Second Thoughts: myths and morals of U.S. Economic History collects twenty-four new and significant essays on topics in economic history that bear directly on present policy debates. Specially written for this volume, these essays reevaluate issues and events that influence current economic thinking - examining the past as a way of preparing for the future. McCloskey has brought together leading economic historians who show that commonly accepted perceptions of our economic past can be wrong and, therefore, misleading. The contributors - including Robert Hughs, Julian and Rita Simon, Elyce Rotella, Terry Anderson, Barry Eichengreen, Price Fishback, Susan Phillips, and J. Richard Zecher - address a wide range of issues: the Teapot Dome scandal, banking regulation, "new" immigration problems, AT&T and deregulation, Third World development policies, the role of "big" government, technological innovation, and property rights. Each essay explores the role of government policy in the outcome of events. Written in clear nontechnical prose, this book is an essential reference for those interested in how our economic past and the way we interpret it shape the directions we will choose for our future.