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Economics For Dummies, by Sean Masaki Flynn
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Grasp the history, principles, theories, and terminology of economics with this updated bestseller
Since the initial publication of Economics For Dummies in 2005, the U.S. has endured a number of drastic changes and events that sent its economy into a tailspin. This newly revised edition presents updated material about the recent financial crisis and the steps taken to repair it.
Packed with refreshed information and relevant new examples from today's economy, it gives you a straightforward, easy-to-grasp understanding of how the economy functions-and how it influences personal finances.
- New information on deciphering consumer behavior
- Refresh coverage of fiscal and monetary policies
- A new chapter on health care policy and the financial crisis
Presenting complex theories in simple terms and helping you decode the jargon, understand the equations, and debunk the common misconceptions, Economics For Dummies tackles the topic in terms you can understand.
- Sales Rank: #17863 in Books
- Published on: 2011-04-12
- Released on: 2011-03-25
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x .85" w x 7.40" l, 1.31 pounds
- Binding: Paperback
- 408 pages
From the Back Cover
Grasp the history, principles, theories, and terminology of economics
Want to know more about the recent financial crisis and the steps taken to repair it? Packed with information and relevant new examples from today's economy, this updated, best-selling guide gives you a straightforward, easy-to-grasp understanding of how the economy functions — and how it influences personal finances.
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The science of scarcity — discover how economics is all about scarcity, and how it forces people to make tradeoffs for desired goods and services
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Oh, behave! — learn about theories on behavior (micro-economics) to better understand what motivates a firm to produce a given output, and how buyers and sellers interact in markets to distribute that output
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Put it to the test — find out how to apply theories onmicroeconomics to shed light on real-world scenarios, likethe high cost of health insurance, why it's so hard to find aquality used car, and much more
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Get the big picture — take a look at the economy from the top (macroeconomics) to find out how economic growth andstability is dealt with at national and international levels
Open the book and find:
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How the government fightsrecessions and unemployment
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Why international trade is good for nations (and individuals)
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What's behind the goods andservices you might take for granted
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Reasons monopolies are bad
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Who is controlling your money (and inflation)
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Policies that can cause more harm than good
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How the simple "supply anddemand" model easily explains the price of everything
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The effects of taxation on society
Learn to:
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Decipher consumer behavior
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Use the model of supply and demand
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Identify factors that lead to inflation
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Understand fiscal and monetary policies
About the Author
Sean Flynn, PhD, is an assistant professor of economics at Scripps College in Claremont, California. He is an active resource on the topic of economics in both the academic community and the media. He has been a guest expert on NPR and has been interviewed for articles on Forbes.com.
Most helpful customer reviews
80 of 84 people found the following review helpful.
Great Source of Information, but Dummies Beware ...
By DACHokie
Having accumulated several of the "for Dummies" books over the years, I find that they offer a great base knowledge of information on a wide variety of subjects and are very useful as a reference. That being said, some topics are a little too "meaty" to simplify so easily ... and I would have to include economics as one of those topics.
Although a business management degree required me to take several courses in economics over 20 years ago, I was well aware then that the subject matter was far more complex and deep than any of the overview courses I took. Needless to say, only the most basic economic principles have stuck with me over the years. Fast forward to today, with the economy being such an important issue in our lives, and ECONOMICS FOR DUMMIES seemed logical as both a refresher course and a reference. While I thought the presentation of economic s was as good as any of the "for Dummies" books, I quickly understood the reason I never retained the old college course material in the first place ... the subject matter is simply tedious. Face it, economics is a specialized and involved field of study that requires an attention span of more than a passing interest. In other words, economics is not for dummies at all.
What I like about ECONOMICS FOR DUMMIES is the standard "Dummies" format with the icons in the margins that allows the reader to distinguish what material is important to remember from the material that is superfluous. There are plenty of real-life scenarios presented to further illustrate the various economic concepts. What gets complicated is that the foundation of basic principles is compounded by so many intervening variables that the material may quickly overwhelm a reader. The real-life scenarios are helpful, but the speedy progression of economic concepts can render the reader lost in a sea of graphs, charts and economic vernacular. In other words, a person completely unfamiliar with economics may find the onslaught of such complicated, and quite frankly, boring subject matter a turnoff. I venture to say that the book would be better served if presented in smaller doses ("Supply and Demand for Dummies", "Macro-economics for Dummies", "Recession for Dummies", etc.) rather than a condensed overview of the entire realm of economics. Regardless, the book DOES provide an decent overview of economics and how it relates to the world today (meaning a lot of time is spent covering inflation and recession) in as simplified a manner as possible (no small feat). At the end of the book, the author provides an interesting list of economic myths that should be very enlightening to most readers.
