Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your mobile phone number.
ec·o·nom·ics: a simple twist on normalcy: a blend of pop culture, economics, and social trends Paperback – March 5, 2012
|New from||Used from|
About the Author
Kersten L. Kelly is a self-published author of narrative non-fiction and semi-fiction books. She grew up in Munster, Indiana, and currently works in a sales role based out of Chicago, Illinois. She started writing at an early age and graduated from Indiana University with a dual Bachelor’s Degree in Economics and Communication & Culture. She then went on to earn a Master’s in Business Administration from the Kelley School of Business at Indiana University. She has a passion for learning, teaching, and writing as well as international travel in her spare time.
Author interviews, book reviews, editors picks, and more. Read it now
Top customer reviews
There was a problem filtering reviews right now. Please try again later.
the housing bubble and many other topical items in contemporary economics.
Gasoline is an example of an inelastic good for consumers dependent upon a car. Cigarettes are an inelastic good for people who smoke. There are substitutes like artificial cigarettes, but these don't provide the same thrill. Increases in the price don't impact demand substantially. There are no available goods that provide the same substitute for a cigarette. Higher taxes will not entice enough people to quit smoking. The known health consequences of smoking don't preclude investors from purchasing tobacco company stocks.
Kirsten L. Kelly discusses pharmaceutical patent monopolies in some detail. Traditionally, expiring pharmaceutical patents have provided opportunities for other manufacturers to develop generic versions of the basic formulation. The author's discussion does not include other available modalities like nutrition, vitamin support, diet and exercise.
For instance, there are supplements like blood sugar balance which
seek to normalize glucose levels with proprietary combinations of
substances like magnesium, zinc, elemental chromium, bitter melon,
lipoic acid, quercitin and vanadium. In addition, the author does
not discuss that the word cure cannot be utilized in connection with
any treatment or modality. This requirement will comply with the
Food and Drug Administration protocols which discourage manufacturers
from claiming cures on treatment modalities designed to manage pain
and the symptoms thereof.
The author discusses some of the coping strategies employed by consumers
during the Great Recession. People used coupons as an outlet to replace
lost jobs. Barter was another method employed to conduct trade when
people did not have cash. McDonald's grew during the recession by
offering the Dollar Menu and other customized products which appealed
to the cost conscious consumers.
McDonald's does offer some health food choices like fish sandwiches,
eggs, salads, tea and yogurt. These choices are better for dieters.
Overall, the author believes that food should be set forth in
advertising as a need and not a want. The use of the word lean
is preferable over providing fat content.
The author discusses the housing bubble, bad mortgage lending practices
and foreclosures. These problems could have been lessened by employing
standard lending practices in place by lending institutions for decades.
Aside from this, the author did not mention about increasing Section 8
which provides people with housing without the downside of risky
mortgages for people who can't afford to repay.
All or most of the lending paperwork is avoided. Unsound uses
of properties are avoided like utilizing equity for frivolous
purposes. Traditionally, equity should be used to upgrade income
producing properties, trade up to better properties or build
upon the owner's existing stock of income producing properties
in the portfolio.
The author provides data to show how lifetime earnings increase for the
college educated over people with no college. There should be more
discussion about the incomes of workers in the skilled trades, as
well as small business proprietors.
Economics: A Simple Twist on Normalcy by Kirsten L. Kelly is a good book
to read for consumers who wish to understand the economics of households.
The presentation is easy to read, although the discussion of game theory
and economic payoffs could be elusive for readers who are not familiar
with probabilistic scenarios or conditional probabilities.
Book Review: Economics: A Simple Twist on Normalcy by Kirsten L. Kelly
First Published on Blogcritics
If you've ever wondered what people meant exactly when they said things like "it's because of the economy" or "oh, you know, the economy," this book is for you. If you want to learn more about the world around you but can't stand sitting through textbook after textbook or lecture after lecture, this book is for you.
