Download PDF Naked Economics: Undressing the Dismal Science
Naked Economics: Undressing the Dismal Science
Download PDF Naked Economics: Undressing the Dismal Science
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Review
“Bravo, Charles Wheelan, for doing the impossible: making the study of economics fascinating, comprehensible, and laugh-out-loud funny.†- Deborah Copaken Kogan, author of Shutterbabe: Adventures in Love and War“I recommend this book to anyone who wants to gain an understanding of basic economics with little pain and much pleasure.†- Gary Becker, 1992 Nobel Prize winner in economics
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About the Author
Charles Wheelan is the author of the best-selling Naked Statistics and Naked Economics and is a former correspondent for The Economist. He teaches public policy and economics at Dartmouth College and lives in Hanover, New Hampshire, with his family.Burton G. Malkiel is the Chemical Bank Chairman's Professor of Economics Emeritus at Princeton University. He is a former member of the Council of Economic Advisers, dean of the Yale School of Management, and has served on the boards of several major corporations, including Vanguard and Prudential Financial. He is the chief investment officer of Wealthfront.
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Product details
Paperback: 384 pages
Publisher: W. W. Norton & Company; 3 edition (January 1, 2019)
Language: English
ISBN-10: 0393356493
ISBN-13: 978-0393356496
Product Dimensions:
5.5 x 1 x 8.3 inches
Shipping Weight: 10.7 ounces (View shipping rates and policies)
Average Customer Review:
4.5 out of 5 stars
604 customer reviews
Amazon Best Sellers Rank:
#63,898 in Books (See Top 100 in Books)
I stumbled onto this book in my search to, as a curious thinker, to understand better what economics is and what it can teach us.It has fundamentally changed my view on what constitutes an ideal government with regards to being a good promoter of a strong and thriving economy; that we need to be especially vigilant against corruption and over-regulation (corruption feeds off over-regulation, and both lead to lower economic growth). Trade, in the long-run, makes us all better off (rich and poor countries alike). This was an especially poignant argument in light of the current presidential race where Donald Trump and Bernie Sanders are both anti-trade.Dr. Wheelan's arguments, taken as a whole, are neither conservative or liberal. He strikes a good balance in seeking the truth about how modern economies work, and more importantly, what makes them work better. For example, he makes the general argument that marginal rate tax-cuts can lead to more investment and economic activity, which in turn grows the economy. However he debunks the misguided (at best) political arguments that tax-cuts also lead to higher revenue.I was also enlightened by his points about professional organizations (ABA, AMA, teacher's unions) and the barrier's to entry they artificially impose that can actually result in poorer outcomes. His example about "Cadillac lawyers" was amusing and make me think about high prices for legal services. Teacher's unions seek to protect their own at the expense of providing children a better education by lobbying for teacher certification requirements that research shows don't help children succeed (e.g. people with Phd's not legally allowed to teach high school). He makes a good argument for lowering these barriers of entry, along with eliminating absurd tenure rules that protect and reward under-performing teachers, to incentivize smart, competent people to enter become teachers.These are just a very few examples in the book. As someone who has leaned left most of my life, I found Dr. Wheelan's book challenging, but refreshing. It challenged a lot of my preconceived notions of what good governance and policy means. But by no means is it a tea party manifesto. It's somewhere right in the center, where logic and rationality live.
Upon reading this book I quickly started to pick up on a few things. The introduction and the book were both involved in some similar techniques and motives. First I found that this book seemed to be written for the impressionable 12 year old, making the most far fetched correlations in order to make simple sense out of complex issues. All the while this was happening, there was a "why democrats are right" intertwined in all of this. To me this book reeks of being written for the laymen, impressionable, young - trying to recruit for a certain political party and way of thinking. Aside from this, I was seeing a lot of logical fallibility in the author's attempt to explain things about the world, the people in it, and how things work in economics. I want a book that focuses on factual information, history, and sound philosophy - all the while leaving personal political agendas out of it. Apart from my opinion on the substance of this book, the information is laid out in a such a fashion that is akin to a rushed and unorganized dumping of thoughts and opinions.
This is an excellent introduction to economics and the broad range of issues informed by economics for the non-professional but interested reader. It is clear and accessible and punctuated by a breezy, witty style, and without a single equation or graph for those terrified of numerical relationships. The economics presented in this book is mainstream economics as befitting a journalist for The Economist and makes points that would satisfy those right-of-center and those left-of-center. For conservatives, the author reminds us (like Milton Friedman did in "Capitalism and Freedom") that a heavily regimented economy would eventually come at a steep price in curtailed political / civil freedoms just to maintain the economic regimentation. In addition, the physical and human capital underlying productivity growth, and the economic self-interest that drives their application, are key components of economic well-being. On the other hand, liberals will appreciate his contention that government is a crucial catalyst for effective market functioning in that it provides (or can provide) a legal framework, a predictable regulatory regime, and a stable macroeconomic environment. Most of the national economic failures to which the author alludes are not the result of racial, ethnic, institutional, or cultural deficiencies but are simply a result of government incompetence and corruption (see Zimbabwe). And markets are not omniscient; we get the standard analysis for market prices not reflecting social costs / benefits (externalities) and the market's failure to produce public goods.What I also liked about this volume was the way in which it extended economic analysis to many areas of social / human behavior, but then would go no further, i.e., the author recognizes that economic analysis informs much of our public policy debates but cannot settle value-laden issues. For example, in his chapter on "Productivity and Human Capital", subtitled "Why is Bill Gates so much richer than you", he acknowledges that economics can tell us about the production of income and the creation of wealth, but can't really tell us how that income and wealth should be distributed. (Some prominent economists are on record as claiming that distribution issues are irrelevant.) This book maintains that these value-oriented issues are determined in the political process as shaped by our religious, moral, and cultural backgrounds.I enjoyed this book very much. But I would challenge the author on two points: (1) He asserts that social security is a "pyramid scheme." While pay-as-you-go financing may superficially resemble a pyramid scheme, there are fundamental differences that any actuary at the SSA could tell you. Pyramid schemes are inherently unsustainable because of the geometric progression of the pool of investors. A pay-as-you-go system does not require increasing multiples of later-round investors but simply a stable relationship between workers and beneficiaries. Long-term economic growth and population growth would contribute to its sustainability. Our current problems refer to the demographic "bulge" of the baby-boomers which should disappear with their passing, (2) With regard to intellectual property (IP) the author (no surprise) comes down strongly for long-term protection for IP as an inducement to its creation, as opposed to less stringent protection that encourages the dissemination and use of IP. Obviously, there's a trade-off between creation and dissemination, but the current stress on protection may inhibit economic growth and innovation. How many firms pay (or refuse to pay and thus not use the IP) royalties for the use of "patents" that many would consider belong in the public domain? Do we really need copyright protection for 70 years after the author's death? Just one man's opinion.
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