For this important new volume, Donald N. McCloskey has assembled twenty-four essays by leading economic historians who argue that commonly accepted perceptions of our economic past can be wrong and, therefore, misleading. The essays reevaluate various issues and events that influence today's economic thinking, thus examining the past as a way of preparing for the future. Such notable contributors as Robert Higgs, Julian and Rita Simon, Elyce Rotella, Terry Anderson, Barry Eichengreen, Price Fishback, Susan Phillips, and J. Richard Zecher address a wide range of issues, including 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.Specially written for this collection in clear, nontechnical prose, the essays that comprise Second Thoughts fully explore the role of government policy in the outcome of events. This book is an essential reference for all who are interested in how our economic past and the way we interpret it determine the directions we will choose for our future.