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What exactly is a credit crunch? Why do footballers earn so much more than the rest of us? Which country is likely to be the world’s leading economy in 10 years’ time? And how does economics affect each one of us, every day?
In the seventh volume of the successful 50 Ideas series, Daily Telegraph economics editor Edmund Conway introduces and explains the central ideas of
economics in a series of 50 clear and concise essays. Beginning with an exploration of the basic theories, such as Adam Smith’s ‘invisible hand’, and concluding with the latest research into the links between wealth and happiness, he sheds light on all the essential topics needed to understand booms and busts, bulls and bears, and the way the world really works.
Packed with real-life examples and quotations from key thinkers, 50 Economics Ideas provides a fascinating overview of how
economics influences every aspect of our lives, from buying a house to what we had for breakfast this morning.
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50 Ideas You Really Need to Know series
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50 Economics Ideas You Really Need to Know
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01. The invisible hand the condensed
idea: Self-interest is good for society 02. Supply and demand the condensed idea: Something is perfectly priced when supply equals demand 03. The Malthusian trap Useful Quote: 01. The invisible hand the condensed idea: Self-interest is good for society 02. Supply and demand the condensed idea: Something is perfectly priced when supply equals demand 03. The
Malthusian trap Useful Quote: ~ Herman E.
Daly, US economist 04, Opportunity cost Useful Quote: ~ Greg Mankiw, Harvard economics professor 05. Incentives Useful Quote: ~ Nikita Khrushchev 06. Division of labour the condensed idea: Concentrate on your specialities 07. Comparative advantage Useful Quotes: ~ Stanislaw Ulam, mathematician ‘Comparative advantage. That it is logically true need not be argued before a mathematician; that it is not trivial is attested by the thousands of important and intelligent men who have never been able to grasp the doctrine for themselves or to believe it after it was explained to them.’
~ Paul Samuelson, US economist, in response to mathematician Stanislaw Ulam 08. Capitalism Useful Quote: ~ Winston Churchill 09.
Keynesianism the condensed idea: Governments should spend to prevent deep recessions 10. Monetarism the condensed idea: Control the growth of money 11. Communism the condensed idea: An egalitarian, entirely state-run society 12. Individualism Useful Quote: ~ Ludwig von Mises, Austrian economist 13.
Supply-side economics the condensed idea: Higher taxes mean lower growth 14. The marginal revolution the condensed idea: Rational people think at the margin 15. Money the condensed idea: Money is a token of trust 16. Micro and macro the condensed idea: Micro for businesses, macro for countries
The book is like a slightly expanded and selective index of common economic ideas. Useful for a quick glance. This index-of-an-index is for reference: ‘Malthus has been buried many times, and Malthusian scarcity with him. But as Garrett Hardin remarked, anyone who
has to be reburied so ofte
The book is like a slightly expanded and selective index of common economic ideas. Useful for a quick glance. This index-of-an-index is for reference: ‘Malthus has been buried many times, and Malthusian scarcity with him. But as Garrett Hardin remarked, anyone who has to be reburied so often cannot be entirely dead.’
the condensed idea: Beware relentless rises in population ‘The cost of something is what you give up to get it.’
the condensed idea: Time is money ‘Call it what you will, incentives are what get people to work harder.’
the condensed idea: People respond to incentives ‘Name me one proposition in all of the social sciences which is both true and
nontrivial.’
the condensed idea: Specialization + free trade = win-win ‘The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.’
the condensed idea: The least worst way to run an economy ‘Once it has been perceived that the division of labour is the essence of society, nothing remains of the antithesis between individual
and society. The contradiction between individual principle and social principle disappears.’
the condensed idea: Individual human choices are paramount
17. Gross domestic product
the condensed idea: The key yardstick of a country’s economic performance
18. Central banks and interest rates
Useful Quote:
‘In central banking as in diplomacy, style, conservative tailoring, and an easy association with the affluent, count greatly and results far much less.’~ John Kenneth Galbraith
the condensed idea: Central banks steer economies away from booms and busts
19. Inflation
Useful Quotes:
‘Inflation is the one form of taxation that can be imposed without legislation.’~Milton Friedman
‘The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.’