The true value of the book, however, may be as a quick reference tool or resource to disseminate and somewhat understand what is being reported on the news, day in and day out ... after all "it's the economy, stupid". While most of us generally like to read a book from start to finish, there are some books that are best served as a reference to be pulled from the shelf when a question needs to be answered ... in that case, this book is invaluable.
45 of 47 people found the following review helpful.
What I Should Have Learned in Econ 101
By Marcia Burns
Had I read Economics for Dummies before I took the Econ 101, the class would have made much more sense. I finally understand how the government puts money into the economy, why many stimulus measures may not work at all, and the futility of price supports. While my huge Econ textbook contained arcane terms and copious footnotes, it's nice to know that the basic concepts of economics depend on neither of these. I suspect the author of having conservative leanings, and I suspect that some of his arguments are either oversimplified or have another side not presented here, but for the modest price of this book, I certainly gained insight for evaluating the political fray which is currently taking place and really obtained more useful information than I gained in the $1,000 class. (This book was provided to me by the Amazon Vine program, but I also bought a copy for my Kindle; every time I had a moment to read the free copy, I found it in my husband's hands! Oh, by the way, much as I love my Kindle, this is not a good book to read there. Increasing the type size does not increase the size of the formulas, leaving them very difficult to read.)
41 of 43 people found the following review helpful.
Especially Strong on the Theory of Market Intervention
By Herbert Gintis
I will actually discuss three books in this review. All are books on self-learning of economic theory for serious beginners.
Sean Flynn, Economics For Dummies (Wiley, 2011)
Tom Gorman, The Complete Idiot's Guide to Economics (Penguin, 2003)
Steve Slavin, Economics: A Self-Teaching Guide (Wiley, 1999)
People often ask me what to read to learn the type of basic economic theory that is taught in university graduate and undergraduate courses. This is somewhat difficult because most writers for the general public have some sort of political axe to grind and present a one-sided version of the theory, or a complete alternative to the theory. I have nothing against such writers, but I will always suggest that readers also/instead of/before reading these political pleadings, find out what the general "received wisdom" is.
It may seem that there is no "received wisdom" that is shared by most economists, but this is not the case. Except in the area of macroeconomic policy, there are few disagreements. In the macroeconomic area, the standard models are pretty awful, but economic policy types have deeper problems: general models can show you the general direction of effects, but when there are offsetting directions, only quantitative evidence can supply a credible answer. For instance, increasing government expenditure to lower the unemployment rate may be offset by the effects of government debt on interest, inflation, and growth rates. Only careful attention to details can determine the net effect of the policy, and even this is subject to significant error. However, you cannot even begin to assess economic policy seriously unless you know basic economic theory.
The books reviewed here are basic starting points for gaining a facility in economic theory. Alternatively, you can simply buy one of the leading undergraduate textbooks and plow through it. The textbook will be more demanding, very fat, and quite expensive. Before doing this, I advise that you tackle one or more of the above volumes. They are all quite good, and it wouldn't hurt to read them all. But, here are my impressions.
Economics for Dummies is the most sophisticated of the three books and covers extremely important material left out of the others. This includes an analysis of property right, market externality, public goods, asymmetric information, and other absolutely fundamental aspects of modern economic theory, which is really the theory of the interaction between markets and macroeconomic regulation for efficiency and stability. It rather weak on national income accounting (none of the books is strong in this very difficult area), and it does no general equilibrium analysis (e.g., the very instructive Edgeworth box is missing). Finally, the book rather slights statistical information on the economy and give little historical perspective.
The Complete Idiot's Guide to Economics is a little out of date (2003), and is especially concerned with regulatory policy in dealing with volatile economies. It has lots of interesting statistics, and gives a detailed explanation of the Federal Reserve and its operation. It is similarly strong on analyzing international trade and exchange rates. Read this after Economics for Dummies.
Economics: A Self-Teaching Guide cannot deal with recent economic issues because it was published in 1999, but it is well worth reading. It is especially strong on economic history and it presents in some detain the various schools of thought in macroeconomic theory. It also does considerable national income accounting, which I consider a prerequisite to understanding current economic issues. Its microeconomics sections are rather brief. It is certainly not a substitute for Economics for Dummies.
If readers have comments and/or suggestions of these or other candidates for learning basic economic theory, please pass them on to me.
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