Naked Economics: Undressing the Dismal Science
Author: Charles Wheelan
List Price: $15.95
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ISBN: 0393324869
Publisher: W.W. Norton & Company (September, 2003)
Sales Rank: 5,761
Average Customer Rating: 4.68 out of 5
Customer Reviews
Rating: 5 out of 5
A Fun Read That Met All of My Criteria!
Wheelan has done what no one else seems to have been able to do: write a non-technical economics book that avoids the fatal flaws of many others in the genre, presents all of the major areas of economics, does not insult the adult learner, and keeps the reader's attention from cover to cover. As an economics instructor at the principles through graduate level, I've searched high and low for such a book, and finally found in "Naked Economics" one that passes all of my screens. First, there are no graphs or formulas. Yet Wheelan has been able to capture virtually all of the basic lessons that are found in entry-level econ texts. The book covers micro, macro, monetary, labor and global economics. There are a number of fine non-technical econ. books on the market that focus on microeconomics (David Friedman, "Hidden Order" being one example), but have little to say about macro-, monetary or international economics, except in passing. Also, Wheelan offers brief but sound economic advice on personal investing. Thirdly, the book is politically well balanced. Neither the right nor the left get off scott-free, as Wheelan picks apart each side's weaknesses yet gives credit where sound economics supports a particular position. This aspect alone leaves it head and shoulders above its competitors, which in many cases are more polemics than economics. Wheelan is an economic journalist with a Ph.D., and happily, it shows. He weaves economic lessons with daily life and world events so smoothly that the reader is unaware that he or she has been learning the dismal science. Economics text writers can take a lesson from him.
Rating: 5 out of 5
A primer in ¿the big picture¿
For those that have not yet had the chance to be exposed to or do not completely understand the fundamental principals that govern the world's economy, Naked Economics presents simply, elegantly and with numerous examples, the basic principals which can cause an economic explosion to turn into a depression or vice-versa. Though, as Wheelan states a number of times through the book, economics may not have all of the answers, it can certainly help us understand what the right questions to be asking in a particular situation are.The book explains important economic concepts such as externalities (when a person or group does not pay fully for the economic, social, etc. costs of their actions) and resource valuation, but more importantly applies them to real-world situations (why is Bill Gates' house bigger then mine?; why do pour countries seem to get pourer?)
The book is written as a dialog between author and writer and avoids confusing matters by presenting equations and charts. Instead, concepts are explained and applied making the book accessible to those with virtually no knowledge of economics.
If you are interested in knowing more about economics and how it effects the world around you or if you need a bigger-picture overview to help with understanding specific areas of economic study, this book is for you.
Rating: 5 out of 5
A sound, objective introduction to modern economics
Surprising as it may sound, I was not able to put this book down.Now, while I didn't buy the book (I checked it out at my local library), I wouldn't mind having it on my shelf as a future reference. Having read some of Milton Friedman's work, I found Wheelan's writing much more refreshing and easier to grasp. Wheelan's book focuses much more on the "science" of economics than the merits of the free-market system, though he is obviously in favor of such markets.
Wheelan's explanation of the FED seemed more attainable to me than what Friedman put forth in Free to Choose.
All in all, anyone looking to a sound introduction to the market economy should check this book out.
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