~ Ernest Hemingway
the condensed idea: Keep prices rising slowly
20. Debt and deflation
the condensed idea: Falling prices can cripple an economy
21. Taxes
the condensed idea: As inevitable as death
22. Unemployment
the condensed idea: Zero unemployment is impossible
23. Currencies and exchange rates
the condensed idea: The barometer of a country’s standing
24. Balance of payments
the condensed idea: The ledger of a country’s international economic relations
25. Trust and the law
the condensed idea: The irreplaceable foundations of society
26. Energy and oil
the condensed idea: Deal with oil shortages through innovation
27. Bond markets
the condensed idea: Bonds are the basis of government financing
28. Banks
Useful Quote:
‘What is robbing a bank compared with founding a bank?’~ Bertolt Brecht
the condensed idea: Banks connect borrowers with lenders
29. Stocks and shares
the condensed idea: Stock markets sit at the heart of capitalism
30. Risky business
the condensed idea: Pass risk to those more willing to take it
31. Boom and bust
the condensed idea: Boom and bust are inevitable
32. Pensions and the welfare state
the condensed idea: Beware promising money you can’t give
33. Money markets
the condensed idea: Money markets make the financial world go round
34. Blowing bubbles
the condensed idea: Humans are addicted to bubbles
35. Credit crunches
Useful Quote:
‘The market can stay irrational longer than you can stay solvent.’~ John Maynard Keynes
the condensed idea: Economies seize up as credit dries up
36. Creative destruction
the condensed idea: Companies must adapt or die
37. Home-owning and house prices
the condensed idea: House prices go down as well as up
38. Government deficits
the condensed idea: Governments are addicted to debt
39. Inequality
the condensed idea: The wealth gap will destabilize nations
40. Globalization
the condensed idea: Globalization is the adrenaline of capitalism
41. Multilateralism
the condensed idea: Nations can achieve more by working together
42. Protectionism
Useful Quote:
‘When goods cannot cross borders, armies will.’~ Frédéric Bastiat, 19th-century French economist
the condensed idea: The biggest threat to world peace and prosperity
43. Technological revolutions
the condensed idea: Technology is economic fuel
44. Development economics
the condensed idea: Aim to pull the bottom billion out of poverty
45. Environmental economics
the condensed idea: Act now to avoid terrible environmental costs
46. Behavioural economics
the condensed idea: People are predictably irrational
47. Game theory
Useful Quote:
‘Do not do unto others as you would have them do unto you. Their tastes may be different.’~ George Bernard Shaw
the condensed idea: People behave differently in games
48. Criminomics
Useful Quote:
‘Since the science of economics is primarily a set of tools, as opposed to a subject matter, then no subject, however offbeat, need be beyond its reach.’~ Steven Levitt
the condensed idea: Economics can apply to everything
49. Happynomics
the condensed idea: Economics is not all about money
50. 21st-century economics
the condensed idea: Intervene when people are not rational
...more
Feb 04, 2018 Caroline rated it it was amazing
I came to this book grudgingly, as an unwilling traveller
facing her last port of call, before heading home to shut the door on economics forever. For about a year I had been making a concerted effort to try to understand more about economics. I came to it from a position of gross ignorance. I'd never knowingly invested in the stock market, the thought of national debt gave me palpitations (it still does), and job of central banks was was completely murky to me (and I admit the murk has yet to b For about a year I had been making a concerted effort to try to understand more about economics. I came to it from a position of gross ignorance. I'd never knowingly invested in the stock market, the thought of national debt gave me palpitations (it still does), and job of central banks was was completely murky to me (and I admit the murk has yet to
be fully lifted....). One year later, I had made vague, waffly inroads, but it wasn't for lack of trying. Time and time again I'd been wrestled to the ground by my own limitations..... I am a small-brained critter, and economics was just too darn difficult. And then my brother offered to lend me this book, and I thought 'what the heck', it looked very basic and clearly set out, so I thought I would give it a go. I am so very delighted that I did. It describes things with fantastic
clarity. The book has a series of chapters, all about 3-5 pages long, each discussing different aspects of economics. All sorts of ideas that had so far evaded me started dropping into place. I don't plan to take my investigations with economics any further - it is too difficult a subject - but in future I will be reading newspapers with more understanding. Ye gods, I've even got some sort of insight into the reasoning behind the futures market 0_0 ! Final verdict? I have bought my
own copy of this book. I very seldom buy books nowadays, but I had to have this one.... Not only has it clarified tons of things for me, but I have no doubt it will serve me as a great reference book in the years to come.