Kelly breaks down economics in a way that is understandable for ordinary people. Regardless of your profession, whether you're a stay-at-home mom or a doctor, this book has something for you. Maybe you just want to learn how to survive when everyone complains that "the economy is bad." That's fine. This book is for you, too.
I really, really enjoyed this book. I couldn't put it down. Everything is really easy to understand and for me, that's a huge thing. I love to read, but I also get bored easily when it comes to textbooks. I wish there were more books like this that broke down difficult topics in a way that readers can truly relate to without feeling like they're being talked down to.
Yeah, what our bucket-lister came up with is ec-o-nom-ics, a (micro)economic take on everyday life in the spirit of a more familiar Freakonomics. In Kelly's somewhat nerdy, awkward-yet-adorable voice, she marches us through her pseudo-academic analyses of the economics behind a motley mish-mash of today topics like Groupons, on-line dating, and cigarette marketing. That's when she's at her best; Kelly is an sophomoric marketer, not a scholarly economist, and is much more qualified to evaluate the pricing strategies behind the McDonald's value menu or Match.com's approach to advertising than pull off the Paul Krugman-next-door she attempts. And thus, sadly, ec-o-nom-ics largely doesn't work.
Kelly's first downfall is a tendency to make extraordinary claims without the obligatory extraordinary evidence--indeed, often with no evidence at all. Her analysis of the contemporary job market is based on a dinner conversation with her father, in which he discussed his pension. Her nonchalant criticisms of caricatured home buyers who, she says, failed to "take ownership" of their homes during the recent foreclosure crisis are wholly unsupported, and inaccurate. Meanwhile, Kelly cheerily celebrates the advent of "extreme couponing," by which (she claims) workers who became unemployed in the recent recession were able to maintain their pre-unemployment lifestyles by diligently clipping coupons and making strategic use of double- and triple-coupon offers. Yet she fails to identify even a single "extreme couponer," and offers only a hypothetical shopping trip (on which the clever use of coupons supposedly enables a shopper to acquire $1,435.87 worth of merchandise for only $143.59)--conspicuously absent is a real-life example of any such bargain hunt.
Kelly's second problem is a tendency to drift blithely between economics, psychology, and other topics without appearing to notice the implications. As an example, one of the only empirical studies Kelly discusses is Amos Tversky & Daniel Kahneman's work on framing, which showed that peoples' choices are often heavily influenced by the way those choices are presented. A cancer patient's preference for surgical vs. radiation treatment, for instance, may be significantly affected by whether the mortality statistics are expressed in terms of a survival rate or a death rate. This is perfectly irrational, of course, fully at odds with the foundational economic principle that consumers make rational choices designed to maximize their utility. That the framing effect is psychology's rock to economics' scissors is lost on Kelly, however, who fails to perceive the division-line separating economics from marketing, and presents the concept as a staple of economic theory.
That's annoying. But where where Kelly truly falls off a cliff is when she attempts to economically analyze topics outside her Jamba Juice-Urban Outfitters wheelhouse. The best case in point here is her discussion of the Cuban Missile Crisis, which--apart from a cereal-box historical perspective on the event--she diagnoses as a classic case of what game theorists call a "prisoners' dilemma." The prisoners' dilemma is an analytical model economists use to predict decision-making in oligarchic markets, especially bi-lateral ones (e.g., Coke vs. Pepsi, Energizer vs. Duracell, etc.). Political scientists also use game theories to analyze international confrontations such as the CMC, as Kelly attempts here. The problem, however, is that the CMC is the archetype of a completely different model--chicken, a game with a completely different decision-matrix than prisoners' dilemma. Sigh. Suffice it to say that, had the CMC indeed been a prisoners' dilemma, chances are the world would have ended in 1962. I don't suppose one would continue reading a literary critic who deemed Moby Dick to be Hemingway's best novel, or an art historian who adored Matisse's Guernica. But I read an economist with a bucket list. And an MBA.
Most recent customer reviews
I was excited to delve into this book.Read more