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Naked Economics: Uncovering the Hidden Forces Shaping Our World
Are you fascinated by the unseen forces that drive our everyday lives? Do you ever wonder why things cost what they do, or how markets really work? Then you're ready to delve into the world of "Naked Economics." This isn't about stuffy textbooks and complex formulas. This post will peel back the layers of economic jargon to reveal the surprisingly simple, yet powerful, principles that shape our world, from the price of a cup of coffee to global trade agreements. We'll explore the core concepts of economics in an accessible and engaging way, using real-world examples to illustrate how these principles affect you every day. Prepare to see the world through a new, economically-informed lens.
H2: What is Naked Economics and Why Should You Care?
"Naked Economics: Undressing the Dismal Science," the book by Charles Wheelan, popularized the idea of making economics understandable and relevant to the average person. It's about stripping away the complex mathematical models and theoretical jargon to reveal the fundamental principles that underpin economic decisions. Why should you care? Because understanding economics isn't just for economists. It empowers you to:
Make better financial decisions: From understanding mortgages to investing wisely, a grasp of basic economic principles gives you a significant advantage.
Become a more informed citizen: Economic policies directly impact your life. Understanding these policies allows you to participate more effectively in the democratic process.
Navigate the global marketplace: In an increasingly interconnected world, understanding global trade, supply chains, and international economics is crucial.
Understand human behavior: Economics isn't just about money; it's about human choices and incentives, offering valuable insights into how people behave in different situations.
H2: Key Concepts Explained Simply: Supply and Demand
One of the most fundamental concepts in economics is the interplay of supply and demand. Simply put:
Supply: The quantity of a good or service that producers are willing and able to offer at a given price.
Demand: The quantity of a good or service that consumers are willing and able to buy at a given price.
These two forces interact to determine the market price. When demand is high and supply is low, prices tend to rise. Conversely, when supply is high and demand is low, prices fall. This seemingly simple concept explains everything from fluctuating gas prices to the cost of concert tickets.
H3: Understanding Market Equilibrium
The point where supply and demand meet is called market equilibrium – the price at which the quantity supplied equals the quantity demanded. It's the ideal state for a free market, though in reality, markets are constantly shifting in response to changing conditions.
H2: Beyond Supply and Demand: The Power of Incentives
Incentives are the driving force behind much of human behavior, and economics provides a framework for understanding how they work. Incentives can be positive (rewards) or negative (punishments), and they shape our decisions in countless ways. For example, higher taxes on cigarettes (a negative incentive) are designed to discourage smoking.
H3: Unintended Consequences: The Law of Unintended Consequences
Economic policies often have unintended consequences. For example, a minimum wage increase, intended to help low-wage workers, might lead to job losses if businesses can't afford to pay the higher wage. Understanding these potential consequences is critical for effective policymaking.
H2: The Role of Government in the Economy
Governments play a significant role in shaping economies through various policies, including taxation, regulation, and social programs. The extent of government intervention is a subject of ongoing debate, with differing views on the appropriate level of government involvement.
H3: Understanding Macroeconomics and Microeconomics
Economics is broadly divided into two branches:
Microeconomics: Focuses on the behavior of individual economic agents, such as consumers, businesses, and industries.
Macroeconomics: Deals with the economy as a whole, examining factors such as inflation, unemployment, and economic growth.
Understanding both perspectives provides a comprehensive understanding of the economic landscape.
H2: Applying Naked Economics to Your Everyday Life
The principles of "Naked Economics" aren't just theoretical concepts; they're relevant to your daily decisions. From choosing a career path to managing your personal finances, understanding basic economic principles can significantly improve your life.
Conclusion
"Naked Economics" offers a powerful framework for understanding the world around us. By stripping away the complexity and jargon, we can grasp the fundamental principles that shape our decisions, influence markets, and drive global events. Armed with this knowledge, we become more informed citizens, better decision-makers, and more effective participants in the global economy. So, ditch the complex formulas and embrace the simple truths of economics. Your wallet—and your understanding of the world—will thank you.
FAQs:
1. What is the best way to learn more about Naked Economics beyond this blog post? Reading Charles Wheelan's book "Naked Economics: Undressing the Dismal Science" is a great starting point. You can also explore introductory economics textbooks or online courses.
2. How can I apply Naked Economics principles to my personal finances? Start by budgeting, understanding interest rates, and learning about investment strategies. Consider seeking financial advice from a qualified professional.
3. What are some real-world examples of supply and demand in action? Think about the price of gasoline fluctuating based on global events, or the increase in price of certain goods during natural disasters. Housing markets are also a great example.
4. How does the concept of opportunity cost relate to Naked Economics? Opportunity cost is the value of the next best alternative forgone when making a choice. Understanding this concept helps in making more informed decisions.
5. What are some common misconceptions about economics that are debunked by Naked Economics? Many people believe economics is solely about money, neglecting the human behavior aspects. Naked Economics emphasizes the importance of incentives and unintended consequences.
