[EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science)


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  1. says: SUMMARY Naked Economics: Undressing the Dismal Science Charles Wheelan Ð 6 READ & DOWNLOAD [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science)

    REVIEW ↠ PDF, eBook or Kindle ePUB Ð Charles Wheelan [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science) A highly ideological piece masuerading as a non controversial introduction to economics Wheelan proclaims that eco

  2. says: [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science)

    REVIEW ↠ PDF, eBook or Kindle ePUB Ð Charles Wheelan Charles Wheelan Ð 6 READ & DOWNLOAD SUMMARY Naked Economics: Undressing the Dismal Science Why did the chicken cross the road? To maximize his utilityIf you like this joke as much as I do congratulations You're a

  3. says: [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science)

    [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science) Charles Wheelan Tells It Like It Is would be an eually appropriate title for this fucking awesome overview on all things economic in

  4. says: [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science)

    [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science) When I got into the second half of this book I was joking with Amy that the experience was threatening to turn me into a Republican Which was es

  5. says: SUMMARY Naked Economics: Undressing the Dismal Science [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science)

    [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science) Charles Wheelan Ð 6 READ & DOWNLOAD REVIEW ↠ PDF, eBook or Kindle ePUB Ð Charles Wheelan Apart from news articles the last time I read any book on economics was high school I found Naked Economics explained how Western primarily US economic systems worked in very simple easy to understand language Part

  6. says: SUMMARY Naked Economics: Undressing the Dismal Science [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science) Charles Wheelan Ð 6 READ & DOWNLOAD

    [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science) Charles Wheelan Ð 6 READ & DOWNLOAD Sometimes I think it is a fool’s errand to study economics and hope for enlightenment Much economics knowledge is too simple for that goal—for example the relationship of supply and demand to prices Such facts are easy to grasp through direct personal experience But beyond that actual enlightenment never comes becau

  7. says: SUMMARY Naked Economics: Undressing the Dismal Science Charles Wheelan Ð 6 READ & DOWNLOAD REVIEW ↠ PDF, eBook or Kindle ePUB Ð Charles Wheelan

    [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science) REVIEW ↠ PDF, eBook or Kindle ePUB Ð Charles Wheelan Charles Wheelan Ð 6 READ & DOWNLOAD The book is an interesting primer on economics It is no doubt ideological but the author has given strong arguments for the ideological position he has taken The book however is limited as it is only good for understanding market based economy It doesn't shed light on feudalism and tribal societies economics and the complex socio political and economic relations such societies wield Apart from such limitatio

  8. says: [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science) REVIEW ↠ PDF, eBook or Kindle ePUB Ð Charles Wheelan

    [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science) Scariest book I've read in a while Econ for people who never took Econ in school what were we thinking? A good read for any

  9. says: [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science)

    SUMMARY Naked Economics: Undressing the Dismal Science [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science) One of the fallacies of poverty is that developing countries are poor because they have rapid population growth In fact th

  10. says: SUMMARY Naked Economics: Undressing the Dismal Science Charles Wheelan Ð 6 READ & DOWNLOAD REVIEW ↠ PDF, eBook or Kindle ePUB Ð Charles Wheelan

    [EBOOK/EPUB] (Naked Economics: Undressing the Dismal Science) Charles Wheelan Ð 6 READ & DOWNLOAD SUMMARY Naked Economics: Undressing the Dismal Science UPDATE 060813I reread Charles Wheelan's Naked Economics revisiting it now about four years later It is still one of my favorite books but I do have a modest perspective of it now I'll try to provide a better summary of Wheelan's book than I did four years agoA market economy is really just a name for the transac

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REVIEW ↠ PDF, eBook or Kindle ePUB Ð Charles Wheelan