Unfortunately, it seems that the interesting things in economics require math and multiple hours of crying. Externalities
aren't interesting until you see the math involved in fixing them. Keynes is cool when you see *why* certain policies might increase welfare (the T, it's all about the T). Game Theory is only neat when you realize how to logically work your way to a Nash equilibrium. I started reading this book before my degree as a way to see whether I'd enjoy economics. Now, nearly done wit I started reading this book before my degree as a way to see whether I'd enjoy economics. Now, nearly done with economics (!!!), I can say that this simply isn't a very
good book for economic knowledge.
I felt that this book was way below anything near academic level. I mean, seriously, can you even explain economics without using integrals? How can you talk about the stock market without any formulas? At best, I assume this book might allow you to get through an economics newspaper with more understanding. There's no real advantage to this book over Wikipedia and Investopedia (my one true love in this life).
Moreover, for the general public that has wisely decided not to study economics, this felt a little dull. You will finish this book with maybe a bit more understanding of the terminology but I don't think it's possible to learn a field through terms. The terms simply aren't the juicy parts. You learn a little bit about each term but without any real context, it's just not very interesting.
To conclude, for people interested in economics, this isn't the right book. I recommend reading books that apply economic knowledge to real life situations. Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty does an amazing job of taking economic concepts to the world of poverty. Climate Matters: Ethics in a Warming World uses economics to prove philosophical arguments about the climate. Both of these books are friendly for beginners and will show the interesting parts of economics without being too dry (and with just a bit of math, not too much).
what i'm taking with me
- I have two more economics credits before I'm done, heck yes
- and like 40 Business credits but let's not think about that
- speaking of, i am struggling so much between deciding to major in strategy or in organizational behavior. like, both open different doors. do i want to work in consulting or in more management positions? organizational behavior is by far easier,
especially as someone who's studying philosophy and politics, like organizational behavior doesn't hold a candle to what we go through in philosophy in terms of analytical thinking. however, strategy is challenging and you all know me, i have a tendency to go through the path of maximum pain. At the same time, all the courses seem boring and i did tell myself i'd study things i enjoy. But strategy also seems very handy, like yeah, let's learn how to gain capital for my initiatives, that might be
more useful in the future than the vague pseudo psychology of organizational behavior.
- And I haven't solved my MBA problem yet, I seem to have gone, "this will be a problem for next semester" instead. Excellent adulting.
--------------
The last 24 hours can be summed up as:
"I'm going to quit the MBA"
"No, I can't quit. I'm going to swallow my pride and try to make the most out of those two years by writing a thesis and hey, maybe even getting an adult job/ another masters."
"Absolutely not, I will do 30+ credits next semester, suffer my way through 9 credits of Finance and finish it the way I planned, even if it means giving up on student exchanges and more statistics. I can do it."
"Nope, I'm gonna quit the MBA."
I am exhausted and I can't wait until I figure this out and this problem will seem insignificant.
Review to come!
