Ask a dozen talking heads about how the economy works and what course of action we should take and you’ll get thirteen different answers. But what if we possessed a handful of basic principles that could guide our decisions—both the personal ones about what to buy and how to spend but also those national ones that have been capturing the headlines? Robert H. Frank, (a.k.a. the Economic Naturalist) has been illustrating those principles longer and more clearly than anyone else. In The Economic Naturalist’s Field Guide, he reveals how they play out in Washington, on Wall Street, and in our own lives, covering everything from tax policy to financial investment to everyday decisions about saving and spending. In today’s uncertain economic climate, The Economic Naturalist’s Field Guide’s insights have more bearing on our pocketbooks, policies, and personal happiness than ever.
Frequently Bought Together
Editorial Reviews
From Publishers Weekly
In the last year and a half, Americans have been bombarded with more economic jargon, theories and potential solutions to our nation's financial problems than any time in recent history, and many struggle to make sense of how all these concepts fit together. Frank (The Economic Naturalist), a regular economic columnist for the New York Times, has long been a voice of common sense, and in this latest work he attempts to group complicated concepts into a handful of easily understandable principles. Compiling some of his most cogent essays on economic subjects, Frank tackles topics as complicated and controversial as taxes and job creation, health care, borrowing, saving and investing. Unfortunately, although the essays themselves are amusing, enlightening, instructive and easy to understand, their groupings often look forced. While economic principles should be timeless, many essays were written as far back as 2000, and the subject matter is dated and less relevant to our current economic crisis than most readers might prefer. Despite the brilliance of the individual pieces, the whole is disjointed and fails to offer the reader the clear picture of the commonsense principles promised in the title. (June)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Review
Booklist
“Witty, compelling, and sensible, these essays should resonate in this era of economic turmoil.”
“Witty, compelling, and sensible, these essays should resonate in this era of economic turmoil.”
Library Journal
“Frank’s writing sparkles, and the topics, which include health care and the subprime-mortgage crisis, are timely.”
Product Details
Would you like to update product info or give feedback on images?
|
More About the Author
Discover books, learn about writers, read author blogs, and more.
Customer Reviews
Most Helpful Customer Reviews
14 of 18 people found the following review helpful
Format:Hardcover
I was quite enamored with Robert Frank's last popular economics book, The Economic Naturalist. I could barely summon the enthusiasm to finish this one, though.
A collection of columns Frank has written, this book gives short arguments in favor of Frank's opinions on old and new political debates, with most of the justifications for the arguments ostensibly from economics.
Perhaps it's the length restriction on the columns, but almost all of them come off as a collection of hasty generalizations and shoddy reasoning. For example, several times he justifies higher taxes on the rich because otherwise they would just spend their money on something frivolous like a new yacht. There may be lots of good justifications for taxes, but this isn't one of them - yacht companies employ people just like other companies do. Even when I agreed with Frank's conclusions, I felt embarrassed with the reasoning he used to arrive at them.
There are a few flashes of insight, and nuggets of wisdom interspersed, but ultimately this book seemed like a cheap cash in on the success of the last one.
A collection of columns Frank has written, this book gives short arguments in favor of Frank's opinions on old and new political debates, with most of the justifications for the arguments ostensibly from economics.
Perhaps it's the length restriction on the columns, but almost all of them come off as a collection of hasty generalizations and shoddy reasoning. For example, several times he justifies higher taxes on the rich because otherwise they would just spend their money on something frivolous like a new yacht. There may be lots of good justifications for taxes, but this isn't one of them - yacht companies employ people just like other companies do. Even when I agreed with Frank's conclusions, I felt embarrassed with the reasoning he used to arrive at them.
There are a few flashes of insight, and nuggets of wisdom interspersed, but ultimately this book seemed like a cheap cash in on the success of the last one.
15 of 20 people found the following review helpful
Format:Hardcover
Many of our most important decisions have strong economic components, not all of them obvious. This is especially true in the political world. Frank's "The Economic Naturalist's Field Guide" explores the often hidden reality behind a number of them in a collection of short essays previously published in the New York Times. (Pause for conservatives to scream about the NYT.)
