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Economics For Dummies Paperback – March 25, 2011
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From the Back Cover
Want to know more about the recent financial crisis and the steps taken to repair it? Packed with information and relevant new examples from today's economy, this updated, best-selling guide gives you a straightforward, easy-to-grasp understanding of how the economy functions — and how it influences personal finances.
The science of scarcity — discover how economics is all about scarcity, and how it forces people to make tradeoffs for desired goods and services
Oh, behave! — learn about theories on behavior (micro-economics) to better understand what motivates a firm to produce a given output, and how buyers and sellers interact in markets to distribute that output
Put it to the test — find out how to apply theories onmicroeconomics to shed light on real-world scenarios, likethe high cost of health insurance, why it's so hard to find aquality used car, and much more
Get the big picture — take a look at the economy from the top (macroeconomics) to find out how economic growth andstability is dealt with at national and international levels
Open the book and find:
How the government fightsrecessions and unemployment
Why international trade is good for nations (and individuals)
What's behind the goods andservices you might take for granted
Reasons monopolies are bad
Who is controlling your money (and inflation)
Policies that can cause more harm than good
How the simple "supply anddemand" model easily explains the price of everything
The effects of taxation on society
Decipher consumer behavior
Use the model of supply and demand
Identify factors that lead to inflation
Understand fiscal and monetary policies
About the Author
Top Customer Reviews
Although a business management degree required me to take several courses in economics over 20 years ago, I was well aware then that the subject matter was far more complex and deep than any of the overview courses I took. Needless to say, only the most basic economic principles have stuck with me over the years. Fast forward to today, with the economy being such an important issue in our lives, and ECONOMICS FOR DUMMIES seemed logical as both a refresher course and a reference. While I thought the presentation of economic s was as good as any of the "for Dummies" books, I quickly understood the reason I never retained the old college course material in the first place ... the subject matter is simply tedious. Face it, economics is a specialized and involved field of study that requires an attention span of more than a passing interest. In other words, economics is not for dummies at all.
What I like about ECONOMICS FOR DUMMIES is the standard "Dummies" format with the icons in the margins that allows the reader to distinguish what material is important to remember from the material that is superfluous. There are plenty of real-life scenarios presented to further illustrate the various economic concepts. What gets complicated is that the foundation of basic principles is compounded by so many intervening variables that the material may quickly overwhelm a reader.Read more ›
Sean Flynn, Economics For Dummies (Wiley, 2011)
Tom Gorman, The Complete Idiot's Guide to Economics (Penguin, 2003)
Steve Slavin, Economics: A Self-Teaching Guide (Wiley, 1999)
People often ask me what to read to learn the type of basic economic theory that is taught in university graduate and undergraduate courses. This is somewhat difficult because most writers for the general public have some sort of political axe to grind and present a one-sided version of the theory, or a complete alternative to the theory. I have nothing against such writers, but I will always suggest that readers also/instead of/before reading these political pleadings, find out what the general "received wisdom" is.
It may seem that there is no "received wisdom" that is shared by most economists, but this is not the case. Except in the area of macroeconomic policy, there are few disagreements. In the macroeconomic area, the standard models are pretty awful, but economic policy types have deeper problems: general models can show you the general direction of effects, but when there are offsetting directions, only quantitative evidence can supply a credible answer. For instance, increasing government expenditure to lower the unemployment rate may be offset by the effects of government debt on interest, inflation, and growth rates. Only careful attention to details can determine the net effect of the policy, and even this is subject to significant error. However, you cannot even begin to assess economic policy seriously unless you know basic economic theory.
The books reviewed here are basic starting points for gaining a facility in economic theory.Read more ›
My verdict? Certainly this book takes you back to school and requires some dedication to obtaining its concepts. I was expecting more of a high level approach but found that it's significantly detailed in concepts with charts, graphs, and formulae. It's not a casual read and I will admit to skipping to topics of interest to prevent being overwhelmed by topics i didn't have relative references to. I find now that I use it as a reference to topics to better understand what I run into. QE2 is no longer a ship to me.
i did like the end of the book in which the author covered the bubble and financial crisis. He does so without coloring it with politics and evenly details aspects that impacted the crisis. It's no longer effective to just demonize Wall Street, Main Street or the Government. All three's impacts were reviewed in a way that helps understand without pushing a bias. Good book, I'd recommend it. If your ego won't let you carry a dummies' book, get the Kindle version :)
Most Recent Customer Reviews
Needed this for a college course. Saved my butt. Will save your butt too. I had to read through this twice because I needed to pass that final exam. Read morePublished 7 days ago by thedude_888
The book is great because it introduces you to many economic concepts. But it's far too right wing. I'm almost halfway through and I'm finding it difficult to continuePublished 1 month ago by Lexie
I wanted to start learning economics (I'm a software engineer by trade) and this book is a great place to start! Read morePublished 1 month ago by omrip
I bought this thinking it was an updated version. I actually read in the description that it was. Turns out, this version in pre recession, which is useless smh. Don't buy.Published 2 months ago by Amazon Customer
Many of these books should not be labeled "for Dummies." This book is a great book from which to learn the basics of economics. It is NOT dummied-down in any manner. Read morePublished 3 months ago by Michael J.