Naked Economics

Undressing the Dismal Science

by Charles Wheelan

Number of pages: 260

Publisher: W. W. Norton & Company

BBB Library: Economics and Investment

ISBN: 9780393324860

About the Author

Wheelan is an instructor in the Irving B. Harris Graduate School of Public Policy Studies. He was correspondent for The Economist from the USA, and a Democratic candidate in the special elections for Illinois’s congressional district.


Editorial Review

Finally! A book about economics that won’t put you to sleep. In fact, you won’t be able to put this bestseller down. In our challenging economic climate, this perennial favorite of students and general readers is more than a good read, it’s a necessary investment—with a blessedly sure rate of return. Demystifying buzzwords, laying bare the truths behind oft-quoted numbers, and answering the questions you were always too embarrassed to ask, the breezy Naked Economics gives readers the tools they need to engage with pleasure and confidence in the deeply relevant, not so dismal science.

Book Reviews

"There's too much curious stuff in this book to even briefly mention in a review .."Eli Bendersky

"Overall, Naked Economics has a thing or two to teach you about the structures and processes involved in the global economy."Nerd Guru

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Wisdom to Share

Economics can help us understand and improve an imperfect world.

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The easiest way to appreciate the gains from trade is to imagine life without it.

Currencies that buy more than PPP would predict are “overvalued”; currencies that buy less are “undervalued”.

International economics should not be any different than economics within countries. National borders are political demarcations, not economic ones.

Productivity is determined in part by natural resources, but in a modern economy, productivity is more affected by technology, and skills, all of which are a function of human capital.

Human capital is inextricably linked to one of the most important ideas in economics: Productivity.

Our total stock of human capital defines how well off we are as a society.

Good policy should use incentives to channel behavior towards some desired outcome.

Human beings are complex creatures who are going to do whatever it takes to make themselves as well off as possible.

Economists don’t particularly care what gives us utility; they simply accept that each of us has their preference.

One of the most interesting and productive areas of inquiry is the field of behavioral economics, which explores how individuals make decisions.