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The Instant Economist: Everything You Need to Know About How the Economy Works, by Timothy Taylor
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The Only Economics Book You Will Ever Need. Economics isn't just about numbers: it's about politics, psychology, history, and so much more. We are all economists - when we work, save for the future, invest, pay taxes, and buy our groceries. Yet many of us feel lost when the subject arises. Award-winning professor Timothy Taylor tackles all the key questions and hot topics of both microeconomics and macroeconomics, including: * Why do budget deficits matter? * What exactly does the Federal Reserve do? * Does globalization take jobs away from American workers? * Why is health insurance so costly? The perfect read for fans of Freakonomics, The Undercover Economist and Naked Economics, The Instant Economist offers the knowledge and sophistication to understand the issues - so you can understand and discuss economics on a personal, national, and global level.
- Sales Rank: #12673 in Books
- Brand: Taylor, Timothy
- Published on: 2012-01-31
- Released on: 2012-01-31
- Original language: English
- Number of items: 1
- Dimensions: 8.00" h x .60" w x 5.30" l, .44 pounds
- Binding: Paperback
- 272 pages
About the Author
Timothy Taylor is managing editor of the American Economics Association's Journal of Economic Perspectives. He won numerous teaching awards for his classes at Stanford University and was named a distinguished lecturer at the University of Minnesota. He lives in St. Paul, Minnesota.
Most helpful customer reviews
47 of 47 people found the following review helpful.
Should be required reading for anyone who wants to participate in the economy. In other words, everyone
By Gene Chamson
I am generally not a fan of books that dumb down important subjects, adding a veneer of folksy prose to make them appealing to "dummies" or "complete idiots". This is not such a book.
"The Instant Economist", despite its simplistic title, is a thoughtful, engaging survey of modern economic principles and issues. In 36 short, easy to digest chapters, the author provides a foundation in economic literacy, beginning with the basics of how markets work, then covering the main topics in microeconomics and macroeconomics.
Economic theory is presented in the context of contemporary, relevant issues and filled with real life examples that engross the reader. Unlike many other popular books on economics which are written to push a particular progressive or conservative agenda, here the author takes great care to write in a non-partisan and balanced manner, by which I mean he points out the trade-offs of different policy choices. The result is that the reader learns to see the world the way economists do.
One of the main benefits of this book is that it helps the reader discern between questions of values (e.g. "Who should government be for?, "Who should pay more taxes?") vs. questions of efficacy (e.g. "What can government do?", "What is the likely effect of raising taxes?"). Often, politicians and laymen conflate the two. Thinking like an economist can help us understand that "values" debates have no right answers, only trade-offs, but policy decisions can be informed by what we've learned from the past about what actually works.
Highly recommended.
37 of 39 people found the following review helpful.
A Rare Find: A Book to Make Economics Understandable.
By AdamSmythe
This review is being written from the perspective of someone who has studied economics for a lifetime and taught it to college students. I have come to realize that when an introduction to economics is presented as if it were designed to be the first course among many for economics majors, it is invariably deemed by most people to be quite boring. However, when economics is presented and explained as the study of how people make decisions in life, all of a sudden it becomes much more interesting. This book takes the second approach, and the author does a good job summarizing a variety of key concepts in short chapters of about eight pages each. You can read the chapters in any order (or even skip some) and still gain a lot of useful information.
Importantly, this book is not written using either an academic or overly simplistic approach. With a minimum of work, the average person can understand the material and not feel insulted. Almost equally importantly, the book is written in a blessedly non-partisan style.
Before I opened the book, I very quickly sketched out the most important topics I thought it should address: scarcity, opportunity costs, the role of prices, "marginal" analysis, monetary and fiscal policies, specialization and trade, and externalities. Upon reading the book, I found all of these topics addressed and many more: the interplay of supply and demand in market equilibrium, elasticity, the Federal Reserve, international exchange rates, personal finance, etc.
Would I give this book to someone with an interest in economics if they had precious little background in the subject? Absolutely yes. And I'd bet they would enjoy it.
9 of 10 people found the following review helpful.
Fun, educational introduction to economics
By J. Davis
Taylor does a great job of explaining basic economics in The Instant Economist. There is no partisan or ideological bias in the book;he sticks to explaining economic principles. Many subjects are covered here--present value, rent control, the minimum wage, unions, comparative advantage,elasticity, etc. Most importantly, Taylor stresses the importance of the concept of tradeoffs. If you're relatively new to the subject of economics, I highly recommend The Instant Economist. I would also recommend Charles Wheelan's Naked Economics.
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