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Naked Economics – Undressing the Dismal Science 2e

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The speed limit of the US is somewhere close to 3% GDP growth per year. Thus the Fed has to keep a fine balance given this imprecise variable. We’ll finish by exploring international markets. We’ll look at how currencies work and how markets can pull developing countries out of poverty.

Further, he appears blind to his own biases, falsely championing himself as a “radical centrist.” For example, he notes public spending as a percentage of GDP as his gauge of government size, assuming spending should grow in proportion to the rest of the economy. As economist Robert Higgs has said, “that doesn’t make a lot of sense.” We don’t assume the cost of other items should follow such a pattern. I 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 more modest perspective of it now. I'll try to provide a better summary of Wheelan's book than I did four years ago. The work that needs to be done should be attributed to the best private bidder so that the public good is delivered in a way that benefits from the market. One way to grasp the gradual splintering, confusion, and manipulation within the field is to consider two disparate books for the layman: Economics in One Lesson (1946) and Naked Economics (2002). The former, by Henry Hazlitt, has for many years been familiar to me as a canon of both economics and liberalism. The latter was recommended reading for my MBA program at Rice University. Hazlitt was the first vice president of the Foundation for Economic Education ( FEE), which continues his noble work. He believed two predispositions impeded people from recognizing the broader impacts of decisions: (1) self-interested pleadings for special treatment and (2) the persistent tendency to see immediate effects and overlook secondary consequences.In 2007, Naked Economics was selected by 360 Degrees of Reading as one of the 360 books that every college bound student should read, alongside authors ranging from Sophocles to Malcolm X. Naked Economics was also selected as one The 100 Best Business Books of All Time by 800-CEO-READ. Protectionism may save jobs in the short term, but it ultimately slows down economic growth. This is because protectionism does not favor specialization. As a result, globalization favors specialization.

The market economy can make our lives better, because the only way firms make profits is by delivering what we want to buy. In his canon, his singular goal is to ferret out fallacies by overcoming those two predispositions. After 75 years, the simplicity and clarity of his book mean it has stood the test of time—without any need for a revision or update. Economics in One Lesson is still the book I recommend to anyone seeking an economics primer. Trade is also good for poorer countries because it is based on voluntary exchange. Voluntary exchange occurs when both parties involved in a trade are better off after the trade than they were before.

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A highly ideological piece masquerading 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.' All financial instruments are built on 4 basic needs – to raise capital, protect/ grow wealth, insure against risk, and speculate. To a large extent, the world is economically interdependent. Exports have increased from 8 percent of global GDP in 1950 to 25 percent today, meaning that countries are trading many more of their goods and services abroad. The increase in international trade is often called globalization. Gross Domestic Product (GDP) is the total sum of all goods and services produced in an economy. That’s the metric economists use to talk about growth. But it’s important to differentiate between real GDP (which takes inflation into account) and nominal GDP (which doesn’t). And to compare GDP between different countries, we need to use GDP per capita (GDP divided by total population) so we’re looking at apples-to-apples numbers. Every market transaction makes all parties better off. However, since we define utility differently, we may not always understand the choices made in other parts of the market. Incentives & Disincentives

From 2004 to 2012, Wheelan was a senior lecturer in public policy at the Harris School of Public Policy at the University of Chicago. He taught several courses on understanding the policy process for Master’s students. For the 2004-05 academic year, he was voted Professor of the Year in a Non-Core Course by the Harris School student body. Despite our growing knowledge about public policy, good policies often don’t get implemented due to politics and interest groups. Generally, interest groups lobby for what they want (e.g. subsidies, tax breaks) or what they don’t want (e.g. protection from new technologies and international trade).

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Overall, international trade makes all the countries involved richer and raises their standards of living, be they rich or poor to start with. It does so by: The government is responsible for providing the public goods that make us all better off, but these are things that the private sector would not provide. For example, private entities do not pay for public lightning. That’s because it benefits everyone and there would be too many people taking advantage of the service without paying anything.

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