Frank begins with income inequality, asserting that most countries tend to push against increasing income inequality, but in the U.S. we enact tax cuts for the wealthy and cut public services for the needy. However, even the wealthy have been made worse off, on balance, by recent tax cuts - per Frank. On the benefit side, tax cuts have led the wealthy to buy larger houses; however, since economic satisfaction if primarily established on a comparative basis, the primary effect is merely to redefine what qualifies as an acceptable dwelling. Meanwhile, deficits have led to cuts in financing for basic scientific research, public health, highway maintenance, "loose-nuke" security of former U.S.S.R. weapons - threatening the long-term economic prosperity of all, including the wealthy. (A bit of a stretch, but interesting.)
Frank then acknowledges that government does waste money from time to time (my experience in education, the military, and health care tell me he doesn't BEGIN to understand how much), but waste is not limited to the public sector. Watches, for example, cost up to $700,000. (I'd be embarrassed to wear one - mine was $29.95 at Wal-Mart, with Atomic accuracy.) More importantly, the middle-class and poor are more likely to spend any tax savings than the rich.
A corollary of the "it's-your-money" argument is that the government should never redistribute income from the rich to the poor. Frank says that no government follows this admonition, and it would sometimes harm the rich. For example, fewer than 10% of L.A. vehicles are over 15 years old, and they produce over half the smog. Further tightening new car standards is several times as costly as meeting standards by eliminating exemptions for older vehicles. Alternatively, raising taxes on high-income motorists could finance vouchers enabling low-income motorists to scrap their older vehicles. The required taxes would be much smaller than resulting savings from not having to adopt more costly standards for new vehicles.
Similarly, private health insurance in the U.S. delivers worse outcomes (47 million uninsured) and substantially higher costs (31% administrative costs) than single-payer systems (17% administrative costs in Canada) in most every other industrial country.
Frank also points out that the Earned Income Credit (EIC) does not discourage hiring, as do increases in the minimum wage.
Bush II tax cuts were rationalized on the basis that they would stimulate robust economic growth. However, the basic hiring criteria - taught even in Bush advisor textbooks, is that workers will be added whenever their output can be sold at prices exceeding added costs. (Me thinks Franks slipped a gear here. Tax cuts would increase the amount left after sales, and therefore also should increase hiring.)
Bush II proposed repeal of the estate tax. Doing so would reduce federal revenues by about $1 trillion from 2012 - 2021. To help reduce costs, Bush also proposed cutting veterans' health care, educational and vocational training, etc. When these cuts are associated with repealing the "death tax," voters are 4:1 against; when these cuts are not mentioned, voters are 3:1 in favor. Regardless, as it now stands, less than 1% will ever pay any estate tax.
Japanese CEOs earn less than 1/5 that of the American counterparts and face higher marginal tax rates on even that - similar to the U.S. situation in the 1950s. Ergo, says Frank, American CEOs don't need all that money and tax relief to be motivated.
Etc., etc., etc. - worth reading!
Frank begins with income inequality, asserting that most countries tend to push against increasing income inequality, but in the U.S. we enact tax cuts for the wealthy and cut public services for the needy. However, even the wealthy have been made worse off, on balance, by recent tax cuts - per Frank. On the benefit side, tax cuts have led the wealthy to buy larger houses; however, since economic satisfaction if primarily established on a comparative basis, the primary effect is merely to redefine what qualifies as an acceptable dwelling. Meanwhile, deficits have led to cuts in financing for basic scientific research, public health, highway maintenance, "loose-nuke" security of former U.S.S.R. weapons - threatening the long-term economic prosperity of all, including the wealthy. (A bit of a stretch, but interesting.)
Frank then acknowledges that government does waste money from time to time (my experience in education, the military, and health care tell me he doesn't BEGIN to understand how much), but waste is not limited to the public sector. Watches, for example, cost up to $700,000. (I'd be embarrassed to wear one - mine was $29.95 at Wal-Mart, with Atomic accuracy.) More importantly, the middle-class and poor are more likely to spend any tax savings than the rich.
A corollary of the "it's-your-money" argument is that the government should never redistribute income from the rich to the poor. Frank says that no government follows this admonition, and it would sometimes harm the rich. For example, fewer than 10% of L.A. vehicles are over 15 years old, and they produce over half the smog. Further tightening new car standards is several times as costly as meeting standards by eliminating exemptions for older vehicles. Alternatively, raising taxes on high-income motorists could finance vouchers enabling low-income motorists to scrap their older vehicles. The required taxes would be much smaller than resulting savings from not having to adopt more costly standards for new vehicles.
