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From Publishers Weekly
Ever wonder what it means when the Fed raises interest rates? Or why there are occasional fears of inflation? To the rescue comes this simplified and chatty nontextbook textbook. Using words rather than math, it makes economics accessible, comprehensible and appealing. Wheelan, the Economist's Midwest correspondent, breezily explains the big picture, including finance, capital markets, government institutions and more. His informal style belies the sophisticated and scholarly underpinnings of his subject. Wheelan champions the often-maligned science: "Economics should not be accessible only to the experts. The ideas are too important and too interesting." Well before book's end, highly persuasive yet simply illustrated concepts sway the reader. Complex ideas are demystified and made clear, using familiar examples, such as the price of sweatshirts at the Gap. A chapter on financial markets compares a grapefruit and ice cream fad diet with get-rich-quick schemes. (He wryly offers the mantra "Save. Invest. Repeat.") Similarly, an explanation of interest rates compares them to "rental rates," an easy-to-grasp concept. And to convey what the major international institutions do, Wheelan writes: "If the World Bank is the world's welfare agency, then its sister organization, the International Monetary Fund (IMF) is the fire department responsible for dousing international financial crises." Wheelan's simplicity does not mask the detailed encapsulation of complicated issues, such as relative wealth, globalization and the importance of human capital. He smartly shows that while economic consequences can be global, they are also a part of everyday life.
Copyright 2002 Cahners Business Information, Inc. --This text refers to the Hardcover edition.
Copyright 2002 Cahners Business Information, Inc. --This text refers to the Hardcover edition.
From Library Journal
Economics has often been an orphan in the world of college electives largely ignored, rarely enjoyed, and almost instantly forgotten by undergraduates. In his new book, Wheelan, a Chicago-based correspondent for the Economist, has decided to shake the dust off economics, making the case that it is not just an arcane academic science but a practical set of tools. Though he admits that many of us are "economically illiterate," his book is "not economics for dummies, it is economics for smart people who have never studied economics (or have only a vague recollection of doing so)." Eschewing jargon, charts, and equations, Wheelan gives us the essentials. He clearly defines terms like GDP and inflation, explaining how they work and what the short- and long-term impact might be. He makes a convincing argument that there is a role for "good" governmental regulation, using the Federal Reserve as a model. He also examines the pros and cons of taxation. Topics like productivity, trade, and globalization are insightfully covered as well. This is a thoughtful, well-written introduction to economics, with the author projecting a genuine excitement for his material that makes it not quite so dismal. Highly recommended for all public and academic libraries. Richard Drezen, The Washington Post/New York City BureauEducation
Copyright 2002 Cahners Business Information, Inc. --This text refers to the Hardcover edition.
Copyright 2002 Cahners Business Information, Inc. --This text refers to the Hardcover edition.
Inside This Book
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First Sentence
In 1989, as the Berlin Wall was toppling, Douglas Ivester, head of Coca-Cola Europe (and later CEO), made a snap decision. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
In 1989, as the Berlin Wall was toppling, Douglas Ivester, head of Coca-Cola Europe (and later CEO), made a snap decision. Read the first page
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Concordance
Browse Sample PagesConcordance
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most helpful customer reviews
1 of 1 people found the following review helpful
5.0 out of 5 stars
Naked Economics: Undressing the Dismal Science,
By
This review is from: Naked Economics (Paperback)
Popular economics writing does not get any better than this. In a dozen somewhat independent chapters, journalist Wheelan presents "Economics 101" in a readable, objective, and delightful manner. Employing basic concepts and assumptions, such as choices, incentives, tradeoffs, prices, costs, and the economics of information, Wheelan cuts a large swath though contemporary microeconomic and macroeconomic issues, controversies, and fallacies. (He sneaks in more sophisticated theoretical points and jargon, e.g., externalities and the prisoner's dilemma, but in interesting, informative ways.) Topics include environmental problems, health care and insurance, risk and safety, education and productivity, the Federal Reserve System and monetary policy, financial markets and capital, inflation and unemployment, international trade and globalization, income and wealth inequalities, and economic development. Using anecdotes and applications galore, Wheelan treats both the power of markets and the role of government in a market economy (including special interest groups and the politics of economics). Devoid of graphs and mathematical equations (but not documentation), this book is quite simply a terrific, much-needed addition to the economics literature for intelligent general readers and must-reading for the media, government officials at all levels, and those who cast ballots and attempt to influence public policy. Highly recommended for general readers, lower- and upper-division undergraduates, and professionals.
3 of 4 people found the following review helpful
5.0 out of 5 stars
Now I Understand...,
By Ronald M. Schroder (Akron, OH United States) - See all my reviews
This review is from: Naked Economics (Hardcover)
Now I understand what I studied while getting two degrees in economics. If Wheelan had written the book before he was born (my bachelor's degree from Yale was in 1962), unquestionably I would have experienced better grades.
4.0 out of 5 stars
Great Book!,
By
This review is from: Naked Economics (Paperback)
Wonderful book. Explains basic economics idea using many interesting examples. Strongly recommend for people at entry level in economics. word count sucks by the way.
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