Naked Economics: Undressing the Dismal Science

Highly recommend this book - it is easy to follow and it explains complex concepts very well. I am asking my whole family to read this!

I didn’t expect a book on the broad spectrum of economics to be such an enjoyable read. This author has quite a gift for taking a topic with the potential to operate as a sedative and instead making it clever and entertaining. Wheelan concisely and clearly explains an overview of all the facets of economies and does an excellent job of showing the ramifications of decisions by consumers, business and lawmakers. Wheelan shows the reader how our economy (or any economy) necessarily gets put into place, and then examines proposed changes by various leaders and fleshes out what the impact would be of those decisions. He also thoroughly discusses the international markets and shows how essential the connections to them are to an optimized national and global economy. He demonstrates that economics is a web that stretches through all facets of government and societal life. Most of all, he substantiates that productivity is a hinge for society, and denotes the profound impact it has played in the past and continues to play. His purpose in this book is to educate, not to persuade, and that makes it all the better. He sprinkles in many, “wow! I can’t believe that,” stories throughout his chapters that illustrate his points and, more pointedly, keep the text entertaining. I learned so much from this book, and my thinking about economic issues has a more solid framework for having read it. I’ve learned to evaluate and appreciate the vast intricacies that the impact of proposed “fixes” that float around the news would have, and now appreciate the power of productivity in remedying many of life’s difficulties. I highly recommend this book. It gives you ideas to ruminate on well past the pages, and plus it is enjoyable and thus easy to read.

“Naked Economics: Undressing the Dismal Science” by Charles Wheelan is a masterful introduction to the field of economics, aimed at demystifying a subject that is often perceived as complex and inaccessible. Wheelan’s book succeeds in making economic principles understandable and relevant to a broad audience, blending wit, clarity, and practical examples. Content and Structure The book covers an extensive range of topics fundamental to understanding economics, such as incentives, market dynamics, the role of government, productivity, globalization, behavioral economics, and income inequality. Each chapter focuses on a specific aspect of economics, breaking down sophisticated ideas into digestible and engaging segments. Key Themes and Insights 1. Incentives and Behavior: Wheelan underscores the importance of incentives as the primary drivers of economic behavior. He illustrates this with a variety of examples, showing how incentives influence individual and collective decision-making. For instance, he discusses how tax incentives can shape corporate behavior and personal financial choices. 2. Market Efficiency and Failures: A significant portion of the book is dedicated to explaining how markets work, primarily through the interaction of supply and demand. Wheelan adeptly explains concepts like price elasticity, market equilibrium, and externalities. He also addresses market failures, where the free market does not allocate resources efficiently, necessitating government intervention. 3. Government’s Economic Role: While advocating for the efficiency of markets, Wheelan does not shy away from discussing the critical role of government. He outlines how governments can correct market failures, provide public goods, and implement policies to mitigate inequality. For example, he talks about the role of central banks in managing monetary policy to control inflation and stabilize the economy. 4. Globalization: Wheelan explores the benefits and challenges of globalization. He highlights how global trade and investment can lead to increased efficiency and innovation but also acknowledges the potential downsides, such as economic vulnerability and job displacement in certain industries. 5. Behavioral Economics: Departing from the traditional assumption of rational self-interest, Wheelan delves into behavioral economics, which examines how psychological factors can influence economic decisions. This section is particularly engaging as it connects economic theory with real human behavior, offering a more nuanced view of economic decision-making. 6. Income Inequality: The book also tackles the contentious issue of income inequality, examining its causes and implications. Wheelan discusses how economic policies can impact wealth distribution and highlights the importance of education and human capital in addressing economic disparities. Writing Style and Accessibility Wheelan’s writing is both engaging and educational. He avoids technical jargon and uses everyday language, making complex economic concepts accessible to readers without a background in economics. His use of humor and relatable analogies helps to maintain the reader’s interest and enhances understanding. Strengths • Clarity and Simplicity: Wheelan’s ability to explain intricate economic concepts in simple, clear terms is a significant strength. This makes the book an excellent resource for those new to economics. • Relevance: By linking theoretical concepts to real-world issues, Wheelan demonstrates the practical importance of economics, making the subject matter relevant and engaging. • Balanced View: The author presents a balanced perspective, acknowledging both the strengths and limitations of market economies and the role of government intervention. Conclusion “Naked Economics” is an outstanding primer on economics, offering valuable insights in an accessible and entertaining manner. Charles Wheelan effectively strips down the complexities of economics, making it approachable for a wide audience. Whether you are a student, a professional, or simply someone interested in understanding the economic forces that shape our world, this book provides a solid foundation and a thoughtful perspective on the “dismal science.”

I've always been scared of economics: it was the kind of stuff better left to bored fathers in family gatherings. What's with all the fiscal deficit and monetary policy and trade embargoes? Phew! But perhaps what we needed was one wonderful introductory guide to this fascinating subject. Naked Economics serves as that Economics 101 manual. That said, it is different from other introductory books in that it doesn't talk down to its readers. It is not your textbook introduction that lists definitions, theories and examples. We have all had that boring academic textbook which put people to sleep and scared them away from economics. Rather, Naked Economics is an engaging narrative. It explains economics with questions we might all have had but were overwhelmed to research: Why are some countries poor? Why doesn't Brad Pitt sell auto insurance? How can locals be made to protect the environment?, etc. A good teacher is one who leaves your thinking about the subject and asking more questions on it. Naked Economics has been the best economics teacher I've had. I no longer squirm if I have to read The Economist to find something. I am not saying I've become a pro. I would still be wary to provide my inputs on "serious economy stuff". But I will listen now. With interest.

Well written work. Explains economics in real world events.

French people usually don't care about economics. They should. Because, one way or the other, economics takes care of them. Charles Wheelan makes an excellent job of debunking old myths about the way our money goes around. And there are some extremly valuable lessons to be drawn here, especially as to the mistakes you and I can easily avoid when managing our 'wealth'. First lesson: don't trust the self-appointed experts ! . I gave the highest grade to this book because it explains in totally understandable terms the most complex economic phenomenons. I gave it the highest grade because it is highly entertaining and fun. I gave it the highest grade because this is definitely the most valuable investment I have made in years: I got bang for my buck.

This book is awesome. It is a life-changing and everybody must-read it. I feel a better version of myself after and now able to comprehend everyday economics facts. From now on, I am sure that I feel more confident to take care of my financial assets and life savings and the choices ahead. The whole book is a mastermind but the best part is chapters 10 (Federal Reserve Bank, fiscal and monetary policies) and 11 (Forex Exchange). Charles has hit 10 out 10 as so he did with naked statistics’ book that, by the way, is a must-read book too.

Fantastic book. Author writes really well and makes economics interesting and relevant. He also explains the most important concepts in a painless manner. No complicated maths. I have read a number of books on economics over the years and this is the one I would recommend if you want an introduction to economics.