| naked economics: Naked Economics: Undressing the Dismal Science Charles Wheelan, 2019-01-01 International bestseller Clear, concise, informative, [and] witty. —Chicago Tribune At last! A new edition of the economics book that won’t put you to sleep. In fact, you won’t be able to put this bestseller down. In our challenging economic climate, this perennial favorite of students and general readers is more than a good read, it’s a necessary investment—with a blessedly sure rate of return. This revised and updated edition includes commentary on hot topics such as automation, trade, income inequality, and America’s rising debt. Ten years after the financial crisis, Naked Economics examines how policymakers managed the worst economic crisis since the Great Depression. Demystifying buzzwords, laying bare the truths behind oft-quoted numbers, and answering the questions you were always too embarrassed to ask, the breezy Naked Economics gives you the tools to engage with pleasure and confidence in the deeply relevant, not so dismal science. |
| naked economics: Naked Economics: Undressing the Dismal Science Charles Wheelan, 2003-09-17 Seeks to provide an engaging and comprehensive primer to economics that explains key concepts without technical jargon and using common-sense examples. |
| naked economics: Shutterbabe Deborah Copaken, 2002-01-08 NATIONAL BESTSELLER • The remarkable memoir of an ambitious young photojournalist who went off to war as a twenty-two-year-old girl—and came back, four years and many adventures later, a woman “Eloquent and well observed, not only about the memoirist, but about the world: war, death, photojournalism and, of course, the worldwide battle between the sexes.” —The Washington Post Book World In 1988, fresh out of Harvard, Deborah Copaken Kogan moved to Paris with a small backpack, a couple of cameras, the hubris of a superhero, and a strong thirst for danger. She wanted to see what a war would look like when seen from up close. Naïvely, she figured it would be easy to filter death through the prism of her wide-angle lens. She was dead wrong. Within weeks of arriving in Paris, after begging to be sent where the action was, Kogan found herself on the back of a truck in Afghanistan, her tiny frame veiled from head to toe, the only woman—and the only journalist—in a convoy of rebel freedom fighters. Kogan had not actually planned on shooting the Afghan war alone. However, the beguiling French photographer she’d entrusted with both her itinerary and her heart turned out to be as dangerously unpredictable as, well, a war. Kogan found herself running from one corner of the globe to another, each linked to the man she was involved with at the time. From Zimbabwe to Romania, from Russia to Haiti, Kogan takes her readers on a heartbreaking yet surprisingly hilarious journey through a mine-strewn decade, her personal battles against sexism, battery, and even rape blending seamlessly with the historical struggles of war, revolution, and unfathomable abuse it was her job to record. In the end, what was once adventurous to the girl began to weigh heavily on the woman. Though she had finally been accepted into photojournalism’s macho fraternity, her photographs splashed across the front pages of international newspapers and magazines, Kogan began to feel there was something more she was after. Ultimately, what she discovered in herself was a person—a woman—for whom life, not death, is the one true adventure to be cherished above all. |
| naked economics: Naked Economics: Undressing the Dismal Science (Fully Revised and Updated) Charles Wheelan, 2010-04-19 Clear, concise, informative, witty and, believe it or not, entertaining. —Chicago Tribune Finally! A book about economics that won’t put you to sleep. In fact, you won’t be able to put this bestseller down. In our challenging economic climate, this perennial favorite of students and general readers is more than a good read, it’s a necessary investment—with a blessedly sure rate of return. Demystifying buzzwords, laying bare the truths behind oft-quoted numbers, and answering the questions you were always too embarrassed to ask, the breezy Naked Economics gives readers the tools they need to engage with pleasure and confidence in the deeply relevant, not so dismal science. This revised and updated edition adds commentary on hot topics, including the current economic crisis, globalization, the economics of information, the intersection of economics and politics, and the history—and future—of the Federal Reserve. |
| naked economics: Naked Statistics: Stripping the Dread from the Data Charles Wheelan, 2013-01-07 A New York Times bestseller Brilliant, funny…the best math teacher you never had. —San Francisco Chronicle Once considered tedious, the field of statistics is rapidly evolving into a discipline Hal Varian, chief economist at Google, has actually called sexy. From batting averages and political polls to game shows and medical research, the real-world application of statistics continues to grow by leaps and bounds. How can we catch schools that cheat on standardized tests? How does Netflix know which movies you’ll like? What is causing the rising incidence of autism? As best-selling author Charles Wheelan shows us in Naked Statistics, the right data and a few well-chosen statistical tools can help us answer these questions and more. For those who slept through Stats 101, this book is a lifesaver. Wheelan strips away the arcane and technical details and focuses on the underlying intuition that drives statistical analysis. He clarifies key concepts such as inference, correlation, and regression analysis, reveals how biased or careless parties can manipulate or misrepresent data, and shows us how brilliant and creative researchers are exploiting the valuable data from natural experiments to tackle thorny questions. And in Wheelan’s trademark style, there’s not a dull page in sight. You’ll encounter clever Schlitz Beer marketers leveraging basic probability, an International Sausage Festival illuminating the tenets of the central limit theorem, and a head-scratching choice from the famous game show Let’s Make a Deal—and you’ll come away with insights each time. With the wit, accessibility, and sheer fun that turned Naked Economics into a bestseller, Wheelan defies the odds yet again by bringing another essential, formerly unglamorous discipline to life. |
| naked economics: Debunking Economics Steve Keen, 2001-07-28 What is the score card for economics at the start of the new millennium? While there are many different schools of economic thought, it is the neo-classical school, with its alleged understanding and simplistic advocacy of the market, that has become equated in the public mind with economics. This book shows that virtually every aspect of conventional neo-classical economics' thinking is intellectually unsound. Steve Keen draws on an impressive array of advanced critical thinking. He constitutes a profound critique of the principle concepts, theories, and methodologies of the mainstream discipline. Keen raises grave doubts about economics' pretensions to established scientific status and its reliability as a guide to understanding the real world of economic life and its policy-making. |
