice, as you are only allowed to use only six words in any project. While I find this limiting, ... one can't be too let down!

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