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The Truth about Economics: A critical thinking guide for Students, Parents, Teachers and Citizens Paperback – December 2, 2017

3.6 3.6 out of 5 stars 5 ratings

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This book presents a fascinating story about how academia got it all wrong. Was it an academic conspiracy? Was it peculiar social pressures in academia? Regardless of how it all came about, it is time to teach our children financial literacy instead of economics. Financial literacy is a course that prepares our children for success in today’s economic society. Typical economics courses do nothing to prepare your child for understanding day to day economic responsibility. This book presents the reasons to join the battle. It is time to stand up and demand relevant education from your state education system.

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Editorial Reviews

Review

"Michael Ryan's conclusion is100% correct. America is in desperate need of more financial education andliteracy. Economics is theory and of interest to a few, while financialliteracy is of practical importance to everyone, every day." Charles Schwab, Founder Charles Schwab Corporation

About the Author

Michael Ryan is a former high-tech executive with over twenty years experience guiding major corporations through the technology changes that have transformed American business. His engineering foundation, coupled with his financial expertise, provided the perfect fit for navigating the new environments. He retired early to pursue avenues that gave back to his community. One of those avenues was teaching high school math.

Product details

  • Publisher ‏ : ‎ Gatekeeper Press (December 2, 2017)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 238 pages
  • ISBN-10 ‏ : ‎ 1619848333
  • ISBN-13 ‏ : ‎ 978-1619848337
  • Item Weight ‏ : ‎ 11.4 ounces
  • Dimensions ‏ : ‎ 6 x 0.54 x 9 inches
  • Customer Reviews:
    3.6 3.6 out of 5 stars 5 ratings

About the author

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Michael Ryan
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Michael Ryan is a former high-tech executive with over twenty years experience guiding major corporations through the technology changes that have transformed American business. His engineering foundation from Texas A&M, coupled with his financial expertise from UC Berkeley, provided the perfect fit for navigating the new environments.

His success allowed him to retire early and pursue avenues that gave back to his community most importantly through teaching. His obsession with details and his communication skills were equally successful in the classroom. They prepared him perfectly to write this book about education. His analytical approach uncovers a fascinating story about economic theories, their weaknesses, and how the theories persisted, even though there was ample evidence they should be discarded. His hope is to change our educational curriculum to better serve our children by teaching them personal finance instead of weak economic theories that are of no value in the workplace.

His former employer and CEO at Charles Schwab, provided the following endorsement:

"Michael Ryan’s conclusion is 100% correct. America is in desperate need of more financial education and literacy. Economics is theory and of interest to a few, while financial literacy is of practical importance to everyone, every day." Charles Schwab, CEO Charles Schwab Corporation

Customer reviews

3.6 out of 5 stars
5 global ratings

Top reviews from the United States

Reviewed in the United States on December 26, 2017
Ryan is definitely thinking critically about various economic issues, and is sincere in his approach in a way that is accessible to students at the high school and college level. Compared with Keen's  Debunking Economics - Revised and Expanded Edition: The Naked Emperor Dethroned? , this text is more accessible to both instructors and students.
Reviewed in the United States on December 7, 2017
An extremely flawed book. Mr. Ryan seems to have never taken an introductory college level economics course. His criticisms of economic models reveal a basic lack of understanding on his part.

To be fair, there are real criticisms that could be made of economics. The viability of the Phillips curve has been recently thrown into question for example. But the criticisms Mr. Ryan makes are not reasonable as they misconstrue and misrepresent basic economic theory. He attacks straw men that do not represent the theories he is claiming to disprove.

Note: I did not buy this book, I read the chapters Mr. Ryan posted to the AP economics forum and the chapters he posted on his website.
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Reviewed in the United States on December 21, 2017
I was delighted with this book, not least because of the application of logic to the topic. This is a cogent and closely argued critique of economics with a particular focus on those aspects regularly taught as "truth" to senior high school and college students. I would guess readers will be clearly divided into those cheering Michael Ryan on, and those who want his blood for going after sacred economic dogma. The book was an excellent read, and a good stone upon which to sharpen ones brain, whatever the final opinion. I will note that the argument develops from foundation to conclusion chapter to chapter, and the only reason I can think that another person gave it one star is that they admittedly read only excerpted chapters.
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Reviewed in the United States on February 20, 2018
I just read Mr. Ryan's book and found it reflected my views on Economic theory. When I took micro and macro economics back in college I found that these courses were not very educational and really didn't prepare me for the Real World. I appreciate Mr. Ryan's view that instead of taking the current economic courses, the focus should align with financial literacy. We need to teach our kids financial basics such as budgeting, banking, investing and planning for retirement. As college students graduate and take on jobs, they need to know these basics which are not taught in high school or in most college programs. We should not be surprised that people do not plan for retirement the way they should, because no one teaches these basics. I think this book does a great job in building the case for changing the focus from economics to financial literacy.
Reviewed in the United States on May 14, 2018
There are two key findings from the book –
1. Economic theory, as taught in an Econ 101 class, explains imaginary conditions that are not found in the real world.
2. Our state education systems fail our children every day by not teaching them relevant and practical skills required for financial prosperity, i.e. a curriculum referred to as Financial Literacy.

The book is excellent reading for anyone thinking about going into economics or who thinks that economics has much to do with financial literacy and financial educations. It does not.

Many of us have had years of economics with no improvement in critical thinking or financial skills, but we did make Samuelson rich.

Read this book and then focus on financial education for critical thinking and useful life skills.