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Economics For Dummies Paperback – April 8, 2005

ISBN-13: 078-5555880504 ISBN-10: 0764557262 Edition: 1st

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Editorial Reviews

From the Back Cover

Demystify the science of how people make choices

Learn how economics affects you — and almost everything else!

In a world of limited resources, how do people maximize their happiness? That's what economics is all about, and Economics For Dummies tackles the topic in terms you can understand. This handy guide explains both macro- and microeconomics so you can comprehend the economic forces that shape our world.

Discover how to

  • Decipher consumer behavior
  • Use the model of supply and demand
  • Recognize what causes recessions
  • Identify factors that lead to inflation
  • Understand fiscal and monetary policies
  • Appreciate the importance of international trade

About the Author

Sean Flynn earned his Ph.D. in Economics at the University of California, Berkeley, studying under Nobel Prize winners George Akerlof and Daniel McFadden.

He is a member of the American Economic Association, the American Finance Association, the Economic Science Association, and the Society for the Advancement of Behavioral Economics.

His research focuses on the often puzzling and seemingly irrational behavior of stock market investors, but he’s also investigated topics as wide-ranging as the factors that affect customer tipping behavior at restaurants and why you see a lot of unionized workers only in certain industries. He’s also a leading expert on closed-end mutual funds.

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Product Details

  • Paperback: 384 pages
  • Publisher: For Dummies; 1 edition (April 8, 2005)
  • Language: English
  • ISBN-10: 0764557262
  • ISBN-13: 978-0764557262
  • Product Dimensions: 9.3 x 7.4 x 0.8 inches
  • Shipping Weight: 1.2 pounds
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (50 customer reviews)
  • Amazon Best Sellers Rank: #428,384 in Books (See Top 100 in Books)

Customer Reviews

This book does a great job at making economic concepts easy to understand.
Cybexlover
This is probably the first and last review I'll ever do of a "Dummies" book, but I just had to give this book a plug.
Caraculiambro
While I won't call the whole book a page-turner, it was an informative and enjoyable read.
R. Connell

Most Helpful Customer Reviews

124 of 128 people found the following review helpful By Caraculiambro on May 6, 2007
Format: Paperback Verified Purchase
This is probably the first and last review I'll ever do of a "Dummies" book, but I just had to give this book a plug. Whoever wrote it (I don't remember and I'm too lazy to scroll up and see) did a fantastic job. It's really good!

I confess that I was so impressed with the explanations and examples offered in this book that for a while I mulled over having our school switch from our current texts (Mankiw's "Principles of Macroeconomics" and Samuelson's "Economics") to this one.

But I soon thought better of it: the department would probably acquire a bad name in a big hurry if students were seen walking about with copies of a "Dummies" text under their arms as their official course text. And that would be bad for me.

But that's how good it is. Too bad I'm so self-interested! Now the students will just have to slog through inferior texts.

Don't think you're getting a free lunch, though: there are graphs, models, and equations you're gonna have to learn to wade through it.

But in my estimation, going through a layman's course in both micro- and macroeconomics could not be made more painless than here, unless your needs are so casual that you're looking to dispense with graphs and equations altogether.

In which case, good luck learning anything solid about economics!
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72 of 75 people found the following review helpful By Michael Spitzer on December 24, 2005
Format: Paperback
I got this book because I wanted to learn about the basics of economics and the multitude of terms associated with it. It did a very good job of explaining the major universal concepts of economics, and when the author did have to "dumb" parts down in order to avoid over-complications, he very clearly stated this, which I liked. The book certainly did not cover very advanced topics, and I did not expect it to. It gave a good simple framework on the basic principles, which is what I was looking for.

One of the things I did not like, which may be just because its part of the "for dummies" series, is that much of the book's content says things like: "In this chapter, I'm going to talk about such and such" or "Please refer to chapter 10 to learn about such and such". I just felt it got extreme at times and that these constant references detracted from the actual content at times. I also am not a fan of the constant joking in the text, especially when it comes in the middle of important content, but that just comes with the Dummies books I guess. If you can filter that out though, then I think this is a good introduction to basic economics and I got what I wanted from it.
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36 of 36 people found the following review helpful By Dandy Fan on September 20, 2006
Format: Paperback
I bought this book as a primer for a micro economics class I'm taking for my MBA. It's been a while since I took economics as an undergrad, and I needed a refresher. This book was great. At a high level, it introduced me to the concepts I needed to know to succeed:

- supply and demand

- utility maximizing consumers

- profit maximizing companies

- the relationship between marginal and average cost

- consumer and producer surplus

- deadweight loss

- profitability and competitive markets

If you need a high-level intro without lots of algebraic equations and stuffy writing, then this is the book for you.
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37 of 38 people found the following review helpful By Enigma on November 4, 2006
Format: Paperback Verified Purchase
I took an economics course back in college in 1990. Even though I did get an A on the course, I had forgotten most of the concepts. I read this book for fun reading and as a life long learning refresher. Since it has been 16 years since I read an economics book, I cannot compare this book to other books. However, I thought that the book was easy to read and the information easy to digest.
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26 of 26 people found the following review helpful By Anastasia Beaverhausen VINE VOICE on June 15, 2007
Format: Paperback Verified Purchase
Based on the other reviews on Amazon, I picked up this book to assist me with a graduate economics course after realizing that I was way in over my head. I'd never had an economics course before, so this book had to substitute for the undergraduate education that I was lacking. The verdict? I read it in one weekend, and caught up to speed in my grad class the next week. Definitely worth the investment.
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51 of 59 people found the following review helpful By Roger E. Story on February 14, 2009
Format: Paperback
I've personally gotten quite a bit out of Economics for Dummies, but then I have an MA in economics, studied with some of the professors the author thanks in his Acknowledgements section, and just picked it up to read for a lark. If you really are new to economics (or really are a dummy) then this book is NOT for you! The author is far too glib, has sloppy arguments and just plain confuses or irritates the heck out of anyone who reads the book carefully. Just three examples:

1)He drags out an explanation of why the Long Run Aggregate Supply curve (LRAS) is vertical but never does actually explain why. He just thinks he does. It's not that I don't believe him, but he made me come up with my own reasons for believing it, not his.
2)He constantly makes claims about the "stability" of market solutions that just are not valid in any real situation. Stability only approximately exists when the economy is performing smoothly, but a decent hiccup of any kind has to be managed or you end up in a bubble or a bust. In fact he gives many examples of how markets can fail, which leads to my third and final point.
3)The author sounds unnecessarily conservative in his constant harping on "sticky wages" as being a key cause of slow recovery from recessions. My huge property tax is pretty darn sticky too. So are the principals of business loans, credit cards and mortgages - as we're all seeing too well in 2009 - after all, as the author points out, one of money's functions is as a store of value.

I could go on ad nauseum but I won't. Suffice it to say, this book is not for beginners, but I enjoyed parts of it and managed to learn from it by thinking very hard about why I disagreed with the author's arguments so often. Personally, I think an intelligent newcomer would be very turned off to the field of economics if they begin with this book.
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