Similarly, private health insurance in the U.S. delivers worse outcomes (47 million uninsured) and substantially higher costs (31% administrative costs) than single-payer systems (17% administrative costs in Canada) in most every other industrial country.
Frank also points out that the Earned Income Credit (EIC) does not discourage hiring, as do increases in the minimum wage.
Bush II tax cuts were rationalized on the basis that they would stimulate robust economic growth. However, the basic hiring criteria - taught even in Bush advisor textbooks, is that workers will be added whenever their output can be sold at prices exceeding added costs. (Me thinks Franks slipped a gear here. Tax cuts would increase the amount left after sales, and therefore also should increase hiring.)
Bush II proposed repeal of the estate tax. Doing so would reduce federal revenues by about $1 trillion from 2012 - 2021. To help reduce costs, Bush also proposed cutting veterans' health care, educational and vocational training, etc. When these cuts are associated with repealing the "death tax," voters are 4:1 against; when these cuts are not mentioned, voters are 3:1 in favor. Regardless, as it now stands, less than 1% will ever pay any estate tax.
Japanese CEOs earn less than 1/5 that of the American counterparts and face higher marginal tax rates on even that - similar to the U.S. situation in the 1950s. Ergo, says Frank, American CEOs don't need all that money and tax relief to be motivated.
Etc., etc., etc. - worth reading!
3 of 4 people found the following review helpful
Format:Paperback
I will admit to only reading almost one chapter. Frankly I couldn't take it any more. The book seems to be mainly comprised of a compilation of popular magazine articles. The connecting material is choppy at best.
Here is one example of the economic principles espoused. He responds to the criticism that the government is wasteful by stating private citizens can be wasteful too. He then uses an example of some extremely wealthy individuals throwing ridiculously extravagant birthday parties for their children.
I would certainly agree that many people spend lots of money on things that I would not. If it is their money then it is their right. How does this make government waste right?
The book represents the author's plan for a planned society of mediocrity based on HIS value system.
Here is one example of the economic principles espoused. He responds to the criticism that the government is wasteful by stating private citizens can be wasteful too. He then uses an example of some extremely wealthy individuals throwing ridiculously extravagant birthday parties for their children.
I would certainly agree that many people spend lots of money on things that I would not. If it is their money then it is their right. How does this make government waste right?
The book represents the author's plan for a planned society of mediocrity based on HIS value system.
Most Recent Customer Reviews
Easy to read book on Economics
I enjoyed this book as Franks runs through a variety of scenarios. As an economist he approaches problems from the perspective of incentives. Read more
Published 15 months ago by freddybobs68k
Provides a host of theories on how to win in troubled times
The economic boom has ended and the connections between money and happiness have become quite tenuous: THE ECONOMIC NATURALIST'S FIELD GUIDE discusses this link, considers how the... Read more
Published on September 14, 2009 by Midwest Book Review
Sophmoric solutions
Good that Dr. Frank is a college professor. He should feel right at home theorizing with juvenile minds. Read more
Published on July 2, 2009 by Barry Clapp
Interesting Perspectives on an Array of Economic Issues
There have been a number of books published recently covering economic principles and their applications to the world we see around us (e.g., Freakonomics and Armchair Economist). Read more
Published on June 15, 2009 by Taher Haveliwala
The Economic Naturalist's Field Guide: Common Sense Principles for...
Dr. Frank's starts with the premise that we live and work for the right to pay taxes. Dr. Frank has a vested interest in higher taxes because the taxpayer pays his salary. Read more
Published on May 29, 2009 by Audrey Ihrig
Inside This Book
(learn more)
Browse and search another edition of this book.
Browse and search another edition of this book.
Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
What Other Items Do Customers Buy After Viewing This Item?
Suggested Tags from Similar Products(What's this?)Be the first one to add a relevant tag (keyword that's strongly related to this product).
|
Customer Discussions
|
This product's forum
Active discussions in related forums
Search Customer Discussions
|
Related forums
|
So You'd Like to...
|
|