| naked economics: Naked Money Charles Wheelan, 2017-04-11 Charles Wheelan’s wonderfully whimsical, best-selling Naked series tackles the weird, surprisingly colorful world of money and banking. Consider the $20 bill. It has no more value, as a simple slip of paper, than Monopoly money. Yet even children recognize that tearing one into small pieces is an act of inconceivable stupidity. What makes a $20 bill actually worth twenty dollars? In the third volume of his best-selling Naked series, Charles Wheelan uses this seemingly simple question to open the door to the surprisingly colorful world of money and banking. The search for an answer triggers countless other questions along the way: Why does paper money (“fiat currency” if you want to be fancy) even exist? And why do some nations, like Zimbabwe in the 1990s, print so much of it that it becomes more valuable as toilet paper than as currency? How do central banks use the power of money creation to stop financial crises? Why does most of Europe share a common currency, and why has that arrangement caused so much trouble? And will payment apps, bitcoin, or other new technologies render all of this moot? In Naked Money, Wheelan tackles all of the above and more, showing us how our banking and monetary systems should work in ideal situations and revealing the havoc and suffering caused in real situations by inflation, deflation, illiquidity, and other monetary effects. Throughout, Wheelan’s uniquely bright-eyed, whimsical style brings levity and clarity to a subject often devoid of both. With illuminating stories from Argentina, Zimbabwe, North Korea, America, China, and elsewhere around the globe, Wheelan demystifies the curious world behind the paper in our wallets and the digits in our bank accounts. |
| naked economics: Naked Economics Charles J. Wheelan, 2003 Seeks to provide an engaging and comprehensive primer to economics that explains key concepts without technical jargon and using common-sense examples. |
| naked economics: New Ideas from Dead Economists Todd G. Buchholz, 2021-01-26 An entertaining and widely-praised introduction to great economic thinkers throughout history, now in its fourth edition, with updates and commentary on the 2020 “great cessation,” Trump and Obama economic policies, the dominance of Amazon, and many other timely topics. Through the teachings of Adam Smith, Thomas Malthus, Karl Marx, John Maynard Keynes, Milton Friedman and more, renowned economist Todd Buchholz shows how age-old ideas still apply to our modern world. In this revised edition, Buchholz offers fascinating insights on the most relevant issues of 2021: climate change, free trade debates, the refugee crisis, growth and conflict in Russia and China, game theory, and behavioral economics. New Ideas from Dead Economists—found on the desks of university students, prime ministers, and Wall Street titans—is a riveting guide to understanding both the evolution of economic theory and our complex contemporary economy. |
| naked economics: The Armchair Economist Steven E. Landsburg, 2012-05-10 Air bags cause accidents, because well-protected drivers take more risks. This well-documented truth comes as a surprise to most people, but not to economists, who have learned to take seriously the proposition that people respond to incentives. In The Armchair Economist, Steven E. Landsburg shows how the laws of economics reveal themselves in everyday experience and illuminate the entire range of human behavior. Why does popcorn cost so much at the cinema? The 'obvious' answer is that the owner has a monopoly, but if that were the whole story, there would also be a monopoly price to use the toilet. When a sudden frost destroys much of the Florida orange crop and prices skyrocket, journalists point to the 'obvious' exercise of monopoly power. Economists see just the opposite: If growers had monopoly power, they'd have raised prices before the frost. Why don't concert promoters raise ticket prices even when they are sure they will sell out months in advance? Why are some goods sold at auction and others at pre-announced prices? Why do boxes at the football sell out before the standard seats do? Why are bank buildings fancier than supermarkets? Why do corporations confer huge pensions on failed executives? Why don't firms require workers to buy their jobs? Landsburg explains why the obvious answers are wrong, reveals better answers, and illuminates the fundamental laws of human behavior along the way. This is a book of surprises: a guided tour of the familiar, filtered through a decidedly unfamiliar lens. This is economics for the sheer intellectual joy of it. |
| naked economics: SPIN-FREE ECONOMICS Nariman Behravesh, 2008-11-09 With technology and globalization advancing at breakneck speed, the world economy becomes more complex by the day. Activists, politicians, and media enablers—conservative and liberal, left and right, informed and just plain wrong—consistently seize this opportunity to present woefully simplistic explanations and hype the latest myths regarding issues affecting the economy. Their purpose is not to educate but to advocate and, in many cases involving the media, manufacture outrage to drive ratings higher. So, where can you find the truth about today’s economy and how it affects you? Turn off the TV, put down the magazine, log off the Internet—and read this book. Spin-Free Economics places the current economic debates where they belong: in the middle of the road. With no political ax to grind, Nariman Behravesh takes a centrist approach to explain how today’s economic issues affect individuals and businesses. Along the way, he debunks myths regarding the effects of immigration, unemployment, regulation, productivity, education, health care, and other headline issues. Spin-Free Economics answers today’s most pressing questions, including Will more regulation prevent financial crises? Are outsourcing and foreign ownership good or bad for Americans? Should we fear or embrace Asia’s emerging economic powers? Is aid or trade the solution to global poverty? The vast majority of economists, Behravesh points out, are independent analysts who are in agreement on many of today’s issues. Unfortunately, the subject has been taken over by opportunists, whose answers to the questions above invariably fall along partisan lines. Spin-Free Economics is a breath of fresh air for those seeking an alternative to the chatter of ideologues and cynics. Rejecting the manipulative approach of “sound-bite economics,” Nariman Behravesh uses facts and insight tempered by clearheaded reason to present the most accurate assessment of the subject to date. |
| naked economics: 10 1⁄2 Things No Commencement Speaker Has Ever Said Charles Wheelan, 2012-05-07 “A book filled with so much wisdom that I have no choice but to recommend it.”—Craig Wilson, USA Today The antidote to those cotton-candy platitudes that are all too familiar to anyone who’s ever worn a mortarboard, Wheelan’s 101 head-turning aphorisms—backed up by a PhD in public policy and extensive social science research—set the record straight. Readers everywhere agreed, turning a Dartmouth Class Day speech that had gone viral into a best-selling book. Whether praising the time “wasted” in fraternity basements; mentioning that, frankly, the worst days of your life still lie ahead; or simply asking that graduates avoid wreaking the kind of havoc that others before them have, Wheelan softens his candid conclusions with good-natured charm and tales of unconventional success. With cartoons sprinkled throughout to keep things light, this volume makes a perfect gift for graduates of all ages. |
| naked economics: Economics in One Lesson Henry Hazlitt, 2010-08-11 With over a million copies sold, Economics in One Lesson is an essential guide to the basics of economic theory. A fundamental influence on modern libertarianism, Hazlitt defends capitalism and the free market from economic myths that persist to this day. Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an influential libertarian publication. Hazlitt wrote Economics in One Lesson, his seminal work, in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy. Economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than 50 years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong — and strongly reasoned — anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson every bit as relevant and valuable today as it has been since publication. |
