Literary Book of Economics [Hardcover]

Michael Watts (Commentary)

Book Description

Publication Date: July 2003

The Literary Book of Economics is one of the most innovative approaches to economic education and literacy ever published. As empirical research has demonstrated, economics is taught more effectively when integrated into other fields, and is perhaps particularly effective when coupled with the classic literary works of Western culture, which allows great authors to use their erudition to convey economic concepts and topics too often treated only theoretically. Teachers and students of literature and economics have much to gain by studying economic topics and concepts in this way. Including helpful commentary from Professor Watts, The Literary Book of Economics is a refreshing treatment of the "dismal science," presenting a cogent explication of free-market theory.

Editorial Reviews

Review

"He has finally committed to text his seemingly inexhaustible supply of examples. This is a must-have book." -- William E. Becker, Professor of Economics, Indiana University

From the Publisher

Selections Include:

John Milton on the allocation of scarce natural resources; F. Scott Fitzgerald on scarcity and choice; John Dos Passos on entrepreneurship; George Orwell on productivity; Arthur Miller on competition; Alexander Pope on economic incentives; Charles Dickens on externalities; Ayn Rand on freedom of choice; Joseph Heller on supply and demand; Robert Frost on private property.

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Product Details

• Hardcover: 450 pages
• Publisher: Intercollegiate Studies Inst; First Edition edition (July 2003)
• Language: English
• ISBN-10: 1932236023
• ISBN-13: 978-1932236026
• Product Dimensions: 9.8 x 6.6 x 1.3 inches
• Shipping Weight: 1.8 pounds (View shipping rates and policies)
• Average Customer Review: 4.3 out of 5 stars  See all reviews (3 customer reviews)
• Amazon Best Sellers Rank: #799,374 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

10 of 10 people found the following review helpful:

4.0 out of 5 stars The Not-so-Dismal Science, January 9, 2005

By 

Christopher Hefele (Lawrenceville, NJ United States) - See all my reviews
(REAL NAME)   

This review is from: Literary Book of Economics (Hardcover)

Marx may have said that history is economics in action, but this book shows us that great works of literature can show us economics in action, too.

Michael Watts, Professor of Economics at Purdue Univ., has pulled together 78 short excepts from classic and not-so-classic literature that involve economic topics. Those topics include money, unemployment, income inequality, division of labor, unions, supply and demand, cost-benefit analysis, property, scarcity and others. The excerpts range from the classic (Shakespeare's "Merchant of Venice") to the modern ("The Perfect Storm" by Sebastian Junger). There's a wide spectrum of other authors, too, such as Emerson, Steinbeck, Dickens, Ben Franklin, Ayn Rand, Orwell, Vonnegut, Goethe, and others.

Some of the chapters reframe known works into an economic context - i.e. "The Road Not Taken" by Robert Frost is reframed as a lesson about opportunity cost. Other selections illuminate (and sometimes satirize!) some basic economic principles. In other excerpts, economic factors influence the characters and drive the plot forward. In just a few others, the economic element is more tangential or incidental.

Overall, though, this is an interesting collection; I haven't seen anything else like it. It's a great reference book, and the sections & selections can be read indepenently. The collection is perfect for anyone who would like to push aside their supply-and-demand graphs or dry textbooks to instead read memorable stories about real people, stories that will also deepen one's understanding of economics. It's also great for anyone needing a gentle introduction to basic economic principles (though I should say that the book isn't a substitute for a more expository text in basic economics or finance). Recommended.

7 of 7 people found the following review helpful:

5.0 out of 5 stars Classic economic drama, poetry, and prose, October 18, 2003

By 

Midwest Book Review (Oregon, WI USA) - See all my reviews

This review is from: Literary Book of Economics (Hardcover)

Compiled, edited, and with an informative commentary by Michael Watts (Director of the Center for Economic Education and Professor of Economics at Purdue University), The Literary Book Of Economics is comprised of seventy-eight selections from classic drama, poetry, and prose written by thinking men and women through centuries of history, all chosen for the particular vibrancy of expression that they give to twenty crucial economic concepts and themes. The citations range from William Shakespeare and Benjamin Franklin, to Ayn Rand, Mark Twain, Kurt Vonnegut and much others, each of whom contribute to a deeper understanding of market principles through literature. The Literary Book Of Economics is a unique and highly recommended addition to Economic Studies reading lists and library reference collections.

2 of 3 people found the following review helpful:

4.0 out of 5 stars A blend of literature and economics, April 19, 2006

By 

D. Donovan, Editor/Sr. Reviewer "California B... (California, USA) - See all my reviews

This review is from: Literary Book of Economics (Hardcover)

College-level collections strong on either literature or economics will welcome a blend of the two by an economist whose purpose is to blend economic education with literacy. Economics are best absorbed when blended with other disciplines, studies show: and Watts shows how to achieve this, using over seventy selections from classic and modern writings to link over twenty major economic concepts to themes and modern times. A unique, cross-disciplinary approach.