The Backward Society

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Focusing the harsh light of economic analysis upon the problems of underdeveloped countries, Frost illuminates the probability that the law of diminishing returns as applied to agriculture has been indefinitely suspended. Using Adam Smith's theories as a springboard, he jeers at the current application of Keynesian labor economics to the backward nations' unemployment problems. Frost's frequent failure to identify the locale of specific economic situations he discusses hampers the reader in orienting Frost's information into the framework of his own knowledge. Apart from such minor stylistic drawbacks, however, the overall treatment is sound. His explanations of fiscal and monetary influences, inflationary tendencies, and investment functions are generally clear enough to be understood even by those whose knowledge of economics is rudimentary. He takes an incisive stand for population control and more thoughtful economic planning, and he brings an overt rationale to bear upon historic concepts of the division of land, labor, and capital. Briskly, he has pinpointed the causes of some of the worst financial headaches in the modern world. (Kirkus Reviews)