| naked economics: The Rationing: A Novel Charles Wheelan, 2019-05-21 Political backstabbing, rank hypocrisy, and dastardly deception reign in this delightfully entertaining political satire, sure to lift one’s spirits far above the national stage. America is in trouble—at the mercy of a puzzling pathogen. That ordinarily wouldn’t lead to catastrophe, thanks to modern medicine, but there’s just one problem: the government supply of Dormigen, the silver bullet of pharmaceuticals, has been depleted just as demand begins to spike. Set in the near future, The Rationing centers around a White House struggling to quell the crisis—and control the narrative. Working together, just barely, are a savvy but preoccupied president; a Speaker more interested in jockeying for position—and a potential presidential bid—than attending to the minutiae of disease control; a patriotic majority leader unable to differentiate a virus from a bacterium; a strategist with brilliant analytical abilities but abominable people skills; and, improbably, our narrator, a low-level scientist with the National Institutes of Health who happens to be the world’s leading expert in lurking viruses. Little goes according to plan during the three weeks necessary to replenish the stocks of Dormigen. Some Americans will get the life-saving drug and others will not, and nations with their own supply soon offer aid—but for a price. China senses blood and a geopolitical victory, presenting a laundry list of demands that ranges from complete domination of the South China Sea to additional parking spaces at the UN, while India claims it can save the day for the U.S. |
| naked economics: Debunking Economics Professor Steve Keen, 2011-09-22 Debunking Economics exposes what many non-economists may have suspected and a minority of economists have long known: that economic theory is not only unpalatable, but also plain wrong. When the original Debunking was published back in 2001, the market economy seemed invincible, and conventional 'neoclassical' economic theory basked in the limelight. Steve Keen argued that economists deserved none of the credit for the economy's performance, and that 'the false confidence it has engendered in the stability of the market economy has encouraged policy-makers to dismantle some of the institutions which initially evolved to try to keep its instability within limits'. That instability exploded with the devastating financial crisis of 2007, and now haunts the global economy with the prospect of another Depression. In this radically updated and greatly expanded new edition, Keen builds on his scathing critique of conventional economic theory whilst explaining what mainstream economists cannot: why the crisis occurred, why it is proving to be intractable, and what needs to be done to end it. Essential for anyone who has ever doubted the advice or reasoning of economists, Debunking Economics provides a signpost to a better future. |
| naked economics: The Rise of the Naked Economy Ryan Coonerty, Jeremy Neuner, 2013-07-09 What happens when work is no longer a place but a state of mind: when the trappings that have defined the economy as we knew it are stripped away and we start from the bare essence of what it means to make a living? From corner coffee shops to Fortune 500 companies, workers from all different backgrounds are creating a new reality and prosperity. The Rise of the Naked Economy shows readers how to achieve both personal and professional success in an economy that does not guarantee lifetime employment. Pioneers Coonerty and Neuner report from the front lines on the future of work. From the recently graduated to the recently laid off, this book covers how the rise in non-traditional employment calls for a new infrastructure, strategy, and attitude for workers, companies, and communities alike. Through interviews with the people, companies, and policymakers who are leading the change and already profiting from it, The Rise of the Naked Economy provides an optimistic, humorous, and inspirational vision for readers who want reclaim their lives and livelihoods. |
| naked economics: Introduction to Public Policy Charles Wheelan, 2010-01-26 The first introductory public policy text with a strong economics perspective. A new textbook by Charles Wheelan, author of Naked Economics, Introduction to Public Policy uses economic principles to demonstrate that sound public policy occurs when unfettered private markets provide the greatest good for the greatest number. Only when it does not do this is government intervention needed. |
| naked economics: The New Economics Steve Keen, 2021-11-11 In 1517, Martin Luther nailed his 95 theses to the wall of Wittenberg church. He argued that the Church’s internally consistent but absurd doctrines had pickled into a dogmatic structure of untruth. It was time for a Reformation. Half a millennium later, Steve Keen argues that economics needs its own Reformation. In Debunking Economics, he eviscerated an intellectual church – neoclassical economics – that systematically ignores its own empirical untruths and logical fallacies, and yet is still mysteriously worshipped by its scholarly high priests. In this book, he presents his Reformation: a New Economics, which tackles serious issues that today's economic priesthood ignores, such as money, energy and ecological sustainability. It gives us hope that we can save our economies from collapse and the planet from ecological catastrophe. Performing this task with his usual panache and wit, Steve Keen’s new book is unmissable to anyone who has noticed that the economics Emperor is naked and would like him to put on some clothes. |
| naked economics: Entrepreneurial Economics Alexander Tabarrok, 2002 This intriguing collection is designed to show how economists can play a more active role in designing and directing the nation's social institutions. By taking the task of political economy seriously, the contributors (including some of today's most distinguished economists) reveal the power of economic thought to offer innovative solutions to some of the most difficult problems facing society today. By creating markets where none existed before, the authors propose efficient, reliable, and profitable improvements to current systems of health insurance, financial markets, human organ distribution, judicial practice, bankruptcy and securities regulation, patenting, and transportation. Written in the entrepreneurial spirit, these essays show economics to be an ambitious, dynamic, and far-from-dismal science. |
| naked economics: We Came, We Saw, We Left: A Family Gap Year Charles Wheelan, 2021-01-26 Charlie Wheelan and his family do what others dream of: They take a year off to travel the world. This is their story. What would happen if you quit your life for a year? In a pre–COVID-19 world, the Wheelan family decided to find out; leaving behind work, school, and even the family dogs to travel the world on a modest budget. Equal parts how-to and how-not-to—and with an eye toward a world emerging from a pandemic—We Came, We Saw, We Left is the insightful and often hilarious account of one family’s gap-year experiment. Wheelan paints a picture of adventure and connectivity, juggling themes of local politics, global economics, and family dynamics while exploring answers to questions like: How do you sneak out of a Peruvian town that has been barricaded by the local army? And where can you get treatment for a flesh-eating bacteria your daughter picked up two continents ago? From Colombia to Cambodia, We Came, We Saw, We Left chronicles nine months across six continents with three teenagers. What could go wrong? |
