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Summary: A sound, objective introduction to modern economics
Review: Surprising as it may sound, I was not able to put this book down.Now, while I didn't buy the book (I checked it out at my local library), I wouldn't mind having it on my shelf as a future reference. Having read some of Milton Friedman's work, I found Wheelan's writing much more refreshing and easier to grasp. Wheelan's book focuses much more on the "science" of economics than the merits of the free-market system, though he is obviously in favor of such markets. Wheelan's explanation of the FED seemed more attainable to me than what Friedman put forth in Free to Choose. All in all, anyone looking to a sound introduction to the market economy should check this book out.
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Summary: Not just a pure "economics" book
Review: The two things that can be said about this book was that it is totally tractable and a pleasure to read. While the author does interject personal life experiences and biases, it doesn't distract from the subject. One cannot truly talk about economics without talking about politics. So, if you're looking for some rehash of typical economic theory then you won't find it here. Each chapter is almost self contained (some chapters reference others) but you can almost read any chapter independently. The index is excellent.
Rating:
Summary: Great introduction into economics
Review: This book is perfect for those with little understanding of economics. The author does a fine job of using humor to convey economic theory. He also provides much historic evidence to demonstrate various economic principles discussed in the book. There are plenty of books which serve as an intrduction to economics, this book however stands out because it is such an easy read. I recomend this book to anyone looking for a book to provide them with a basic understanding of economics without the work. Although he seems to have more of a neo-liberal approach to economics, I'm impressed that praises libertarian thinkers such as Friedman and Gary Becker as well as more keynesian type economists such as Krugman and Ackerlof. Most books on economists lack this balance. I think the author should have spent more time discussing supply side economics. He briefly discusses the laffer curve but immediately dismisses it as a failure. If you closely examine the Reagan tax cuts you will find the national deficit was caused by spending, not the tax cuts. The heavy tax cuts did not increase federal revenue but did stimulate the economy.
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Summary: Excellent review of basic economics
Review: This book was a great way to review the economics I was supposed to have learned in college 40 years ago. I found it very readable and convincing, even without tables or graphs. If I had anything to quibble about, it would be that a very few basic, simple tables and graphs might have been useful. On the other hand, the author was trying not to scare away folks who have a math phobia; so his choice to stick strictly to text was probably right. I definitely will read other books by this author.
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Summary: Absolutely great primer on current economic issues
Review: This book won't leave you with crafty quotes or statistics to impress people at a cocktail party (although there are actually some interesting statistics within.) But for the ordinary person trying to make some sense of the major news headlines of the day (global trade, right vs. left, taxes, the environment, etc...) this book should leave you with a better basis to form your own reasoned opinion. You can decide which is more important.
What Wheeler explains is that economics doesn't in and of itself argue anything. What it does is provide a tool for understanding the impact and mechanisms of various choices we make in the world. Similarly, Wheeler's goal is not to argue for more or less taxes, for free trade or for protectionism, but help the reader understand all the implications and effects (gooad and bad) of different policies and economic systems.
You do not have to be of any particular political persuasion to find value in this book (rare in this day and age of red vs. blue.)
For these reasons and more, I think this book would serve as excellent material for a introductory economics class (HS or college.) In addition to going over some basic economic principles, it provide excellent context for why economics is important, rather than going headlong into guns vs. butter charts (which are also important, but can leave students disinterested and apathetic.) Alternatively, if you have a child in high school or college who is beginning to take such classes or is simply developing a greater interest in news and current events, I would highly recommend you order a copy of Naked Economics for them. It should leave them with a clearer perspective in which to try to make sense of the world today.