...more
Like reference books, texts meant to introduce the reader to a concept are tricky to rate. Does it pioneer a concept? Does it give dazzling insights? No, it's only meant to provide a solid grounding on a topic, which will
provide the foundation for further information. This book introduces the reader to basic economic concepts marvellously well. It is short, immensely readable and not bogged down in rhetoric. I was, admittedly, a bit sceptical when I saw it was written by a Newspaper Editor, bemo This book introduces the reader to basic economic concepts marvellously well. It is short, immensely readable and not bogged down in rhetoric. I was, admittedly, a bit sceptical when I saw it was written by a Newspaper Editor, bemoaning that it might prove more informative had it been written by a professor or economist: this was before I read the book. I was also relieved by how
unbiased the book was, neither right or left-wing agendas are expressed, and most theories usually precede 'however...'. His discussion of monetarism is such an example, illustrating how Thatcher and Reagan seemingly used the theory to bolster the economy, though there is a chance it may have contributed to later financial woes. I'd note that if you're an aspiring writer, wanting to underpin your world with a sense of realism, these basic economic ideas will help enrich your world -
whether real or fantastic. This are also concepts people should know to navigate real life, where economic issues have a very profound effect. on everyday people. Newspapers are often written for maximum readability, and the editor's experience in clear communication visibly pays off for a book that sets out to introduce the fundamentals of a topic. As such, Conway achieves the prime purpose of his book.
Jan 04, 2018 Rowan rated it it was amazing
I think a lot of the more negative reviews are coming from those who expected something far denser. It is by no means a university textbook! But with a title like '50 Economics Ideas' , what on earth were you expecting!? Conway 's book serves as both an excellent lay-reference book (read: coffee table) and a solid introduction to the basics of economics. I'm no economist but I found this both fascinating and enlightening. Extra points that bumped this title up to my first 5-star review for 2018 I think a lot of the more negative reviews are coming from those who expected something far denser. It is by no means a university textbook! But with a title like '50 Economics Ideas' , what on earth were you expecting!? Conway 's book serves as both an excellent lay-reference book (read: coffee table) and a solid introduction to the basics of economics. I'm no economist but I found this both fascinating and enlightening. Extra points that bumped this title up to my first 5-star review for 2018 were for the book's wonderful creative designs and layout. Economics is a murderously dry subject at the best of times and I highly commend those who put in the hard-yards to make the layout of this book so 'engulfing' for the reader. Any book on economics that I deem a 'page turner' comes highly recommended from me always. ...more
Jul 30, 2021 Sairesh Pillai rated it really liked it
I thoroughly enjoyed this quick "refresher course" on basic economics. Conway does a brilliant job at condensing often complex economic theories and concepts into 2-4 pages. Would recommend this book to any lay-reader interested to learn the fundamentals of modern economics. I thoroughly enjoyed this quick "refresher course" on basic economics. Conway does a brilliant job at condensing often complex economic theories and concepts into 2-4 pages. Would recommend this book to any lay-reader interested to learn the fundamentals of modern economics. ...more
Nothing new or deep here but a nice refresher on the concepts that have shaped the economy.
