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Sean Masaki Flynn

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Economics For Dummies 2Nd E Paperback – April 8, 2011

by PhD Sean Flynn (Author)

364 ratings

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Economics For Dummies, 3rd Edition
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Grasp the history, principles, theories, and terminology of economics with this updated bestseller

Since the initial publication of Economics For Dummies in 2005, the U.S. has endured a number of drastic changes and events that sent its economy into a tailspin. This newly revised edition presents updated material about the recent financial crisis and the steps taken to repair it.

Packed with refreshed information and relevant new examples from today's economy, it gives you a straightforward, easy-to-grasp understanding of how the economy functions-and how it influences personal finances.

New information on deciphering consumer behavior
Refresh coverage of fiscal and monetary policies
A new chapter on health care policy and the financial crisis

Presenting complex theories in simple terms and helping you decode the jargon, understand the equations, and debunk the common misconceptions, Economics For Dummies tackles the topic in terms you can understand.

Print length

408 pages
Language

English
Publisher

John Wiley &Sons
Publication date

April 8, 2011
Dimensions

7.38 x 0.92 x 9.25 inches
ISBN-10

0470879483
ISBN-13

978-0470879481
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Editorial Reviews

From the Back Cover

Grasp the history, principles, theories, and terminology of economics

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

Learn to:

Decipher consumer behavior
Use the model of supply and demand
Identify factors that lead to inflation
Understand fiscal and monetary policies

About the Author

Sean Flynn, PhD, is an assistant professor of economics at Scripps College in Claremont, California. He is an active resource on the topic of economics in both the academic community and the media. He has been a guest expert on NPR and has been interviewed for articles on Forbes.com.

Product details

Publisher ‏ : ‎ John Wiley &Sons; 2nd edition (April 8, 2011)
Language ‏ : ‎ English
Paperback ‏ : ‎ 408 pages
ISBN-10 ‏ : ‎ 0470879483
ISBN-13 ‏ : ‎ 978-0470879481
Item Weight ‏ : ‎ 1.19 pounds
Dimensions ‏ : ‎ 7.38 x 0.92 x 9.25 inches

Best Sellers Rank: #968,688 in Books (See Top 100 in Books)
- #18,418 in Economics (Books)

Customer Reviews:
364 ratings

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5 star		58%
4 star		24%
3 star		8%
2 star		4%
1 star		6%

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flamingo

I didn't feel like paying hundreds of dollars for a basic understanding of ...

Reviewed in the United States on October 3, 2015

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I got this for some self-education. I didn't feel like paying hundreds of dollars for a basic understanding of a concept I'm not familiar with. It seems to get into the weeds a little bit but it keeps it fairly simple for people who have never been exposed to economics or have forgotten anything they might have learned in school. I would recommend it for someone who would like a refresher of economics concepts or if they need an introduction to it. There's plenty of space in the margins if you want to make notes, which is a bonus for me. I'm not a big fan of writing in books but sometimes you have to bite the bullet and make notes as you go.

2 people found this helpful

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Herbert Gintis

Especially Strong on the Theory of Market Intervention

Reviewed in the United States on September 22, 2011

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I will actually discuss three books in this review. All are books on self-learning of economic theory for serious beginners.

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. Alternatively, you can simply buy one of the leading undergraduate textbooks and plow through it. The textbook will be more demanding, very fat, and quite expensive. Before doing this, I advise that you tackle one or more of the above volumes. They are all quite good, and it wouldn't hurt to read them all. But, here are my impressions.

Economics for Dummies is the most sophisticated of the three books and covers extremely important material left out of the others. This includes an analysis of property right, market externality, public goods, asymmetric information, and other absolutely fundamental aspects of modern economic theory, which is really the theory of the interaction between markets and macroeconomic regulation for efficiency and stability. It rather weak on national income accounting (none of the books is strong in this very difficult area), and it does no general equilibrium analysis (e.g., the very instructive Edgeworth box is missing). Finally, the book rather slights statistical information on the economy and give little historical perspective.

The Complete Idiot's Guide to Economics is a little out of date (2003), and is especially concerned with regulatory policy in dealing with volatile economies. It has lots of interesting statistics, and gives a detailed explanation of the Federal Reserve and its operation. It is similarly strong on analyzing international trade and exchange rates. Read this after Economics for Dummies.

Economics: A Self-Teaching Guide cannot deal with recent economic issues because it was published in 1999, but it is well worth reading. It is especially strong on economic history and it presents in some detain the various schools of thought in macroeconomic theory. It also does considerable national income accounting, which I consider a prerequisite to understanding current economic issues. Its microeconomics sections are rather brief. It is certainly not a substitute for Economics for Dummies.

If readers have comments and/or suggestions of these or other candidates for learning basic economic theory, please pass them on to me.