| naked economics: Zombie Economics John Quiggin, 2012-05-06 In the graveyard of economic ideology, dead ideas still stalk the land. The recent financial crisis laid bare many of the assumptions behind market liberalism—the theory that market-based solutions are always best, regardless of the problem. For decades, their advocates dominated mainstream economics, and their influence created a system where an unthinking faith in markets led many to view speculative investments as fundamentally safe. The crisis seemed to have killed off these ideas, but they still live on in the minds of many—members of the public, commentators, politicians, economists, and even those charged with cleaning up the mess. In Zombie Economics, John Quiggin explains how these dead ideas still walk among us—and why we must find a way to kill them once and for all if we are to avoid an even bigger financial crisis in the future. Zombie Economics takes the reader through the origins, consequences, and implosion of a system of ideas whose time has come and gone. These beliefs—that deregulation had conquered the financial cycle, that markets were always the best judge of value, that policies designed to benefit the rich made everyone better off—brought us to the brink of disaster once before, and their persistent hold on many threatens to do so again. Because these ideas will never die unless there is an alternative, Zombie Economics also looks ahead at what could replace market liberalism, arguing that a simple return to traditional Keynesian economics and the politics of the welfare state will not be enough—either to kill dead ideas, or prevent future crises. In a new chapter, Quiggin brings the book up to date with a discussion of the re-emergence of pre-Keynesian ideas about austerity and balanced budgets as a response to recession. |
| naked economics: The Principles of Economics, with Applications to Practical Problems Frank A. Fetter, 2019-11-22 Frank Fetter's 1904 treatise, 'Principles of Economics', pioneered a general theory of economics in the Austrian tradition. By tracing economic laws to individual human action, Fetter demonstrated that the price of each consumer good is determined solely by subjective value and the rate of interest solely by time preference. His work on capital and interest, rudimentary theory of the trade cycle, and refutation of productivity theories of interest went unsurpassed for decades. 'Principles of Economics' is a seminal work that laid the foundation for modern Austrian economics and remains a must-read for any student of economics today. |
| naked economics: Naked Money Charles Wheelan, 2016-04-19 The best-selling Naked series tackles the weird world of money. Consider the $20 bill. It has no more value, as a simple slip of paper, than Monopoly money. Yet even children recognize that tearing one into small pieces is an act of inconceivable stupidity. What makes a $20 bill actually worth twenty dollars? In the third volume of his best-selling Naked series, Charles Wheelan uses this seemingly simple question to open the door to the surprisingly colorful world of money and banking. The search for an answer triggers countless other questions along the way: Why does paper money (“fiat currency” if you want to be fancy) even exist? And why do some nations, like Zimbabwe in the 1990s, print so much of it that it becomes more valuable as toilet paper than as currency? How do central banks use the power of money creation to stop financial crises? Why does most of Europe share a common currency, and why has that arrangement caused so much trouble? And will payment apps, bitcoin, or other new technologies render all of this moot? In Naked Money, Wheelan tackles all of the above and more, showing us how our banking and monetary systems should work in ideal situations and revealing the havoc and suffering caused in real situations by inflation, deflation, illiquidity, and other monetary effects. Throughout, Wheelan’s uniquely bright-eyed, whimsical style brings levity and clarity to a subject often devoid of both. With illuminating stories from Argentina, Zimbabwe, North Korea, America, China, and elsewhere around the globe, Wheelan demystifies the curious world behind the paper in our wallets and the digits in our bank accounts. |
| naked economics: Modern Political Economics Yanis Varoufakis, Joseph Halevi, Nicholas Theocarakis, 2012-03-29 Once in a while the world astonishes itself. Anxious incredulity replaces intellectual torpor and a puzzled public strains its antennae in every possible direction, desperately seeking explanations for the causes and nature of what just hit it. 2008 was such a moment. Not only did the financial system collapse, and send the real economy into a tailspin, but it also revealed the great gulf separating economics from a very real capitalism. Modern Political Economics has a single aim: To help readers make sense of how 2008 came about and what the post-2008 world has in store. The book is divided into two parts. The first part delves into every major economic theory, from Aristotle to the present, with a determination to discover clues of what went wrong in 2008. The main finding is that all economic theory is inherently flawed. Any system of ideas whose purpose is to describe capitalism in mathematical or engineering terms leads to inevitable logical inconsistency; an inherent error that stands between us and a decent grasp of capitalist reality. The only scientific truth about capitalism is its radical indeterminacy, a condition which makes it impossible to use science's tools (e.g. calculus and statistics) to second-guess it. The second part casts an attentive eye on the post-war era; on the breeding ground of the Crash of 2008. It distinguishes between two major post-war phases: The Global Plan (1947-1971) and the Global Minotaur (1971-2008). This dynamic new book delves into every major economic theory and maps out meticulously the trajectory that global capitalism followed from post-war almost centrally planned stability, to designed disintegration in the 1970s, to an intentional magnification of unsustainable imbalances in the 1980s and, finally, to the most spectacular privatisation of money in the 1990s and beyond. Modern Political Economics is essential reading for Economics students and anyone seeking a better understanding of the 2008 economic crash. |
| naked economics: Debunking Economics - Revised and Expanded Edition Steve Keen, 2011-10-15 Debunking Economics - Revised and Expanded Edition exposes what many non-economists may have suspected and a minority of economists have long known: that economic theory is not only unpalatable, but also plain wrong. When the original Debunking Economics was published back in 2001, the market economy seemed invincible, and conventional neoclassical economic theory basked in the limelight. Steve Keen argued that economists deserved none of the credit for the economy's performance, and The false confidence it has engendered in the stability of the market economy has encouraged policy-makers to dismantle some of the institutions which initially evolved to try to keep its instability within limits. That instability exploded with the devastating financial crisis of 2007, and now haunts the global economy with the prospect of another Depression. In this expanded and updated new edition, Keen builds on his scathing critique of conventional economic theory while explaining what mainstream economists cannot: why the crisis occurred, why it is proving to be intractable, and what needs to be done to end it. Essential for anyone who has ever doubted the advice or reasoning of economists, Debunking Economics - Revised and Expanded Edition provides a signpost to a better future. |