Oct 28, 2017 Chouba Nabil rated it it was amazing
light short book : 50 Economics idea
explained in a simple way. some quote and interesting idea from the book : By the invisible hand: by perusing his own gain, he promotes gain of the society than when he really wants to intend it. ( two negative make positive) Price elastic: increase price reduce demand. Malthusian Trap: food expand linearly and population expand exponentially Opportunity cost:
alternati some quote and interesting idea from the book : By the invisible hand: by perusing his own gain, he promotes gain of the society than when he really wants to intend it. ( two negative make positive) Price elastic: increase price reduce demand. Malthusian Trap: food expand linearly and population
expand exponentially Opportunity cost: alternative use of time and cash. ( value of money, value of time ). Incentives: turn down a well-payed job: for free time to enjoy, spend time for makeup to be nice. It’s not only money. Division of labor Eye pencil: no one on earth can or knows how to produce it on his own. Take it to next level city and globalization. Comparativement
advantage: do what you are best at: to optimise the system and buy the stuff you are not good at. Capitalism: company & capital is owned by private |( the people not the state). it's the people who define the market, not the state. Keynes
theory: The General Theory of Employment, Interest, and money: stats taxation and spending should be a tool to control economy ( fiscal policy ) Monetarist: always fight inflation, all other will take care of itself. controlling amount money printed: independent central bank to control the economy ( vs politician ) ( the problem you can’t know the amount of money in circulations ) All gods fail, if one believes too much. Marx: boom and bust, rise of monopoly, the cult of individualism A commodity is worth time to make it. The only field Russia exited in it is military & aerospace => where she was in competition with the west. Australian: cult of individualism, economy is an art more than Science, personal behave need to be counted: value, understanding of reality, ... => state can’t get all information needed to make decisions Supply-side economics: private all, abolishing monopoly, cutting high tax rate: it avoids working less hard and avoid tax avoidance: Laffer curve tax. The marginal utility: value given to thing is subjective: it depends on what people are willing to pay for it. Attractive, Affordable, reasonably priced compared to others products. Money: it like a comment language of the market no need to translate. Experiment: pricing a good and people took two to three item when it set to
free people took only one. Fiat money: from Latin let it be 1971. M1: how much cash people they have. The Central bank must act like it driving the economy looking at the back mirror ( as all changes need time to take effect ). Falling price: deflation can cripple the economy: company fire to reduce the price, people mortgage fire up and can’t pay. In this world, nothing can be said to be certain, except death and
taxes. Benjamin Franklin 1781: a is inevitable as death. Thomas Sowell: Job security policies save the jobs of existing workers but at the cost of reducing the flexibility and efficiency of the economy by inhibiting creating new job for others workers there is a negative correlation between unemployment and inflation: Philips curve. Correlation between interest rate and currency as it provides high yield Before floating the currency value is fixed by the amount of gold a country has in its volts. Current account deficit will decrease currency and export becomes more competitive: so the system balances itself when currency is floating Energy consumption per dollar declined 1.7% past 25 years. Band market: the ability to raise money by the government show the health of a country,
the interest rate and band price vary with risk ( 4% duration of life 20 years for example ) new band needs to meet current market rate. Future contract: sell you products years before the yield day: avoid risk of the market fluctuations: someone loss and another win = it's zero-sum Welfare system: prove to reduce productivity. London interbank offered rate Libor index: money market borrow money in short term. Creative destruction ( by Joseph Schumpeter ): when the bubble
goes bust it kills the less productive company and free labor for the market. The Black Scholes formula: define price of options ( Nobel Price ) when price is low they will be
attractive but it doesn’t work in panic House price increase 3% with no inflation since 1975: depends on value land evaluations: the more restriction council is the higher the price. After war 2: 10% own their houses UK compared to 50% USA, Now it’s 70% in the UK: If renting is attractive: will be less boom and bust. Debt is not a problem if it grows less fast that the economy, debt can be killed by printing money and inflation, it’s not an issue if money is invested to yield higher tax in future. Inequality: 1/10 of the population gain X16 USA, X25 Mexico, X5 Finland Son incoming correlated to his father income. Inequality is a boost in the underdeveloped world. Small Inequality increase trust and reduce violence Oscar adds +4 years in your life,
double Oscar +6 years. Globalisation: made market stable via low inflation, and make it difficult to go to war. Multi literalism (multi-country organization): United Nation, WTO, IMF (Bank of the world), world trade organization, G7, G20. Many studies show that protectionism is not good in the long run. the 1930 protectionism created WWII. the 1950 China economy self-efficiency strategy didn't work. Climate change should be in the market loop to be fixed by the invisible
hand. Behavioural economy: study why humans are predictably irrational. Regulate market to force people to not fail on there irrationally: intervene when people are not rational Game theory : Adam Smith: people are inherently selfish but when it’s channels in a market it becomes beneficial and a socially will be better off. Everything has
a cost: being racists or to break the law, it's like an added cost ( Nobel Price) Once the basic needs are fulfilled 20k: we start measuring happiness by comparison to others: family, neighbors, friends.
