Fantastic reading! Fast paced for economics.

books:


	• Naked Economics: Undressing the Dismal Science Charles Wheelan W. W. Norton & Company, 2003 - 260 pages average customer review:based on 122 reviews view larger image
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highly recommended

Fantastic reading! Fast paced for economics.

I highly recommend this book. That alone should be enough to make you buy it - but I will go on to say that it was enlightening and fast paced.
enjoy.
Simon
DryCast.com

Very well written

I'd just like to confirm what a lot of other reviewers have said. This book is very entertaining and makes its points forcefully (but you can be left wondering if there are deep assumption errors or facets the author has glossed over). Time and time again he adresses issues that I keep hearing (If only the goverment would so and so...) and gives a pretty compelling point of view on the issue.
I keep this book for times I am a little tired, because reading it is so effortless. Now if only the author would write a book on linguistics and one on ethics for example!

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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.

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Well written and a must have

Economics lies at the heart of most policies. In order to understand these policies, one should have a basic understanding of economics; however, economics can be a "dismal science" which pretty much means its boring.

The problem with economics is that the charts and statistics can many times be confusing. While some branches of economics such as Austrian economics are simpler to understand, mainstream economics is difficult. Naked Economics provides a change in pace for those that really do not have a great deal of understanding in economics.

The book, however, is not for only those individuals that have never studied economics. I have studied it some and this book provided a real understanding of some of the more difficult subjects such as the Federal Reserve.

The main problem with this book is that many times the author talks of his politic views. With the environment, the author deems that environmental issues are issues for the economy and government almost immediately. Other measures such as social change are not discussed. He is also pro-bush from the readings as noted in other reviews. I do not hold this against him because I realized that if he was anti-bush I would probably not hold it against him.

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A simple non-mathematical intro to econ

This book is really quite good at explaining economic concepts without using any math or graphs. As a high school econ teacher, I see some students who immediately understand a concept if they see a graph that shows the relationship; most students don't work that way though and this book provides a lot of anecdotes that can be used to illustrate key concepts. Definitely useful as a supplemental reader at the secondary level.

reviews: page 1, 2, 3, 4, 5, 6, 7, 8, 9, 10

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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