[Book] Economics Explained



Do you like reading? If you do, what kinds of books are your favorite? For me, without even a secod thought, I can pick up ‘Gone with the Wind’ by Margaret Mitchell as my favorite. Passionate and turbulent romance between beautiful Scarlett and Rhett Butler after the civil war, detailed description of reconstruction, and different views on slavery, etc. All these things are so beautifully written in the novel.  Oh well, I might go too far, so let’s just stop here and let me introduce you a book for today.

Like me, probably many of you  like novels, comics, and other genres, but not a book on economics. In fact, it is kind of boring and sometimes too diffucult to read, isn’t it? Our image of economics book is something about lots of graphs and tables, difficult fomula, and complicated explanation… So you may be hardly willing to read those books on economics, unless they are textbooks or required readings for your classes. Well, neither do I. However, what if I am telling you that you might find an interesting book talking about economics?


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‘Economics Explained: Everything you need to know about how the economy works and where it’s going’, written by Robert Heilbroner and Lester Thurow, was published quite a long time ago. The current one at book strores is the 4th edition. Among many books on economics, why do I recommend you this particular book? Well, the biggest reason is that the whole explanation in this book is easy to understand.

In the first part, the authors begin this book by briefly explaining the well-known economists like Adam Smith and J.M. Keynes. While reading their theories and ideas, you will be reminded of the basic concepts of econmics that you may have heard at least once

Next, to explain macroeconomics, the book talks about development and regression of households. You can see how a price is set and government plays a role in the market. At the end of this book, authors write issues triggered by rapid globalizaion and capitalism.For example, economic polarization and recessions are pointed out  with authors’ own opinions and ideas being suggested.

It gets interesting right from here. Unlike others, the authors in this book try to be neutral. They address both the positives and negatives driven by capitalism, rather than go completely agasint the current system. The book does not say that we should make a whole change in our economy and civilization based on capitalism. Rather, the book acknowledges that catpitalism and market are still powerful. According to the authors, our current economic system has capabilities, and that is how we have improved productivity and expanded trade markets so far. It gives a significant implication; our economy may shrink or expand from time to time, but it is never tied up. Moving along the cycle, economy experiences either boom or recession. It naturally fluctuates, and thus we are not to be totally depressed by temporary ups and downs. So, amid the recent economic downturns worldwide, we can expect another positive turn-around. I guess this is the core message from the authors. I can guarantee you this book will be easily understood. So, why don’t we read it for your next reading?

If you want to talk about this book or leave any review, do not hesitate it. We always welcome you!  See you next time, guys! 😀



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