Price inelastic: reducing rapidly ( producing banana )
Neo Malthusian Trap: oil, energy sources.
Price inelastic: reducing rapidly ( producing banana )
Neo Malthusian Trap: oil, energy sources.
Disincentive tax on alcohol or tobacco.
Trading is win-win results: the country has finite hours. ( Ricardo theory: specialization + free trade = win-win )
Devote your time to things that generate more cash.
USA spending 10% 1929, 36% 2012 economy output : ( warfare to welfare)
Against Jean Baptiste: Say's law: the notion that supply creates its own demand.
The multiplayer effect 10b spend by state help economy by 1.5x or ?x
short-term matters more, if you are killed in short term, long term doesn't matter.
Keynes: priority is unemployment vs inflation.
Monetarist: problem tuning the economy there is a big time
lag between recognizing the need and action: the law to be drafted and passed by the parliament and time to give its effect: it's too late and makes matter worst.
Created macroeconomy: for country ( top-down), microeconomics for business ( bottom up)
M2: plus bank saving
M3: financial saving
Emerging economy control their currency to promote stability for
investors.
In fixed currency country need to monitor and boost or slow down the economy.
The economy cycle can be good for the economy, negative side people will draw money to a safe investment, less risk: houses or cash.
solution by fed: Annonce a bubble, increase the interest rate, Be taught on bank and regulation
But it can be our nature that we are irrational and addictive to cycles
#1: displacement #2 boom #3 ufouria #4 smart investment start to sell #5 panic ( Harming Minsky )
The incentive to buy a house will break the loop in the market
and create bubbles.
Nudge economic: manipulate people for there good: should people be protected from their irrationally and what about voting?
From the 25th item and upwards you have concepts that validate themselves or, in other words, the book explores concepts that are created by the current economic theory. A kind of "it is as it is". The start of the book, nevertheless, feels sound. It is well organized though and deserves a 2nd run. From the 25th item and upwards you have concepts that validate themselves or, in other words, the book explores concepts that are created by the current economic theory. A kind of "it is as it is". The start of the book, nevertheless, feels sound. It is well organized though and deserves a 2nd run. ...more
Easy to read fairly solid overview of basic especially macro economic terms and concerns. But slightly teasingly you could say that a sequel entitled '50 emerging economics ideas that probably will shape the 21st century' would be far more interesting ... and probably hopelessly wrong But slightly teasingly you could say that a sequel entitled '50 emerging economics ideas that probably will shape the 21st century' would be far more interesting ... and probably hopelessly wrong
Apr 01, 2020 Carol rated it really liked it
This is a simple book. It has a series of chapters, each about 2-5
pages long, and each introduces the reader to an economic concept. Chapters can be read at random; each concept is complete in itself, though sometimes a concept will refer you to another chapter for additional reference. It is not a textbook, and you will not get any level of detail, but you will be entertained as you learn about supply-and-demand, how economies work, financing, and issues such as globalization in the modern age This is a simple
book. It has a series of chapters, each about 2-5 pages long, and each introduces the reader to an economic concept. Chapters can be read at random; each concept is complete in itself, though sometimes a concept will refer you to another chapter for additional reference. It is not a textbook, and you will not get any level of detail, but you will be entertained as you learn about supply-and-demand, how economies work, financing, and issues such as globalization in the modern age. Movements such
as capitalism, communism, monetarism, etc. are all touched on. Taxation, inflation, deflation are all examined.
Truly, each chapter is only 2 or 3 pages, so you will not be bored with minutiae. This is high-level
information only, presented in an easy-to-understand manner.
I want to offer you a paragraph about taxation (just to show you that this book is readable...)
" The higher taxes are, the greater the incentive people have to avoid them. this is the experience many
governments around the world faced in the 1970's and 1980's. Some workers faced marginal tax rates - in other word the tax rate they paid on every extra dollar or pound of income they earned - of 70% or higher. Rather than working the extra hours, they tended to work less, or avoided paying the tax by putting their extra income into their pensions or by moving their cash to tax havens overseas. In an age where money can be transferred anywhere in the world at the press of a button, preventing
the latter has become highly difficult, with the result that most governments have little choice but to keep their taxes as competitive as possible. "
The book was written in 2009, and is timeless.