| naked economics: Popular Economics John Tamny, 2015-04-13 “John Tamny is a one-man antidote to economic obfuscation and mystification.” —George Will, Nationally Syndicated Columnist “In spirit, Tamny does for economics what the Gutenberg printing press did for the Bible, making a previously inaccessible subject open to all. Equally important, he does to economists what Toto did to the Wizard of Oz: pulling aside the curtain to expose the fraud that has become modern economics.” —Steve Forbes, Chairman and Editor-in-Chief, Forbes Media “Ignore John Tamny’s easy to read Popular Economics at your own moral peril. It’s as close to spiritual as you get in this realm—a better tutorial than any econ text.” - Ken Fisher, Founder & CEO, Fisher Investments “John’s book is many things. It’s a great way to learn economics, it’s a very strong case for economic liberty, and it is an epic myth-buster. I will be giving it out to friends, of all viewpoints, for a long, long time.” - Cliff Asness, Managing Principal, AQR Capital ECONOMICS 101 In Popular Economics: What the Rolling Stones, Downton Abbey, and LeBron James Can Teach You About Economics (Regnery Publishing; April 13, 2015; $27.99) Tamny translates the so-called difficult and intimidating subject of economics into plain language, revealing that there is nothing mysterious about finance, commerce, and budgets. In fact, we are all microeconomists in our daily lives. “Economics is easy, and its lessons are all around us,” says Tamny. “But Americans have allowed the so-called ‘experts’ to convince them they can’t understand, much less grow the economy. Happily, economic growth is simple, too. If you can understand the four basic elements of economic growth—taxes, regulation, trade, and money— prosperity will explode.” Much like Freakonomics, Tamny uses pop culture and engaging stories to illustrate how understanding our economy is common sense—just look no further than the movies we enjoy, the sports we watch, and what we do every day. In Popular Economics, you’ll discover: How Paris Hilton and the Dallas Cowboys help illustrate good and bad tax policy How Facebook and Monday Night Football demonstrate the debilitating effect of antitrust regulation How the simple act of cooking chicken wings reveals why the “floating dollar” is a recipe for disaster Why Downton Abbey and ESPN are evidence that the U.S. should bulldoze its tax code |
| naked economics: Global Health and International Relations Colin McInnes, Kelley Lee, 2013-05-02 The long separation of health and International Relations, as distinct academic fields and policy arenas, has now dramatically changed. Health, concerned with the body, mind and spirit, has traditionally focused on disease and infirmity, whilst International Relations has been dominated by concerns of war, peace and security. Since the 1990s, however, the two fields have increasingly overlapped. How can we explain this shift and what are the implications for the future development of both fields? Colin McInnes and Kelley Lee examine four key intersections between health and International Relations today - foreign policy and health diplomacy, health and the global political economy, global health governance and global health security. The explosion of interest in these subjects has, in large part, been due to real world concerns - disease outbreaks, antibiotic resistance, counterfeit drugs and other risks to human health amid the spread of globalisation. Yet the authors contend that it is also important to understand how global health has been socially constructed, shaped in theory and practice by particular interests and normative frameworks. This groundbreaking book encourages readers to step back from problem-solving to ask how global health is being problematized in the first place, why certain agendas and issue areas are prioritised, and what determines the potential solutions put forth to address them? The palpable struggle to better understand the health risks facing a globalized world, and to strengthen collective action to deal with them effectively, begins - they argue - with a more reflexive and critical approach to this rapidly emerging subject. |
| naked economics: Why Trust Matters Benjamin Ho, 2021-06-29 Have economists neglected trust? The economy is fundamentally a network of relationships built on mutual expectations. More than that, trust is the glue that holds civilization together. Every time we interact with another person—to make a purchase, work on a project, or share a living space—we rely on trust. Institutions and relationships function because people place confidence in them. Retailers seek to become trusted brands; employers put their trust in their employees; and democracy works only when we trust our government. Benjamin Ho reveals the surprising importance of trust to how we understand our day-to-day economic lives. Starting with the earliest societies and proceeding through the evolution of the modern economy, he explores its role across an astonishing range of institutions and practices. From contracts and banking to blockchain and the sharing economy to health care and climate change, Ho shows how trust shapes the workings of the world. He provides an accessible account of how economists have applied the mathematical tools of game theory and the experimental methods of behavioral economics to bring rigor to understanding trust. Bringing together insights from decades of research in an approachable format, Why Trust Matters shows how a concept that we rarely associate with the discipline of economics is central to the social systems that govern our lives. |
| naked economics: Undress for Success Kate Lister, Tom Harnish, 2009-04-01 This book is for the bummed out, burned out, and stressed out professional, stay-at-home parent, or retiring boomer who dreams of a home-based job or business, but doesn’t know how to make that dream a reality. Unlike the many change-your-life books that promise much and deliver little—Undress4Success provides expert, practical advice about: 1) what home-based jobs are available, what talents they require, what they pay, who’s hiring, and how to land one; 2) how to use the Web to search for work-at-home jobs and business opportunities without being scammed; 3) how to turn professional talents into a freelance business; and 4) how to convince an employer to adopt a telecommuting program. Based on interviews with dozens of employers, home-based employees, successful freelancers, and leading telework researchers, this book shows readers the way home. |
| naked economics: The Econocracy Joe Earle, Cahal Moran, Zach Ward-Perkins, 2017-07-06 A century ago, the idea of 'the economy' didn't exist. Now economics is the supreme ideology of our time, with its own rules and language. The trouble is, most of us can't speak it. This is damaging democracy. Dangerous agendas are hidden inside mathematical wrappers; controversial policies are presented as 'proven' by the models of economic 'science'. Government is being turned over to a publicly unaccountable technocratic elite. The Econocracy reveals that economics is too important to be left to the economists - and shows us how we can begin to participate more fully in the decisions which affect all our futures. |