68 people found this helpful

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Timothy bob

Great book

Reviewed in the United States on February 5, 2020

Verified Purchase

This book was brilliant. I learned wise investment practices as well. Good professor humor to lighten things up. Ever consider bonds vs savings accounts? Ever consider trade deficits? This book has all of it. I think it ended my curiosity of economics.

Reviewed in the United States on May 1, 2016

Verified Purchase

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. It gets plenty complicated for one who has not studied economics; that is to say, it is not fluff, or shallow.

8 people found this helpful

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P. J Raimondi

Great Introductory Book

Reviewed in the United States on November 30, 2012

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Before I read this book, I knew nothing about Economics, but I was interested in the topic.
My intention was to find a book that was easy to read, something that was enjoyable and not dry.
I wanted to learn about Economics and not get discouraged after a few pages.

Sean Masaki Flynn is a great author, I think he did a great job.

The book is broken down into 2 parts:

Micro and Macro Economics, he tackles all the issues under both umbrellas in a clear and accurate manner.
From topics as simple as Supply and Demand to topics like fiscal policy, marginal utility and the law of demand..
This book is essential for everyone.

I originally purchased the electronic version and read it on my computer, then I purchased the actually book to have as a reference, just to give you an idea.

I'm happy I read this book, because it allows me to read other books that are more advanced.

5 people found this helpful

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Crotchety old man

Awesome book for understanding the complexities of economics

Reviewed in the United States on November 16, 2015

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Awesome book for understanding the complexities of economics! Granted, it won't turn you into an economic guru, but you will no longer be befuddled and left in the dust listening to idiot politicians arguing with professional economists over how everything they know is wrong.

4 people found this helpful

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Marcia Burns

What I Should Have Learned in Econ 101

Reviewed in the United States on May 22, 2011

Vine Customer Review of Free Product( What's this? )Verified Purchase

Had I read Economics for Dummies before I took the Econ 101, the class would have made much more sense. I finally understand how the government puts money into the economy, why many stimulus measures may not work at all, and the futility of price supports. While my huge Econ textbook contained arcane terms and copious footnotes, it's nice to know that the basic concepts of economics depend on neither of these. I suspect the author of having conservative leanings, and I suspect that some of his arguments are either oversimplified or have another side not presented here, but for the modest price of this book, I certainly gained insight for evaluating the political fray which is currently taking place and really obtained more useful information than I gained in the $1,000 class. (This book was provided to me by the Amazon Vine program, but I also bought a copy for my Kindle; every time I had a moment to read the free copy, I found it in my husband's hands! Oh, by the way, much as I love my Kindle, this is not a good book to read there. Increasing the type size does not increase the size of the formulas, leaving them very difficult to read.)

55 people found this helpful

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Dachon Hogan

This is what I want to learn

Reviewed in the United States on August 1, 2019

Verified Purchase

have not read it yet but it looks good

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Ricci

Economics for .. fairly intelligent Dummies

Reviewed in the United Kingdom on May 24, 2017

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I thought I would put my Kindle on speech mode & let this book educate me while I got on with the washing up. But I'm not as bright a dummy as I thought. I kept having to dry my hands, pick up the e-reader & concentrate properly. There's a fair bit of maths. There's sometimes a tendancy to labour a point (no pun intended). There's an extremely useful glossary at the back. I thought of awarding 5 stars, but this is still the only economics book I've read - I intend to continue studying - so it remains to be seen exactly how good "Economics for Dummies" is as an introduction. I'm optimistic though.

11 people found this helpful

lakie

As you expect with the dummies series, this book explains the key themes to scholars

Reviewed in the United Kingdom on March 4, 2020

Verified Purchase

the scholars are told key themes, bulleted so you can read this anywhere and then go back to expand on any of the terms or ideas raised. I have learned a lot from this book about the basic theory, formulas, ideas and key principles and may choose to study this in the future.

One person found this helpful

Natasha Hill

Great

Reviewed in the United Kingdom on August 23, 2019

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Explains economics in a really easy to understand way - well duh it’s for dummies.
If you want to know more about the economy but have 0 knowledge like myself would recommend purchasing

2 people found this helpful

Reviewer

Very good introduction to basic economics and highly reccomended for a ...

Reviewed in the United Kingdom on April 15, 2017

Verified Purchase

Very good introduction to basic economics and highly reccomended for a generall overview of the subject to get one started. Easy to follow, explained with clarity and warmth too. All economic jargon used is explained in an easy to understand way, as well as the model graphs and equations.

5 people found this helpful

In the glen

Great way to start

Reviewed in the United Kingdom on August 20, 2019

Verified Purchase

Perfect for a novice

2 people found this helpful

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Economics For Dummies 2Nd E Paperback – April 8, 2011

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