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64 of 66 people found the following review helpful:
3.0 out of 5 stars
A readable introduction, October 9, 2001
This review is from: Economics Explained: Everything You Need to Know About How the Economy Works and Where It's Going (Paperback)
This is a book written for a layperson about the field of economics, the thinking of economists, and what is going on in some of the major current economic debates. There is no math (which may or may not be a good thing) and the few graphs are of the basic supply and demand curves which are simple to understand at this level, and which you can't really pass up when learning economics. Heilbroner and Thurow discuss the major economic concepts like GNP, inflation, the role of government, monopolies, etc. and they do a good job describing them and explaining how things work. There is a liberal bias. The authors are not blind to this, and they do try to exhibit different viewpoints, and they try to point out when they are stating their own stance. If you want an unbiased view of economics, you will probably have a difficult time finding that one book that meets your standards-if anything, it will be the book that most closely agrees with your own biases. If you want an unbiased view, read many books, read textbooks, read news from several sources, and then come to your own conclusions. I don't think the biases in this book really disturb the education you can receive from this book. Just be aware that they exist. If you didn't find this book exciting, like the 15 year old reviewer, it may be because you were not part of the intended audience. Heilbroner and Thurow wrote this book for those who "want to understand the nature of the economic forces that are upsetting their lives." In the modern world, people need to know some economics in order to be in full control of their lives. If you read nothing else but this, you will at least be able to read business and financial news with greater understanding and perhaps participate in economic discussions.
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52 of 61 people found the following review helpful:
3.0 out of 5 stars
Liberal vs. Conservative Views of Economics, July 5, 2003
This review is from: Economics Explained: Everything You Need to Know About How the Economy Works and Where It's Going (Paperback)
The co-author, Robert Heilbroner is a delightfully articulate speaker and thinker. I read his "Worldly Philosophers" while in high school and loved it -- it kicked off a life-long study of economics and politics. My undergraduate economics course used Heilbroner's very famous friend Paul Samuelson's textbook. My grad school used Heilbroner's text book on economics, among others. I was one of Prof. Thurow's students at MIT. So, my bona fides show that I like and know both these authors' works and respect their intellect.
However, the authors' views of economics and their political leanings are inseparable. Economics and politics are so closely related that they cannot help but deeply influence each other. One cannot be 'objective' about economic theory, however high one's integrity. This is the reason why I want to point out to readers of Profs. Thurow and Heilbroner's works that both authors lean to the political Left.
This book pre-dates Prof. Heilbroner's, a self-confessed Socialist, conversion to Capitalism upon observing the collapse of the the greatest Socialist experiment, the 70-year reign of the Soviet Union. Heilbroner had the intellectual and personal courage to say publically [paraphrasing] 'I've been proven wrong! I've changed my mind. As a professional economist, I admit that Capitalism works; Socialism does not.'
The Right of the political spectrum is well represented by authors such as Hayek and Friedman whose works are also very readable and thought provoking, who offer a point of view that 'balances' that of the fomerly Socialist Heilbroner, and probably still Socialist Thurow, Samuelson, Gailbraith.... I strongly suggest that 'beginners' in economics read broadly from both the Left and the Right thinkers on how to generate and allocate economic resources.
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31 of 35 people found the following review helpful:
4.0 out of 5 stars
Not a perfect explanation of economics..., August 29, 1999
By A Customer
This review is from: Economics Explained: Everything You Need to Know About How the Economy Works and Where It's Going (Paperback)
but a very readable and enjoyable one. It's not as thorough as an economics textbook, but it's got the main points spelled out for the layman (or laywoman). As an introduction, I thought it was more than adequate, and it was quite a feat to include so few technical aspects of economics (there are a few VERY simple supply and demand graphs and some other pictorial info). It's broken into short chapters which doesn't mean anything except that it can be read in small chunks. And yes, for someone who's forced to read it at the age of 15, it might be boring, but if you're one of those, rebel and read something else. Also, the authors do have their own opinions on economics and this seeps into their book. But they are very well aware of it, and they are careful about when and where they include their own thoughts. Economics isn't as boring as many think. It's actually very interesting and very VERY relevant to our everyday lives. This is a good introduction to the topic, but don't let it be the only book you read. If you like this book, you may also like Heilbroner's, "The Worldly Philosophers."
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