| naked economics: Basic Economics Thomas Sowell, 2014-12-02 The bestselling citizen's guide to economics Basic Economics is a citizen's guide to economics, written for those who want to understand how the economy works but have no interest in jargon or equations. Bestselling economist Thomas Sowell explains the general principles underlying different economic systems: capitalist, socialist, feudal, and so on. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. With clear explanations of the entire field, from rent control and the rise and fall of businesses to the international balance of payments, this is the first book for anyone who wishes to understand how the economy functions. This fifth edition includes a new chapter explaining the reasons for large differences of wealth and income between nations. Drawing on lively examples from around the world and from centuries of history, Sowell explains basic economic principles for the general public in plain English. |
| naked economics: Summary of Charles Wheelan’s Naked Economics by Milkyway Media Milkyway Media, 2018-08-31 Naked Economics: Understanding the Dismal Science (2002, 2010) by Charles Wheelan offers a general introduction to the principles of economics. Putting economic principles into practice is often difficult to accomplish because the correct actions for stability and progress are often counterintuitive. Purchase this in-depth summary to learn more. |
| naked economics: A Little History of Economics Niall Kishtainy, 2017-03-07 A lively, inviting account of the history of economics, told through events from ancient to modern times and the ideas of great thinkers in the field What causes poverty? Are economic crises inevitable under capitalism? Is government intervention in an economy a helpful approach or a disastrous idea? The answers to such basic economic questions matter to everyone, yet the unfamiliar jargon and math of economics can seem daunting. This clear, accessible, and even humorous book is ideal for young readers new to economics and for all readers who seek a better understanding of the full sweep of economic history and ideas. Economic historian Niall Kishtainy organizes short, chronological chapters that center on big ideas and events. He recounts the contributions of key thinkers including Adam Smith, David Ricardo, Karl Marx, John Maynard Keynes, and others, while examining topics ranging from the invention of money and the rise of agrarianism to the Great Depression, entrepreneurship, environmental destruction, inequality, and behavioral economics. The result is a uniquely enjoyable volume that succeeds in illuminating the economic ideas and forces that shape our world. |
| naked economics: Economics Explained Robert L. Heilbroner, Lester C. Thurow, 1994 Two of America's most respected economists clarify the basics of economics for everyone who wants to understand the nature of the economic forces that seem to rule our lives. Clarity triumphant, whether the topic is inflation or government, markets or Marx.--Newsday. |
| naked economics: The Case for a Job Guarantee Pavlina R. Tcherneva, 2020-06-05 One of the most enduring ideas in economics is that unemployment is both unavoidable and necessary for the smooth functioning of the economy. This assumption has provided cover for the devastating social and economic costs of job insecurity. It is also false. In this book, leading expert Pavlina R. Tcherneva challenges us to imagine a world where the phantom of unemployment is banished and anyone who seeks decent, living-wage work can find it - guaranteed. This is the aim of the Job Guarantee proposal: to provide a voluntary employment opportunity in public service to anyone who needs it. Tcherneva enumerates the many advantages of the Job Guarantee over the status quo and proposes a blueprint for its implementation within the wider context of the need for a Green New Deal. This compact primer is the ultimate guide to the benefits of one of the most transformative public policies being discussed today. It is essential reading for all citizens and activists who are passionate about social justice and building a fairer economy. |
| naked economics: The Art of Statistics David Spiegelhalter, 2021-08-17 The important and comprehensive (New Yorker) guide to statistical thinking The age of big data has made statistical literacy more important than ever. In The Art of Statistics, David Spiegelhalter shows how to apply statistical reasoning to real-world problems. Whether we're analyzing preventative medical screening or the terrible crime sprees of serial killers, Spiegelhalter teaches us how to clarify questions, assumptions, and expectations and, most importantly, how to interpret the answers we receive. Combining the incomparable insight of an expert with the playful enthusiasm of an aficionado, The Art of Statistics is the definitive guide to the power of data. A call to arms for greater societal data literacy . . . a reminder that there are passionate, self-aware statisticians who can argue eloquently that their discipline is needed now more than ever. -- Financial Times |
| naked economics: Lucky Breaks Yevgenia Belorusets, 2022-03-01 Powerful, off-beat stories about women living in the shadow of the now-frozen, now-thawing war in Ukraine Out of the impoverished coal regions of Ukraine known as the Donbass, where Russian secret military intervention coexists with banditry and insurgency, the women of Yevgenia Belorusets’s captivating collection of stories emerge from the ruins of a war, still being waged on and off, ever since the 2014 Revolution of Dignity. Through a series of unexpected encounters, we are pulled into the ordinary lives of these anonymous women: a florist, a cosmetologist, card players, readers of horoscopes, the unemployed, and a witch who catches newborns with a mitt. One refugee tries unsuccessfully to leave her broken umbrella behind as if it were a sick relative; a private caregiver in a disputed zone saves her elderly charge from the angel of death; a woman sits down on International Women’s Day and can no longer stand up; a soldier decides to marry war. Belorusets threads these tales of ebullient survival with a mix of humor, verisimilitude, the undramatic, and a profound Gogolian irony. She also weaves in twenty-three photographs that, in lyrical and historical counterpoint, form their own remarkable visual narrative. |
| naked economics: Stretch Scott Sonenshein, 2017-02-07 Wall Street Journal Bestseller A groundbreaking approach to succeeding in business and life, using the science of resourcefulness. We often think the key to success and satisfaction is to get more: more money, time, and possessions; bigger budgets, job titles, and teams; and additional resources for our professional and personal goals. It turns out we’re wrong. Using captivating stories to illustrate research in psychology and management, Rice University professor Scott Sonenshein examines why some people and organizations succeed with so little, while others fail with so much. People and organizations approach resources in two different ways: “chasing” and “stretching.” When chasing, we exhaust ourselves in the pursuit of more. When stretching, we embrace the resources we already have. This frees us to find creative and productive ways to solve problems, innovate, and engage our work and lives more fully. Stretch shows why everyone—from executives to entrepreneurs, professionals to parents, athletes to artists—performs better with constraints; why seeking too many resources undermines our work and well-being; and why even those with a lot benefit from making the most out of a little. Drawing from examples in business, education, sports, medicine, and history, Scott Sonenshein advocates a powerful framework of resourcefulness that allows anybody to work and live better. |