Naked Economics: Undressing the Dismal Science

REVIEW ↠ PDF, eBook or Kindle ePUB Ð Charles Wheelan Charles Wheelan Ð 6 READ & DOWNLOAD SUMMARY Naked Economics: Undressing the Dismal Science Naked Economics makes up for all of those Econ 101 lectures you slept through or avoided in college demystifying key concepts laying bare the truths behind the numbers and answering those uestions you have always been too embarrassed to ask For all the discussion of Alan Greenspan in the media does anyone know what the Fed actually does And what. A highly ideological piece masuerading as a non controversial introduction to economics Wheelan proclaims that economics is amoral and apolitical and then goes on to give very detailed political descriptions about what government should be He also seems attached to the false dichotomy of free markets vs communist state economies though he does recognize that the neoconservative vision that markets will operate efficiently without government is as he puts it nonsense I wanted to read this book in part because it has been so well read by many people my age many who draw their primary arguments about economics and politics from Wheelan and others like him Thus far it has reinforced my impression that economists tend to lack any understandinganalysis of power in their work and further that they could all stand to study a little ethics and anthropology as well as some non behavioristicdeterministic psychology There is little sense of the way cultural norms and social institutions shape human action or the possibility for truly deeper understandings of human motivations for action beyond simple strivings for utility Yes he tries to provide a definition for utility beyond simply maximizing wealth but all of his examples tend to flatten utility down to a uestion of priceI actually finally put the book down because it was getting too annoying Probably the most annoying argument for me was the standard sweatshops are good for people because otherwise they wouldn t have jobs The inadeuate reasoning in such a statement has always baffled me It assumes that what people need are jobs This in fact is not the case People need food and shelter and a decent uality of life It so happens that currently having a job is the predominant way many people gain access to food shelter and a decent uality of life But sometimes like for many people who work for close to little pay a job does not in fact help one gain access to this and instead traps one into a cycle of ever tightening dependency on your employer while you live an increasingly impoverished and increasingly controlled life Is this better than being impoverished but independent I tend to think not Double Indemnity - Murder for Insurance up for all of those Econ 101 lectures you slept through or avoided in college demystifying key concepts laying bare the truths behind the numbers and answering those Stop Giving Your Power Away uestions you have always been too embarrassed to ask For all the discussion of Alan Greenspan in the media does anyone know what the Fed actually does And what. A highly ideological piece masuerading as a non controversial introduction to economics Wheelan proclaims that economics is amoral and apolitical and then goes on to give very detailed political descriptions about what government should be He also seems attached to the false dichotomy of free markets vs communist state economies though he does recognize that the neoconservative vision that markets will operate efficiently without government is as he puts it nonsense I wanted to read this book in part because it has been so well read by many people my age many who draw their primary arguments about economics and politics from Wheelan and others like him Thus far it has reinforced my impression that economists tend to lack any Holding on Tighter understandings of human motivations for action beyond simple strivings for Five Point SomeoneOne Night at the Call Centre2 States The Story of My MarriageThe 3 Mistakes of My Life utility Yes he tries to provide a definition for دریغا ملا عمر utility beyond simply maximizing wealth but all of his examples tend to flatten Ainakin tuhat laivaa utility down to a New York to Dallas uestion of priceI actually finally put the book down because it was getting too annoying Probably the most annoying argument for me was the standard sweatshops are good for people because otherwise they wouldn t have jobs The inadeuate reasoning in such a statement has always baffled me It assumes that what people need are jobs This in fact is not the case People need food and shelter and a decent Empire of Hell uality of life But sometimes like for many people who work for close to little pay a job does not in fact help one gain access to this and instead traps one into a cycle of ever tightening dependency on your employer while you live an increasingly impoverished and increasingly controlled life Is this better than being impoverished but independent I tend to think not

SUMMARY Naked Economics: Undressing the Dismal Science

REVIEW ↠ PDF, eBook or Kindle ePUB Ð Charles Wheelan Charles Wheelan Ð 6 READ & DOWNLOAD SUMMARY Naked Economics: Undressing the Dismal Science To associate with The Economist Wheelan brings economics to life Amazingly he does so with nary a chart graph or mathematical euation in sight certainly a feat to be witnessed firsthandEconomics is a crucial subject There's no way to understand the important issues without it Now with Charles Wheelan's breezy tour there's also no reason to fear. Scariest book I ve read in a while Econ for people who never took Econ in school what were we thinking A good read for anyone a must read for young adults Start investing kids

