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Title: Naked Economics: Undressing the Dismal Science
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Manufacturer: W. W. Norton & Company
List Price: $15.95
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| Naked Economics: Undressing the Dismal Science by W. W. Norton & Company So easy, even a caveman could do it | I thought this was a very good introduction to economics for the layman. Wheelan purports to explain the subject without all the mind-numbing charts and economics jargon and he succeeds in doing just that. My initial reaction to the book was that Wheelan was merely an apologist for unfettered capitalism but it turned out to be a relatively objective work. He gives both sides of the story so to speak, and concludes that government is important to a healthy economy, as long as it is used judiciously. For instance, on page 51 he flatly states; "Anyone who tells you that markets left to their own devices will always lead to socially beneficial outcomes is talking utter nonsense." He points out how most developing countries would love to have the bureaucracy that we have, and this lack of effective government is what keeps many nations from prospering. Of course, this goes both ways as he also describes the damage done by excessive government regulation, as witnessed by states like North Korea. He argues against the allures of protectionism and emphasizes the importance of international trade, for rich and poor countries alike. Besides the relationship between government and economies, the author tackles all the major aspects of economics such as how the financial markets work, the difference between monetary and fiscal policy, the Federal Reserve, inflation, human capital, currency, externalities and so on. His analysis of "creative destruction" can be summed up by the following; "It would have been one thing to help displaced Pony Express workers by retraining them as telegraph operators; it would have been quite another to help them by banning the telegraph." He's actually quite humorous at times also; "Any thoughtful policy analyst knows that some individuals who wear spandex in public should be taxed, if not jailed."
Wheelan makes no secret that capitalism is an amoral system that often leaves short-term damage in its wake. He insists though, that in the long-term it is the best system around, hands down. He makes some interesting points about international trade and globalization, pointing out that those who oppose it, often do more harm to the very people they intend to protect. For instance, he claims that Third World sweatshops, while deplorable by Western standards, are often the best option that some people have, and that they are a necessary step in the process toward industrialization. He claims that any attempt to boycott or otherwise oppose these conditions would simply force these places to shut down, condemning the workers to even worse prospects. My only criticism of this argument, and maybe I'm naïve, is that this seems a bit too "all or nothing." It seems hard for me to believe that any effort to enforce better working conditions would automatically put these places out of business. Isn't there a middle road here?
One thing I did notice was that Wheelan states early on that capitalism is not a zero-sum game, meaning that my wealth does not depend on someone else's poverty. Then, later in the book he says that there is a finite amount of capital in the world and the more in the hands of government, the less for the rest of us. Either I'm missing something or this is a contradiction. Other than that, I enjoyed the book greatly and actually feel more knowledgeable on the subject than before I started. Economics has always frustrated me but the author explained it in a way that even a meathead like myself could understand. Wheelan also accomplished something I heretofore thought impossible; he actually made economics interesting! 4.5 stars. | | Naked Economics: Undressing the Dismal Science by W. W. Norton & Company No longer a dismal subject | I'm no economist, but the beginning of the book was pretty basic, even for me. But by the middle and through to the end, Wheelan had me hooked with his perfectly placed jewels of insight. I found myself quoting them to friends and family all time. I was informed in an interesting and sometimes provocative way. I'll never look at money I find on the sidewalk the same again.
It's the perfect book to get you a small but firm foundation in economics. | | Naked Economics: Undressing the Dismal Science by W. W. Norton & Company Excellent Introduction to Economics | | In particular, his defense of free trade is well thought out and does not sweep under the rug the short-term pain that is inflicted on many working class Americans. Great Read! | | Naked Economics: Undressing the Dismal Science by W. W. Norton & Company One of the Best Books for the Layperson | | This is one of the best books on basic economics for the layperson. Wheelan covers the major topics in an instructive and entertaining manner, without resorting to odd examples to make his point. He covers markets, incetives, the role of government, trade and globalization in a manner that makes it comprehensible and interesting for the non-economist. This book deserves more attention than some of its brethren have received (Freakonomics [Revised and Expanded]: A Rogue Economist Explores the Hidden Side of Everything; More Sex Is Safer Sex: The Unconventional Wisdom of Economics) as it does the more important job of teaching economic principles rather than just entertaining with economics. Perhaps a future edition will be published with a more eye-catching title and more seductive jacket. | | Naked Economics: Undressing the Dismal Science by W. W. Norton & Company Excellent and fun introduction | | My wife recommended this book as a good introduction to economics, and she was spot-on. Since I'd never taken an econ class in college, I was the perfect candidate for Naked Economics. It introduced many concepts I'd heard of but never fully understood (inflation, for example), and the author illustrated them using examples I could relate to. This book often touched on issues of inequality and poverty which I appreciated, and it was very adept at explaining the impact of globalization on developing countries. I also enjoyed his chapters on the necessity of government (and how we should really consider ourselves fortunate to have governmental agencies) and when the government ends up hurting more than it helps. It has inspired me to learn more. Highly recommended. | | Naked Economics: Undressing the Dismal Science by W. W. Norton & Company Book Description | | Finally! A book about economics that won't put you to sleep. In fact, you won't be able to put this one down. Naked Economics makes up for all of those Econ 101 lectures you slept through (or avoided) in college, demystifying key concepts, laying bare the truths behind the numbers, and answering those questions you have always been too embarrassed to ask. For all the discussion of Alan Greenspan in the media, does anyone know what the Fed actually does? And what about those blackouts in California? Were they a conspiracy on the part of the power companies? Economics is life. There's no way to understand the important issues without it. Now, with Charles Wheelan's breezy tour, there's no reason to fear this highly relevant subject. With the commonsensical examples and brilliantly acerbic commentary we've come to associate with The Economist, Wheelan brings economics to life. Amazingly, he does so with nary a chart, graph, or mathematical equation in sight—certainly a feat to be witnessed firsthand. Economics is a crucial subject. There's no way to understand the important issues without it. Now, with Charles Wheelan's breezy tour, there's also no reason to fear it. |
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