...more
My understanding of economics has always been gleaned from other contexts (history, philosophy, news articles, policy analysis), so it was useful to read through clear
explanations of concepts such as Adam Smith's 'invisible hand', 'supply side' economics, or "the Laffer curve", which I had previously only engaged with "in the wild". I can't say that I learned vast amounts of new information, but data that had entered my brain via osmosis over the years now has a much better structure to it. This This is a good book and extremely readable. Great for anyone who wants a basic introduction, or a quick
refresher on key concepts. The author (being a journalist) goes for a very BBC-esque approach, appearing scrupulously even-handed at all points, and the predictable criticisms apply (i.e. treating largely discredited ideas with more seriousness than they perhaps deserve under the guise of 'presenting the arguments', having a fair number of free market assumptions baked into his thinking from the start, etc.).
A great book with quick reads on main economics ideas that everyone should know with simple examples, history and quotes. Each idea takes up four pages and has timelines and quotes from economists or actors. I think he does a good job of explaining this stuff to people who find economics confusing. If you already have a good knowledge of economics, this may seem obvious and almost written for teenagers. I gave it four stars instead of five because I believe there are a few more economics ideas t A great book with quick reads on main economics ideas that everyone should know with simple examples, history and quotes. Each idea takes up four pages and has timelines and quotes from economists or actors. I think he does a good job of explaining this stuff to people who find economics confusing. If you already have a good knowledge of economics, this may seem obvious and almost written for teenagers. I gave it four stars instead of five because I believe there are a few more economics ideas that he left out in favor of more generalized popular (but not very important) economics "trends". I would like to see perhaps a modified modern second part edition ( this edition is already a few years old). It would be great if he could do a "50 more economics ideas..." to continue where he left off. ...more
Even though the fact that this book is short, (considering that the subject of economics is complex, at least for me), it is packed with basic but indispensable economics information. It is a must-read for people who try to understand or make a way in society. Although I do not know in detail the mechanisms, economics principles govern society and human interactions in far more ways than we realize, and this book puts that truth in perspective. Economics knowledge is necessary to improve our per Even though the fact that this book is short, (considering that the subject of economics is complex, at least for me), it is packed with basic but indispensable economics information. It is a must-read for people who try to understand or make a way in society. Although I do not know in detail the mechanisms, economics principles govern society and human interactions in far more ways than we realize, and this book puts that truth in perspective. Economics knowledge is necessary to improve our personal, financial, and workplace decisions. This book provides an appealing overview of how economics influences every aspect of our lives. The author introduces and explains 50 central ideas of economics in 50 clear and concise essays. I give it 4 stars out of 5. ...more
Jul 15, 2018 Julie rated it really liked it
Not quite the book I was recommended, but interesting nonetheless. It explains different economics concepts, starting at the very basics and slowly building up to what we know today. Every chapter contains a timeline with historical events, seminal books, or other concepts learnt about in the other chapters to show how everything links together. If you're already comfortable with all the terminology there's probably not much for you in there, but I found it useful to clarify some of the vocabula Not quite the book I was recommended, but interesting nonetheless. It explains different economics concepts, starting at the very basics and slowly building up to what we know today. Every chapter contains a timeline with historical events, seminal books, or other concepts learnt about in the other chapters to show how everything links together. If you're already comfortable with all the terminology there's probably not much for you in there, but I found it useful to clarify some of the vocabulary I see in the news and only vaguely understood in context. Published in 2008 so goes up to the late 2000s financial crisis. ...more
Mar 26, 2021 Baseyg rated it liked it
I have previously read other "50 ideas.." books and really enjoyed the format.