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Summary: Should include more about thinking like an economist
Review: This introduction to economics is a good overview of the subject, but it has its flaws. I believe that an important goal of a nontechnical book on economics is to communicate how economists think, primarily to counter news reports and other descriptions of economic matters that tend to be brimming with inaccuracies and misunderstandings of the most basic principles of economics. The two chapters on the positive role of government in the economy are probably the best in the book. Wheelan effectively describes the many scenarios where market economics simply fails to provide the proper incentives for mutually beneficial activity. This part of the book is a nice contrast to some other economics books that sometimes seem as if they were ghost written by the Libertarian party. However, the text, even in those two chapters, includes several statements presented as undisputed fact but which are actually open to substantial debate. Early on, the book claims that "cigarette smoke can .. harm those who happen to be lingering nearby" without mentioning that little evidence of actual physical harm from secondhand smoke is available. However, the next paragraph does make the nice point that cigarette smokers do perform good for the rest of us: they die quicker, generally after a full working life but before collecting much Social Security. Maybe it would be a fair exchange for nonsmokers to breathe a little annoying second-hand smoke in exchange for the larger old age payments that come courtesy of the nicotine addicts among us. Later, Wheelan says about drug couriers, "It's good to have goverment officials blocking the road when the 'entrepreneur' is carrying seven kilos of cocaine" but presents absolutely no argument as to why this is true. Many economists would feel that it is the government that should be blocked from interfering in the cocaine market. This would almost surely include the economist mentioned a mere two sentences later, Milton Friedman, who has long made clear his opposition to drug prohibition. Finally, it is asserted without evidence that, compared to a sports car, "a college education makes a young person more productive for the rest of his or her life." I'm not sure that's true all or even most of the time. While I guess that most students learn something in college, it is also true that many college students spend substantial time, effort, and money on things like parties, sports, clubs, and other similar activities that probably don't provide a productivity benefit later, but that are simply a hell of a lot of fun. This may sound like I'm favoring sports car-driving, cigarette smoking drug dealers over law-abiding, non-smoking college students but that's not my point. I simply mean that it would have been better had the author pointed out some of these nuances because it would help readers to think more like an economist.
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Summary: A nice introduction.
Review: This is a pretty good introduction to economics for the lay reader. Economics, I suppose, presents a peculiar problem, which, I don't know, if it's unique to it, does complicate any 'explanation' of economics. The problem is that any exposition of economics will tend to include normative economics. This book in no exception.
The author, when he sticks to topics that are mainly descriptive, like Comparative Advantage or role of subsidies in impacting international trade or inflation on economic growth, is quite lucid and those portions of the book make for informative and entertaining reading. When the author tackles topics like sweatshops or inserts his opinion of the right policy consequence of a certain economic principle, then he veers into commentary best left out of an expository work. I don't disagree with all of his views, but maybe he could have chosen a different model to undress.
Rating:
Summary: very good
Review: This is a very good introduction to economics. The only criticism I have is that in teaching the reader to "think like an economist," Wheelan literally thinks *exclusively* like an economist. For instance, Wheelan asserts spraying DDT, thus eliminating pests, can be good in some instances because the costs (pollution) outweigh the benefits (better economic benefits in the long run leading to reduced pollution levels eventually). Organisms, however, are notorious for building resistance, as evident with the fruit fly population explosions and the failures of modern antiboitics to keep up with the new bacterias. Taking an economic approach, an ignoring an evolutionary one, can be dangerous indeed. Despite, this book is very good and well written and is highly recommended.
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Summary: excellent book. makes economics clear and understandable.
Review: this is the third book on economics that i have read, and is the best so far. principles of economics such as trade, government's role, the FED, globilization, are all explained simply and clearly, enough to the point that i can see and apply some of the economic principles in my everyday actions. the author uses examples for all his points, and although everything is explained enough so an average high school student can understand, it is not dumbed down in any way. the best part was, the whole book is interesting. Wheelan writes with humor and his enthusiasm for the subject comes through. it is in no way a dry book, he actually makes economics interesting. i would reccommend this book to anyone interested in learning basic economic principles.
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Summary: A readable, simple introduction to Economics
Review: This small book is a great introduction to economics in a non text book format. The author's language is fluid and readable, not like a boring, stuffy textbook. He discusses everything from trade, inflation, fed rates, and the role of government. Sometimes informative, this book assumes hardly any economic knowledge from the reader, so it's really a beginner's book to economics. Anyone who took a simple economics course would probably not need to read big chunks of this. Even though simplistic, it is a quick and fun read and I would recommend it to anyone who wants to get in on the ground floor. In the realm of few non-academic economics book, this book is probably the best. For example, it's definitely better than "The Armchair Economist".
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