| naked economics: Scam Me If You Can Frank Abagnale, 2019-08-27 Are you at risk of being scammed? Former con artist and bestselling author of Catch Me If You Can Frank Abagnale shows you how to stop scammers in their tracks. Maybe you're wondering how to make the scam phone calls stop. Perhaps someone has stolen your credit card number. Or you've been a victim of identity theft. Even if you haven't yet been the target of a crime, con artists are always out there, waiting for the right moment to steal your information, your money, and your life. As one of the world's most respected authorities on the subjects of fraud, forgery, and cyber security, Frank Abagnale knows how scammers work. In Scam Me If You Can, he reveals the latest tricks that today's scammers, hackers, and con artists use to steal your money and personal information--often online and over the phone. Using plain language and vivid examples, Abagnale reveals hundreds of tips, including: The best way to protect your phone from being hacked The only time you should ever use a debit card The one type of photo you should never post on social media The only conditions under which you should use WiFi networks at the airport The safest way to use an ATM With his simple but counterintuitive rules, Abagnale also makes use of his insider intel to paint a picture of cybercrimes that haven't become widespread yet. |
| naked economics: The Five Life Decisions Robert T. Michael, 2016-08-05 Choices matter. And in your teens and twenties, some of the biggest life decisions come about when you feel the least prepared to tackle them. Economist Robert T. Michael won’t tell you what to choose. Instead, he’ll show you how to make smarter choices. Michael focuses on five critical decisions we all face about college, career, partners, health, and parenting. He uses these to demonstrate how the science of scarcity and choice—concepts used to guide major business decisions and shape national legislation—can offer a solid foundation for our own lives. Employing comparative advantage can have a big payoff when picking a job. Knowing how to work the marketplace can minimize uncertainty when choosing a partner. And understanding externalities—the ripple of results from our actions—can clarify the if and when of having children. Michael also brings in data from the National Longitudinal Survey of Youth, a scientific sample of 18 million millennials in the United States that tracks more than a decade of young adult choices and consequences. As the survey’s longtime principal investigator and project director, Michael shows that the aggregate decisions can help us understand what might lie ahead along many possible paths—offering readers insights about how their own choices may turn out. There’s no singular formula for always making the right choice. But the adaptable framework and rich data at the heart of The Five Life Decisions will help you feel confident in whatever you decide. |
Naked Economics - Wikipedia
Naked Economics: Undressing the Dismal Science is a book by Charles Wheelan that seeks to translate basic economic issues into a format that can be easily read by people with little or no …
Naked economics : undressing the dismal science : Wheelan, …
Jan 29, 2020 · -- The power of organized interests : what economics can tell us about politics -- Keeping score : Is my economy bigger than your economy? -- The Federal Reserve : why that …
Naked Economics by Charles Wheelan - Book Summary
Oct 29, 2022 · “Naked Economics” by Charles Wheelan is a book that breaks down the complex subject of economics so that the average reader can understand what makes an economy …
Naked Economics : Charles Wheelan : Free Download, Borrow, …
Sep 15, 2002 · Naked Economics by Charles Wheelan. Publication date 2002-09-15 Publisher W. W. Norton & Company Collection internetarchivebooks; printdisabled Contributor Internet …
Naked economics : Charles J. Wheelan : Free Download, …
Feb 13, 2013 · Naked economics by Charles J. Wheelan. Publication date 2010 Publisher W. W. Norton Collection internetarchivebooks; printdisabled Contributor Internet Archive Language …
Naked Economics: Undressing the Dismal Science - Google Books
Jan 1, 2019 · This revised and updated edition includes commentary on hot topics such as automation, trade, income inequality, and America’s rising debt. Ten years after the financial …
Naked Economics | Charles Wheelan | W. W. Norton & Company
A book about economics that won't put you to sleep. In fact, you won't be able to put this one down., Naked Economics, Undressing the Dismal Science, Charles Wheelan, 9780393049824.
Naked Economics: Undressing the Dismal Science - SuperSummary
Naked Economics is Wheelan’s simplified introduction to economics—no graphs, charts, or complex mathematics. His purpose is to engage people through critical thinking and …
Naked Economics: Undressing the Dismal Science (Fully …
Apr 19, 2010 · Demystifying buzzwords, laying bare the truths behind oft-quoted numbers, and answering the questions you were always too embarrassed to ask, the breezy Naked …
Naked Economics: Undressing the Dismal Science - Barnes
Ten years after the financial crisis, Naked Economics examines how policymakers managed the worst economic crisis since the Great Depression.
Naked Economics - Wikipedia
Naked Economics: Undressing the Dismal Science is a book by Charles Wheelan that seeks to translate basic economic issues into a format that can be easily read by people with little or no previous knowledge of economics.
Naked economics : undressing the dismal science : Wheelan, …
Jan 29, 2020 · -- The power of organized interests : what economics can tell us about politics -- Keeping score : Is my economy bigger than your economy? -- The Federal Reserve : why that dollar in your pocket is more than just a piece of paper -- Trade and globalization : the good news about Asian sweatshops -- Development economics : the wealth and poverty ...
Naked Economics by Charles Wheelan - Book Summary
Oct 29, 2022 · “Naked Economics” by Charles Wheelan is a book that breaks down the complex subject of economics so that the average reader can understand what makes an economy thrive or fail. It offers clarity into the morals, ethics, and regulations associated with economic decisions.
Naked Economics : Charles Wheelan : Free Download, Borrow, …
Sep 15, 2002 · Naked Economics by Charles Wheelan. Publication date 2002-09-15 Publisher W. W. Norton & Company Collection internetarchivebooks; printdisabled Contributor Internet Archive Language English Item Size 762.0M . Access-restricted …
Naked economics : Charles J. Wheelan : Free Download, Borrow, …
Feb 13, 2013 · Naked economics by Charles J. Wheelan. Publication date 2010 Publisher W. W. Norton Collection internetarchivebooks; printdisabled Contributor Internet Archive Language English Item Size 731.2M . Access-restricted-item true Addeddate 2013-02-13 18:34:36 Bookplateleaf 0008 Boxid ...
Naked Economics: Undressing the Dismal Science - Google Books
Jan 1, 2019 · This revised and updated edition includes commentary on hot topics such as automation, trade, income inequality, and America’s rising debt. Ten years after the financial crisis, Naked Economics...
Naked Economics | Charles Wheelan | W. W. Norton & Company
A book about economics that won't put you to sleep. In fact, you won't be able to put this one down., Naked Economics, Undressing the Dismal Science, Charles Wheelan, 9780393049824.
Naked Economics: Undressing the Dismal Science
Naked Economics is Wheelan’s simplified introduction to economics—no graphs, charts, or complex mathematics. His purpose is to engage people through critical thinking and interesting ideas relevant to their lives.
Naked Economics: Undressing the Dismal Science (Fully …
Apr 19, 2010 · Demystifying buzzwords, laying bare the truths behind oft-quoted numbers, and answering the questions you were always too embarrassed to ask, the breezy Naked Economics gives readers the tools...
Naked Economics: Undressing the Dismal Science - Barnes & Noble
Ten years after the financial crisis, Naked Economics examines how policymakers managed the worst economic crisis since the Great Depression.