This one felt a little too basic and I left with more questions than answers. As I write this in 2021, this book also needs a bit of an update as throughout it frequently seems stuck in the shadow of the 2008 crisis. Obviously a big factor in economics at the time of publishing but it has dated the book significantly. However, there is a worryingly accurate prediction in the protectionism chapter. As I write this in 2021, this book also needs a bit of an update as throughout it frequently seems stuck in the shadow of the 2008 crisis. Obviously a big factor in economics at the time of publishing but it has dated the book significantly. However, there is a worryingly accurate prediction in the protectionism chapter.
May 07, 2021 James Baker rated it really liked it
Given this book is now 9~ years old, and update would be very much appreciated. Much has happened since the sub-prime mortgage crisis and associated fallout, so entries covering things since then would be fantastic (think crypto currencies, etc.) The author isn’t as critical
of some areas as he should be in order to offer unbiased information, but overall the content was easy to understand and short enough to be digestible.
Apr 27, 2018 Ray rated it liked it
Quick overview of major economic ideas. I tackled this book with the aim of learning; with that said, it's not very entertaining, but you will learn a bunch (if you didn't know many economic topics before). Recommended to anyone that wants to learn lots of economic ideas without going too deep into specifics. Quick overview of major economic ideas. I tackled this book with the aim of learning; with that said, it's not very entertaining, but you will learn a bunch (if you didn't know many economic topics before). Recommended to anyone that wants to learn lots of economic ideas without going too deep into specifics. ...more
The book is suitable only for bachelor degree students. There are no any deep analyses or scientific approaches. I didn't like that the author used too much historism instead of analytical approach, however, probably the intentions were not to do it either. If you want to have a nice consistency about studying some economic terms, go ahead. The book is suitable only for bachelor degree students. There are no any deep analyses or scientific approaches. I didn't like that the author used too much historism instead of analytical approach, however, probably the intentions were not to do it either. If you want to have a nice consistency about studying some economic terms, go ahead. ...more
Dec 29, 2021 Wisdom Wasp rated it it was amazing
A great reference book, outlining economic
fundamentals in an easy to understand way. For me it came at the right time, when I needed to learn a lot of economics and build on my interest with true knowledge quickly. This gave me a great base and great start, for which I will be forever grateful. I now understand Comparative Advantage!
Aug 28, 2017 Cagatay Guven rated it it was amazing
The way the author described the concepts was simple and straightforward. The basic 50 concepts gives the general outline of science of economics. I recommend this book not only professionals but also to the people who are interested about economy ideas.
This book contains 50 topics in economics each condensed to 4 pages. It offers good real life examples related to each topic, and occasionally references itself. It's not all too exciting, and is not for anyone who has a deep economics background. But it is not too simple either. This book contains 50 topics in economics each condensed to 4 pages. It offers good real life examples related to each topic, and occasionally references itself. It's not all too exciting, and is not for anyone who has a deep economics background. But it is not too simple either. ...more
Feb 15, 2021 Frances rated it it was amazing
Really clear, easy to understand, thought-provoking and entertaining. Only 2 out of 50 chapters were confusing, and a few were a bit dull, but that's economics for you. Would recommend to anyone seeking an introduction (though not a reference) to economics. Really clear, easy to understand, thought-provoking and entertaining. Only 2 out of 50 chapters were confusing, and a few were a bit dull, but that's economics for you. Would recommend to anyone seeking an introduction (though not a reference) to economics. ...more
May 10, 2017 Rick Borgo rated it really liked it
Just what I was looking for....tackled main ideas in 2-3 pages
Nice book can be considered to be Economics for beginners
The thing that i liked most quotes
May 16, 2019 Abhinav Marda rated it really liked it
A great book for anyone trying to understand fundamentals of economics and its nomenclature.
It was one of the best books that I read before got to the university because gave me a lot of knowledge in the main topics of the Economy. I became a lover of the economy after I read this book.
Reading it again this year. Got many many more new insights and ideas which I couldn't understand last time. Worth it. Reading it again this year. Got many many more new insights and ideas which I couldn't understand last time. Worth it. ...more
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