Naked Economics. Exposing Dull Science
Original title: Naked Economics. Undressing the Dismal Science (Fully Revised and Updated)
Author: /
Publisher: Mann, Ivanov & Ferber, 2017
ISBN 978-5-00100-797-5
Pages: 280 pp.
Format: 170×240 mm (medium format)
Weight: 760 g
Binding: Hardcover
Read the book
Read a book about the simplicity of economics
An interesting, fun, smart, and easy-to-understand book on economics. Charles Whelan, bestselling author of "Naked Statistics," is a master at turning the boring and obscure into the interesting and accessible. In this book he has done such a trick with economics, dispensing with abstruse charts and equations.
Alas, economics has an imperfect reputation: if you studied it at university, you were more likely to discuss models, diagrams, and equations in your classes and exams than why basic economic laws foretold the inevitable collapse of the USSR (resource allocation with no pricing system proved truly impossible in the long run), what economic benefits non-smokers receive (they die earlier and others can count on higher social and pension benefits), or why more generous smokers have a better chance of making a living than they do.
Have you ever wondered whether the antiglobalization protests are rational and whether they are right in thinking that the people of developed or developing countries might benefit from less economic integration? Whelan is extremely comprehensive and surprisingly lucid on this point as well.
Are you wondering why Ben Bernanke is often called the second most powerful man in the United States? Whelan reveals the secret of the effect of monetary policy on economic activity.
Have you ever read in the newspapers about heated debates on current economic issues and been struck by the eerie cacophony of opinions and arguments expressed by the debaters? Whelan will take a detailed look at the specific terms, lay out the political aspects of the arguments, and get to the heart of each of these issues.
3 reasons to read this book
- The book is one of the top 100 business books of all time.
- You can learn the basics of economics while enjoying an interesting read.
- The book is written by the author of the best non-fiction book ("Naked Statistics") of 2016 (according to Afisha).
Quotes from
Economists and Discrimination. Think about it: is there any reason to claim that symphony orchestras around the world have discriminated against women in the past? Economists have found that in the 1950s American orchestras began using "blind" auditions. After that, women's chances of getting through the first round increased by about 50 percent.
Long-term benefits. Coca-Cola quickly gained a foothold in the East German market, supplying the drink to merchants for free. In the short term, it was certainly an economically unprofitable venture; the East German currency was not yet worth anything. But the business decision in the long run was truly brilliant.
The Rationality of Man. Everyone implicitly weighs the costs and benefits of everything they do. An economist would say that we try to maximize the utility of the particular resources at our disposal; my dad would say that we try to get as much as we can for every buck we have.
Price discrimination. During the 2000 presidential campaign, Albert Gore complained that his mother and his dog were taking the same arthritis medication, only his mother was paying much more for it. His example illustrates this phenomenon perfectly anyway: the same medicine is sold at different prices in regular and veterinary pharmacies.
Incorrect grades. As might be expected, many people were not thrilled with the inconvenience of the innovation. And they reacted to it in ways analysts might well have predicted, but did not. Families who could afford a second car bought one. As a result, the emissions of pollutants into the environment only increased.
The right incentives. Successful policies take different measures to steer people's behavior toward the desired outcome. Unsuccessful policies either ignore such methods or fail to anticipate how rational people might change their behavior to avoid punishment.
Author of the book
Charles Whelan - bestselling author of "The Naked Economy," listed among the top 100 business books of all time by 8-800-CEO-READ and translated into 13 languages. He is a longtime professor and lecturer of economics and politics at the University of Chicago and Dartmouth College.
From 1997 to 2002, Whalen worked as a correspondent for The Economist. He has also worked as a freelance writer for such publications as the Chicago Tribune, The New York Times and the Wall Street Journal. Columnist for Yahoo! Finance.
Whelan lives in Chicago with his wife and three children.
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