REVIEW ↠ PDF, eBook or Kindle ePUB Ð Charles Wheelan

REVIEW ↠ PDF, eBook or Kindle ePUB Ð Charles Wheelan Charles Wheelan Ð 6 READ & DOWNLOAD SUMMARY Naked Economics: Undressing the Dismal Science About those blackouts in California Were they a conspiracy on the part of the power companies Economics is life There's no way to understand the important issues without it Now with Charles Wheelan's breezy tour there's no reason to fear this highly relevant subject With the commonsensical examples and brilliantly acerbic commentary we've come. Sometimes I think it is a fool s errand to study economics and hope for enlightenment Much economics knowledge is too simple for that goal for example the relationship of supply and demand to prices Such facts are easy to grasp through direct personal experience But beyond that actual enlightenment never comes because as everybody knows economics is not a science Economists can t even analyze the past with any precision or unanimity much less the future Because I thought highly of the explanations of monetary policy in Charles Wheelan s Naked Money I hoped that by reading this book I would at least move further down the curve toward enlightenment But even the best writers cannot spin straw into goldIt s not that Naked Economics is a bad book It is very well and engagingly written and funny to boot The problem for me is that all the knowledge here is the first type easy knowledge mostly suitable for those totally unfamiliar with the basic building blocks of economics such as smart elementary or high school students For them this book would be valuable For someone who already knows the basics and is hoping for deeper insight you will be disappointed You ll at least get a refresher though and you ll be treated to direct talk such as that about Asian sweatshops One of two things must be true Either 1 workers take unpleasant jobs in sweatshops because it is the best employment option they have or 2 Asian sweatshop workers are persons of weak intellect who have many attractive job offers but choose to work in sweatshops instead Sure I might uibble with the book here and there Some of Wheelan s policy prescriptions are dubiously supported and some of his facts are wrong He confuses the existence of the administrative state with the rule of law It is not true that the now canceled Superconducting Super Collider particle accelerator was located in Texas because George HW Bush was President that decision was made in the 1980s and if a politician mattered it was the corrupt Democratic Speaker of the House Jim Wright Nor did Arthur Laffer originate the idea that tax cuts might increase revenue that idea was well known to Calvin Coolidge who carefully tested it in practice It is also not true that trading securities on any information not available to the public is against the law But none of these minor problems erode Wheelan s basic analysisThe book does not answer any of my deeper uestions though which tend to revolve around whether the received wisdom is true at all For example I have never been able to understand why a sharp distinction is drawn between consumption and investing when often they seem to ultimately amount to much the same thing Wheelan says consider a family that has a spare 1000 and is deciding between buying a big screen television and suirreling the money away in an investment fund Choosing the investment makes capital available to firms that build plants conduct research train workers These investments are the macro euivalents of a college education they make us productive in the long run and therefore richer Buying the television on the other hand is current consumption It makes us happy today but does nothing to make us richer tomorrow Leaving aside that many college educations do not make us productive eg getting a major in Latino Studies why is this true Isn t it true that buying the TV provides 1000 to those involved in manufacturing and selling it thereby enabling them to build plants conduct research train workers and if nobody bought TVs none of those things would happen at least in the TV industry Putting the money in your mattress or burning it makes it unavailable for productive use but buying things makes it available just like putting it an investment fund Wheelan seems to try to address this by claiming that Yes money spent on the a television keeps the workers employed at the television factory But if the same money were invested it would create jobs somewhere else say for scientists in a laboratory or workers on a construction site while also making us richer in the long run Why is that Don t the manufacturers and sellers of TVs also if they build plants conduct research train workers also hire scientists and construction workers It seems to me that there is not nearly as clear a dividing line as is commonly represented between spending that makes us richer in the long run and spending that doesn tSimilarly and of political impact today what of international free trade and comparative advantage The orthodox view of the role and effect of comparative advantage in international trade is straightforward and Wheelan offers it International trade is good for consumers We pay less for shoes cars electronics food and everything else that can be made better or cheaply somewhere else in the world or is made cheaply in this country because of foreign competition Our lives are made better in thousands of little ways that have a significant cumulative effect Moreover such trade is also good for poor countries the implicit argument being that it s our moral duty even at our own cost to make that possible And being richer also means the environment is treated better another implicit moral duty Yes trade creates losers often permanent losers but on average we are all better off both now and even so in the long run and that s the way it needs to beThis view is subject to a variety of technical criticisms many centering around the simplifications and assumptions that underlie it as well as such things as the effect of technology and of diminishing vs increasing returns to scale And it does not answer why some other rich countries to a greater or lesser degree engage in activities that cut against a free market Yes it is true that the poorest countries are harmed by their own protectionism because it prevents them from offering what little they have to offer and thereby becoming richer But how about Japan China and many other countries which use a range of anti competitive devices to benefit their own people ranging from overt ones such as currency manipulation the yuan and subsidies Airbus to less overt devices such as China making Boeing build a factory in China to access the Chinese market transferring critical intellectual property We don t seem to do anything like that We just try to make sure cheap goods flow to the masses and not coincidentally the powerful are able to acuire abroad cheaper goods to sell at a profit to those massesThese are important uestions and little public attention seems to be paid to them in most uarters other than Trumpian mumblings now uashed by Jared and