Naked Economics

August 1, 2002
Wheelan, a magazine and radio correspondent, offers ideas about economics in plain language without equations, jargon, and diagrams. He brings us the most powerful concepts in economics while simplifying the building blocks or not using them at all. Basic principles come alive in the author's explanation of individuals acting to make themselves as well off as possible (however that is defined) and the notion that firms try to make as much money as possible by deciding what to produce, how and where to produce it, how much to produce, and at what price. In a manner that is informative and understandable, Wheelan covers such topics as the power of markets, the role of government in the economy, productivity and human capital, the Federal Reserve, and trade and globalization. This is an excellent book, which, as Wheelan posits, "is not economics for dummies; it is economics for smart people who never studied economics (or have only a vague recollection of doing so)."(Reprinted with permission of Booklist, copyright 2002, American Library Association.)

Starred review from June 15, 2002
Economics has often been an orphan in the world of college electives largely ignored, rarely enjoyed, and almost instantly forgotten by undergraduates. In his new book, Wheelan, a Chicago-based correspondent for the Economist, has decided to shake the dust off economics, making the case that it is not just an arcane academic science but a practical set of tools. Though he admits that many of us are "economically illiterate," his book is "not economics for dummies, it is economics for smart people who have never studied economics (or have only a vague recollection of doing so)." Eschewing jargon, charts, and equations, Wheelan gives us the essentials. He clearly defines terms like GDP and inflation, explaining how they work and what the short- and long-term impact might be. He makes a convincing argument that there is a role for "good" governmental regulation, using the Federal Reserve as a model. He also examines the pros and cons of taxation. Topics like productivity, trade, and globalization are insightfully covered as well. This is a thoughtful, well-written introduction to economics, with the author projecting a genuine excitement for his material that makes it not quite so dismal. Highly recommended for all public and academic libraries. Richard Drezen, The Washington Post/New York City Bureau Education

Copyright 2002 Library Journal, LLC Used with permission.