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4.1 AVERAGE
4.1 AVERAGE
challenging
informative
reflective
slow-paced
I think one of the rites of passage to adulthood should require reading certain books, and this one should be on whatever list includes them (or a similar one? I just happened to read this one and find it just on point).
In short, I feel I walk away from this book with more intellectual tools to understand the world around me, the news I hear and read, the political discourses, some of the values other humans hold dear and the relevance of context. It turns out that economics is not so much of a science as a value system —and there's a large ecosystem of economic value systems out there.
I basically underlined the whole book, but among the highlights to come to mind, I appreciated:
* The brief history of the emergence and development of capitalism and how it was a cornerstone in the transformation of our societies from farm-based economies to the industrial and globalised world it is today, how capitalism differs from how it was conceptualized in its beginnings by Adam Smith (the society itself is also quite different), and how the development of communism kind of ignored the "pre-requisites" that were expected by Marx before a communist society could develop (advanced capitalism —that was fun to learn!)
* The role of protectionism in the early development stages of what were then infant industries in Britain and the US, and how being coerced into different strategies, Third World Countries have experienced their own “Industrial Revolution” radically different.
* The explanation of what the 2008 crisis was about
* The explanation to “why if people work more in Mexico than in the Netherlands, Mexico has less GDP per capita than the Netherlands and who can do something about it? —whoever can invest in capital equipment, technologies and infrastructure
* How can a private company be public?
* Now mentions of antitrust laws, financial claims, NASDAQ and what not, does not make my head spin
Now I’m left with the question of where did my money go when I paid for university credits to take economy classes? I did not learn any of this back then! I mean, the professor's story about handling diarrhea in Mexico with plantains was lots of fun, but still...
My favorite excerpt:
Economics is a political argument. It is not —and can never be— a science; there are no objective truths in economics that can be established independently of political, and frequently moral, judgements. Therefore, when faced with an economic argument, you must ask the age-old question ‘Cui bono?’ (Who benefits?), first made famous by the Roman statesman and orator Marcus Tullius Cicero.
In short, I feel I walk away from this book with more intellectual tools to understand the world around me, the news I hear and read, the political discourses, some of the values other humans hold dear and the relevance of context. It turns out that economics is not so much of a science as a value system —and there's a large ecosystem of economic value systems out there.
I basically underlined the whole book, but among the highlights to come to mind, I appreciated:
* The brief history of the emergence and development of capitalism and how it was a cornerstone in the transformation of our societies from farm-based economies to the industrial and globalised world it is today, how capitalism differs from how it was conceptualized in its beginnings by Adam Smith (the society itself is also quite different), and how the development of communism kind of ignored the "pre-requisites" that were expected by Marx before a communist society could develop (advanced capitalism —that was fun to learn!)
* The role of protectionism in the early development stages of what were then infant industries in Britain and the US, and how being coerced into different strategies, Third World Countries have experienced their own “Industrial Revolution” radically different.
* The explanation of what the 2008 crisis was about
* The explanation to “why if people work more in Mexico than in the Netherlands, Mexico has less GDP per capita than the Netherlands and who can do something about it? —whoever can invest in capital equipment, technologies and infrastructure
* How can a private company be public?
* Now mentions of antitrust laws, financial claims, NASDAQ and what not, does not make my head spin
Now I’m left with the question of where did my money go when I paid for university credits to take economy classes? I did not learn any of this back then! I mean, the professor's story about handling diarrhea in Mexico with plantains was lots of fun, but still...
My favorite excerpt:
Economics is a political argument. It is not —and can never be— a science; there are no objective truths in economics that can be established independently of political, and frequently moral, judgements. Therefore, when faced with an economic argument, you must ask the age-old question ‘Cui bono?’ (Who benefits?), first made famous by the Roman statesman and orator Marcus Tullius Cicero.
This book sums up economy very concisely and clearly. You might want or need to do some extra reading to understand some concepts, which the author counts with and provides respective recommendations.
I enjoyed this book alot, very clear and gives a simplified explanation to different economoc concepts. i think its perfect for a beginner to get an overview of the subject
Ha-Joon Chang has accomplished a major feat with Economics: The User’s Guide: he has distilled the complicated subject of economics into a lightweight book that is both accessible and packed with information.
In part one, Chang lays out a detailed history of economics theory, providing helpful descriptions of the major schools of thought. He compares the Classical and Neoclassical models with Marxist, Keynesian, Austrian and other models of economics, giving the reader a thorough, balanced overview that is absent in many mainstream textbooks. In part two, Chang demonstrates how economics is applied in real-world situations, covering topics from production and finance to inequality and unemployment.
For anyone looking to broaden their knowledge of the economy and how it works, I highly recommend picking up Economics: The User’s Guide. – Anthony C.
In part one, Chang lays out a detailed history of economics theory, providing helpful descriptions of the major schools of thought. He compares the Classical and Neoclassical models with Marxist, Keynesian, Austrian and other models of economics, giving the reader a thorough, balanced overview that is absent in many mainstream textbooks. In part two, Chang demonstrates how economics is applied in real-world situations, covering topics from production and finance to inequality and unemployment.
For anyone looking to broaden their knowledge of the economy and how it works, I highly recommend picking up Economics: The User’s Guide. – Anthony C.
This book is the most thorough overview you can get of understanding all the main economic concepts.
I am an economist myself, and even economists do not learn all this in school. Specially the financial aspect of the economy has been a blurry area to me (for seemingly good reason according to Chang).
I would say that the book definitely leans towards a political left (in the US at least), but this shouldn't come as a surprise as this is also where the scientific community in economics is leaning (contrary to popular belief) - https://fivethirtyeight.com/features/economists-arent-as-nonpartisan-as-we-think/ I think Chang manages to do so in a way that critiques both sides with a reasonable balance. I am left wondering sometimes however, what right leaning economists would say to some of his ideas, and what deeper discussion could come from that.
I am an economist myself, and even economists do not learn all this in school. Specially the financial aspect of the economy has been a blurry area to me (for seemingly good reason according to Chang).
I would say that the book definitely leans towards a political left (in the US at least), but this shouldn't come as a surprise as this is also where the scientific community in economics is leaning (contrary to popular belief) - https://fivethirtyeight.com/features/economists-arent-as-nonpartisan-as-we-think/ I think Chang manages to do so in a way that critiques both sides with a reasonable balance. I am left wondering sometimes however, what right leaning economists would say to some of his ideas, and what deeper discussion could come from that.
A brilliant, accessible introduction. I picked this up as an antidote to Sowell's dreadful Basic Economics, and was not disappointed. Chang takes a healthy attitude towards the Neoclassical orthodoxy and shows how we can--and should--think about the economy differently from The Economist magazine and its cheerleaders. The focus is on macroeconomics, which is how it should be, but I would have perhaps liked to see more detailed refutations of the neoliberal micro ideas, or examples of how, for example, price determination is more complex than textbook neoclassical ideas make it to be. I wasn't also quite sure about the slapstick references to popular culture, but that calmed down after the beginning. Absolutely recommended.
Gives a good overview of various different schools of economics
Purportedly an introduction to economics but reads more like a collection of disparate essays on topics beyond the level of beginner - with little to no introduction to said topics given