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Title: Demystifying Economics : The Book That Makes Economics Accessible to Everyone--Expanded Second Edition by Allen W., Ph.D. Smith ISBN: 0-9648504-7-8 Publisher: Ironwood Pubns Pub. Date: 15 April, 2000 Format: Paperback Volumes: 1 List Price(USD): $19.95

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Average Customer Rating: 5 (2 reviews)

Rating: 5
Summary: Great primer on the US Economy
Comment: With all this talk lately about the condition the economy is in, I thought I'd do myself some good and actually read up a little bit on what the economy is actually all about - I'm in my 30's and it's been some years since those highschool economics classes.

I actually picked this up at my local library - but I liked it so much it's now on my Wish List.
The author takes a subject that's frankly not very exciting or clear to most, and puts it in words almost anyone can understand and states examples of how different concepts would work.

In this book I learned about such things as:

-The laws of Supply and Demand
-Different types of business organizations and what monopolies, oligopolies, and anti-trust laws are all about
-Labor unions and their effect on the workforce, and why some trades tend to make so much more than others due again to supply and demand
-What the gross domestic product is and how fiscal policies effect the economy
-Where the money for unemployment checks comes from and how the government determins what the unemployment rates are
-What causes inflation and why it's not necessarily a bad thing
-How the Federal Reserve System works and what banks do with my money after I make a deposit
-How internation trade effects the economy, and why buying foreign goods is actually good for the economy

Although this book doesn't cover everything there is to know about economics, it certainly is a great book for "US Economics in a Nutshell," and I feel I have a much better understanding of how the economy works now.

Rating: 5
Summary: Reader's response to Demystifying Economics
Comment: DEMYSTIFYING ECONONOMICS takes a complex subject and makes it possible for both beginning students and older adults who have forgotten a lot from school days, to understand the basics of economics. The author has over 28 years of teaching experience and it shows. He is a writer who cares about students and the public, not just other economists. The careful reader will learn about the basic problem of economics, that is scarcity. Nations and citizens must choose because we have unlimited wants and limited resources. Readers will learn: the varied ways in which business firms are organized, labor economics, government policies designed to keep from boom and bust excesses, money and banking and international trade etc. The book also tells the story of how our national debt zoomed from 290.5 billion in 1960 to 5 trillion,711.4 billion (est) in 2000. This book belongs in libraries, as a companion text in schools and colleges and in the personal libraries of citizens who wish to make informed choices.