The Instant Economist: Everything You Need to Know About How the Economy Works

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Overview

The Only Economics Book You Will Ever Need - A Library Journal 2012 Best Business Book of the Year

Economics isn't just about numbers: It's about politics, psychology, history, and so much more. We are all economists-when we work, save for the future, invest, pay taxes, and buy our groceries. Yet many of us feel lost when the subject arises. Award-winning professor Timothy Taylor tackles all the key questions ...

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The Instant Economist: Everything You Need to Know About How the Economy Works

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Overview

The Only Economics Book You Will Ever Need - A Library Journal 2012 Best Business Book of the Year

Economics isn't just about numbers: It's about politics, psychology, history, and so much more. We are all economists-when we work, save for the future, invest, pay taxes, and buy our groceries. Yet many of us feel lost when the subject arises. Award-winning professor Timothy Taylor tackles all the key questions and hot topics of both microeconomics and macroeconomics, including:

  • Why do budget deficits matter?
  • What exactly does the Federal Reserve do?
  • Does globalization take jobs away from American workers?
  • Why is health insurance so costly?

     

    The Instant Economist offers the knowledge and sophistication to understand the issues- so you can understand and discuss economics on a personal, national, and global level.

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Editorial Reviews

Library Journal
Taylor's (managing editor, Journal of Economic Perspectives) volume can help conversationalists looking to raise the bar for their watercooler chats and casual readers who want to understand better the current economic condition of the United States. Taylor uses simple language with field-specific vocabulary to explain economic concepts, and each concept is successfully reinforced with a real-life—and usually entertaining—example. He hits all the subjects that might interest a layperson, such as division of labor, supply and demand, wages, competition and monopoly, inflation, banking, and trade, for a total of 36 petite chapters—just enough information to give the reader a basic but well-rounded understanding of the subject. VERDICT This highly readable, nonpoliticized look at some of the economic principles that shape our society, presented in an engaging, anecdotal fashion, is highly recommended for armchair economists and anyone with a general interest in the state of our economy.—Poppy Johnson-Renvall, Central New Mexico Community Coll. Lib., Albuquerque
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Product Details

  • ISBN-13: 9780452297524
  • Publisher: Penguin Group (USA) Incorporated
  • Publication date: 1/31/2012
  • Pages: 272
  • Sales rank: 141,266
  • Product dimensions: 5.20 (w) x 7.90 (h) x 0.70 (d)

Meet the Author

Timothy Taylor is managing editor of the American Economics Association's Journal of Economic Perspectives. He won numerous teaching awards for his classes at Stanford University and was named a distinguished lecturer at the University of Minnesota. He lives in St. Paul, Minnesota.

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Table of Contents

Introduction ix

Chapter 1 How Economists Think 1

Chapter 2 Division of Labor 7

Chapter 3 Supply and Demand 12

Chapter 4 Price Floors and Ceilings 22

Chapter 5 Elasticity 27

Chapter 6 The Labor Market and Wages 34

Chapter 7 Financial Markets and Rates of Return 42

Chapter 8 Personal Investing 49

Chapter 9 From Perfect Competition to Monopoly 58

Chapter 10 Antitrust and Competition Policy 64

Chapter 11 Regulation and Deregulation 71

Chapter 12 Negative Externalities and the Environment 76

Chapter 13 Positive Externalities and Technology 81

Chapter 14 Public Goods 87

Chapter 15 Poverty and Welfare Programs 90

Chapter 16 Inequality 98

Chapter 17 Imperfect Information and Insurance 103

Chapter 18 Corporate and Political Governance 110

Chapter 19 Macroeconomics and Gross Domestic Product 118

Chapter 20 Economic Growth 124

Chapter 21 Unemployment 13 0

Chapter 22 Inflation 136

Chapter 23 The Balance of Trade 144

Chapter 24 Aggregate Supply and Aggregate Demand 152

Chapter 25 The Unemployment-Inflation Trade-off 157

Chapter 26 Fiscal Policy and Budget Deficits 163

Chapter 27 Countercyclical Fiscal Policy 170

Chapter 28 Budget Deficits and National Saving 177

Chapter 29 Money and Banking 184

Chapter 30 The Federal Reserve and Its Powers 191

Chapter 31 The Conduct of Monetary Policy 201

Chapter 32 The Gains of International Trade 210

Chapter 33 The Debates over Protectionism 217

Chapter 34 Exchange Rates 225

Chapter 35 International Financial Crashes 234

Chapter 36 A Global Economic Perspective 242

References 251

Index 253

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Customer Reviews

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Sort by: Showing all of 4 Customer Reviews
  • Posted June 30, 2012

    Objective, fairly comprehensive guide to basic/intermediate econ

    Objective, fairly comprehensive guide to basic/intermediate economics. If you're fairly new to this field, this is one of the best books to buy. I also recommed Charles Wheelan's Naked Economics

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  • Posted March 31, 2012

    Recommend

    Interesting and informative

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    Posted April 8, 2012

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