James Adams Writes Letter to Refute Economist Alan Blinder in Wall Street Journal

Sourced Media Books author James Adams was published in the July 9th edition of The Wall Street Journal. His letter to the editor addresses a column penned by Princeton economics professor and former Vice Chairman of the Federal Reserve Board of Governors, Alan Blinder. Specifically, Adams' remarks refute Prof. Blinder's claim that short-run economic growth is driven by demand shortfalls. Demand, Adams counters, is only generated by the production of value-creating goods and services.

Although this point may seem a largely academic question with few real-world consequences, it has profound implications for government policies that have continually been at the forefront of public debate since the Global Financial Crisis struck five years ago. Ironically, Adams never learned the importance of "placing production before consumption" during his university studies or his eight years working in the bond market. Rather, his enlightenment came afterwards, during a six-month stint waiting tables on the graveyard shift at a 24-hour diner alongside a peer cohort of ex-convicts.

Adams' story is chronicled in his memoir, Waffle Street: The Confession & Rehabilitation of a Financier (Sourced Media Books, 2011). While the book also contains financial asides, most of its pages are devoted to a humorous, self-deprecating narrative in which a man of privilege learns at the feet of a mentor thoroughly educated in the School of Hard Knocks.

Waffle Street has been adapted into a feature-length film by screenwriter Autumn McAlpin. The movie is currently in development in conjunction with producers Brad Johnson and Side Gig productions (among others). Principal photography is anticipated for mid-2014 with an expected release in Spring 2015.

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