Economics For Dummies

Economics For Dummies
by Sean Masaki Flynn

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Book Summary Information

Author: Sean Masaki Flynn
Edition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2005-04-08
ISBN: 0764557262
Number of pages: 384
Publisher: For Dummies

Book Reviews of Economics For Dummies

Book Review: Economics for Dummies is not for dummies!
Summary: 1 Stars

I've personally gotten quite a bit out of Economics for Dummies, but then I have an MA in economics, studied with some of the professors the author thanks in his Acknowledgements section, and just picked it up to read for a lark. If you really are new to economics (or really are a dummy) then this book is NOT for you! The author is far too glib, has sloppy arguments and just plain confuses or irritates the heck out of anyone who reads the book carefully. Just three examples:

1)He drags out an explanation of why the Long Run Aggregate Supply curve (LRAS) is vertical but never does actually explain why. He just thinks he does. It's not that I don't believe him, but he made me come up with my own reasons for believing it, not his.
2)He constantly makes claims about the "stability" of market solutions that just are not valid in any real situation. Stability only approximately exists when the economy is performing smoothly, but a decent hiccup of any kind has to be managed or you end up in a bubble or a bust. In fact he gives many examples of how markets can fail, which leads to my third and final point.
3)The author sounds unnecessarily conservative in his constant harping on "sticky wages" as being a key cause of slow recovery from recessions. My huge property tax is pretty darn sticky too. So are the principals of business loans, credit cards and mortgages - as we're all seeing too well in 2009 - after all, as the author points out, one of money's functions is as a store of value.

I could go on ad nauseum but I won't. Suffice it to say, this book is not for beginners, but I enjoyed parts of it and managed to learn from it by thinking very hard about why I disagreed with the author's arguments so often. Personally, I think an intelligent newcomer would be very turned off to the field of economics if they begin with this book.

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Summary of Economics For Dummies

If you think economics is a complicated discipline that?s reserved for theorists and the intellectual elite and has nothing to do with you, think again. Economics impacts every aspect of our lives, from what we eat, to how we dress, to where we live. Economics might be complicated, but it has everything to do with you.

Economics For Dummies helps you see how your personal financial picture is influenced by the larger economic picture. When you understand how what happens on Wall Street affects Main Street and how policies emanating from the White House impact the finances in your house, you?ll be able to:

Learn how government economic decisions affect you and your family
Make better spending decisions and improve your personal finances
Maximize your business profits
Make wiser investments

Written by Sean M. Flynn, PhD, Assistant Professor of Economics at Vassar College, Economics For Dummies covers all the basics of micro- and macroeconomic theory. The next time you need to understand an economic theory or calculation, whether it?s on the nightly news or on a spreadsheet at work, you?ll no longer be in the dark. Economics For Dummies covers all the history, principles, major theories, and terminology, including:

How economics affect governments, international relations, business, and even environmental issues like global warming and endangered species
How the government fights recessions and unemployment using monetary and fiscal policy
How and why international trade is good for you even if you don?t appreciate French champagne, Irish crystal, or Swiss watches
How the law of supply and demand can explain the prices of everything from comic books to open heart surgeries
How the Federal Reserve controls the money supply, interest rates, and inflation
Basic theories such as Keynesian economics, the Laffer Curve, and Adam Smith?s Invisible Hand

Presenting complex theories in simple terms and helping you decode the jargon, understand the equations, and debunk the common misconceptions, Economics For Dummies could be a big boon to your personal economy!

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