Naked Economics: Undressing the Dismal Science by Charles Wheelan, Burton G. Malkiel

By Charles Wheelan, Burton G. Malkiel

“Explains our worldwide economic system in a manner that's (gasp!) truly entertaining.”—Book Magazine

Finally! A publication approximately economics that won’t positioned you to sleep. in reality, you won’t have the capacity to placed this bestseller down. In our tough financial system, this perennial favourite of scholars and common readers is greater than a very good learn, it’s an important investment—with a blessedly certain cost of go back. Demystifying buzzwords, laying naked the truths in the back of oft-quoted numbers, and answering the questions you have been constantly too embarrassed to invite, the breezy Naked Economics supplies readers the instruments they should have interaction with excitement and self belief within the deeply proper, not so dismal science.

This revised and up-to-date variation provides statement on sizzling issues, together with the present fiscal difficulty, globalization, the economics of data, the intersection of economics and politics, and the history—and future—of the Federal Reserve.

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Sample text

Why is economics the butt of so many jokes, and why do students often become glassy-eyed when confronted with the study of economics as a discipline? The reasons, I think, are that economists generally do not write well and that most economics texts rely far too much on algebraic manipulation and complex diagrams. Moreover, few economists are able to transmit the considerable excitement of economic analysis or to show its relevance to everyday life. This book by Charles Wheelan changes all that.

No. She simply derived more utility from saving her money and eventually giving it away than she would have from spending it on a big-screen TV or a fancy apartment. Okay, but that was just money. How about Wesley Autrey, a fifty-year-old construction worker in New York City. He was waiting for the subway in Upper Manhattan with his two young daughters in January 2007 when a stranger nearby began having convulsions and then fell on the train tracks. If this wasn’t bad enough, the Number 1 train was already visible as it approached the station.

There are an infinite number of things that we could be doing at any time. Indeed, every decision that we make involves some kind of trade-off. We may trade off utility now against utility in the future. For example, you may derive some satisfaction from whacking your boss on the head with a canoe paddle at the annual company picnic. But that momentary burst of utility would presumably be more than offset by the disutility of spending many years in a federal prison. ) More seriously, many of our important decisions involve balancing the value of consumption now against consumption in the future.

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