Ivanka and places like The American Conservative and the new American Affairs Presumably that is because neoliberal Democrats and Chamber of Commerce Republicans like it that way But I have a overarching inuiry though few answers It revolves around an unaddressed uestion what does better off mean given we are told making us collectively better off is the role and goal of exalting international free trade above any other interestImplicit in the orthodox argument Wheelan offers is that any aggregate increase in wealth measured by GDP is adeuate justification for taking the action that leads to the increase This is subject to two obvious skirmishing attacks First as Wheelan acknowledges the result is that some people are not better off Arguably any action should be reuired to be Pareto optimal making no one person worse off Of course that argument is easily countered if the increase in aggregate wealth creates enough wealth to also compensate the person worse off by so doing aggregate wealth can be increased while keeping conditions of Pareto optimality ignoring transactions costs in a Coasian manner Second and subtly even if Pareto optimality is achieved ineuality may be increased Where as in modern America social mobility is sclerotic and freezing fast with the ruling classes becoming ever wealthy and insular increasing ineuality is a social harm That does not imply any specific remedy certainly not an increase in forced redistribution but it is something that should concern usAfter the skirmishing though there is a existential battle to be fought The orthodox argument implies that the goal of our society and thus the goal of our public policy is an economy a social structure that allows the most disposable income for each person That can t be right Yes we all want money but the only people who always benefit from constantly rising incomes are the government because it gets money in real terms and the ruling classes in general especially the tech elites Apple and so forth who manage through a variety of devices to accrue ever greater wealth to themselves Not to mention that as is well known most Americans haven t had any real increase in income in decades although that fact does not directly relate to the inherent worth of the goal The rest of us it seems to me may or may not be actually benefit from money At the extreme for example if I buy fentanyl with my extra money and inject it we are all worse offPerhaps this is an example of bounded rationality most on display at this Christmas season If you go to any store there is an infinite range of goods on offer Yet does the ability to buy 5% of these goods or of the vast majority of those goods really improve the lives of the purchasers Probably not And to the extent the purchase price goes overseas as it often does no American benefits at all the Chinese American current account balance just gets a little out of whack and American sovereignty erodes a little bit too On the other hand being able to buy 5% healthcare or a 5% better car is a real improvement in most people s lives Being able to buy 5% education is also as long as that education is actually a form of human capital improvement More money is sometimes better But is it always better The answer has to be no Thus there must be some limiting principle by which we admit that some increases in per capita wealth do not benefit society This suggests that if international free trade has costs sometimes those costs are not outweighed by the benefits contrary to Wheelan s claim of universality What precisely that implies for public policy I am not sure YetA related uestion is what are the real as opposed to apparent benefits of constant aggregate growth If it s just enabling people to get fatter and buy cheap disposable goods and for old people who have the lowest poverty rate and second highest per capita income of any age group to leech transfer payments from the young so they can take constant foreign luxury cruises these are dubious benefits On the other hand wealth allows us to fix problems at least in theory More wealth means cures for disease or for environmental problems and as Wheelan points out richer people are willing to care about collective action problems such as environmental damage But it seems to me that which of these buckets collect the increased wealth is the critical uestion and it is not at all clear that the first bucket worthless consumption isn t by far the bigger collector And that relates to my first uestion above is consumption really sharply distinct from investment Really these uestions boil down to philosophical uestions What makes a better society one with stuff and ability to buy stuff Or something else Along the same lines what makes a strong society and a strong country Lots of tchotchkes being bought and stuck in the closet after Christmas Certainly it s not one where we invest in creating intellectual property and due to the recent innovation of cheap communications that IP is used to enrich other countries at our expense as Richard Baldwin notes in The Great Convergence Is some degree of autarky beneficial even at the cost of a somewhat reduced disposable per capita income And there are many uestions along the same linesMy own impulse certainly is to throw up my hands in despair at the complexity of answering these uestions and all this is just scratching the surface there are many many other relevant principles from the velocity of money to exchange rates It is possible that I am just being obtuse and that all my uestions have easy answers that the right person could if he would sit down with me deliver uickly and effectively I doubt it though I think that economists don t want to address these uestions because they lead us into a morass of uncertainty And not just any uncertainty but an uncertainty that threatens to undermine the chokehold of the cross party ruling class on the fruits of our societyI suspect that as with all Gordian Knot uestions approaching these uestions on a policy basis from a relatively general level and implementing policies at that level without trying to tease out every thread makes the most sense So for example Congress could simply mandate that within five years 50% of microprocessors in any consumer electronic device sold in the United States and 100% of those in defense devices be produced exclusively within the United States by American owned companies Such devices would become considerably expensive but my bet is that we d be a stronger country as a result Tim Cook won t like that But as they say that s a feature not a bug Actually on a micro level we have already done this in the firearms industry by making it nearly impossible to import small arms for the civilian market ensuring a strong and growing domestic industry Yay That doesn t mean we need to create a new mercantilism not to be confused with Keynesian neo mercantilism It does mean that we need to look to our own interests because foreigners and Tim Cook certainly won t

  • Kindle Edition
  • 385
  • Naked Economics: Undressing the Dismal Science
  • Charles Wheelan
  • English
  • 06 January 2019
  • null