Naked Economics: Undressing the Dismal Science

by: Charles Wheelan (0)

International bestseller

"Clear, concise, informative, [and] witty." ―Chicago Tribune

At last! A new edition of the economics book that won’t put you to sleep. In fact, you won’t be able to put this bestseller down. In our challenging economic climate, this perennial favorite of students and general readers is more than a good read, it’s a necessary investment―with a blessedly sure rate of return. This revised and updated edition includes commentary on hot topics such as automation, trade, income inequality, and America’s rising debt. Ten years after the financial crisis, Naked Economics examines how policymakers managed the worst economic crisis since the Great Depression.

Demystifying buzzwords, laying bare the truths behind oft-quoted numbers, and answering the questions you were always too embarrassed to ask, the breezy Naked Economics gives you the tools to engage with pleasure and confidence in the deeply relevant, not so dismal science.

---

The Reviews

Upon reading this book I quickly started to pick up on a few things. The introduction and the book were both involved in some similar techniques and motives. First I found that this book seemed to be written for the impressionable 12 year old, making the most far fetched correlations in order to make simple sense out of complex issues. All the while this was happening, there was a "why democrats are right" intertwined in all of this. To me this book reeks of being written for the laymen, impressionable, young - trying to recruit for a certain political party and way of thinking. Aside from this, I was seeing a lot of logical fallibility in the author's attempt to explain things about the world, the people in it, and how things work in economics. I want a book that focuses on factual information, history, and sound philosophy - all the while leaving personal political agendas out of it. Apart from my opinion on the substance of this book, the information is laid out in a such a fashion that is akin to a rushed and unorganized dumping of thoughts and opinions.

I stumbled onto this book in my search to, as a curious thinker, to understand better what economics is and what it can teach us.It has fundamentally changed my view on what constitutes an ideal government with regards to being a good promoter of a strong and thriving economy; that we need to be especially vigilant against corruption and over-regulation (corruption feeds off over-regulation, and both lead to lower economic growth). Trade, in the long-run, makes us all better off (rich and poor countries alike). This was an especially poignant argument in light of the current presidential race where Donald Trump and Bernie Sanders are both anti-trade.Dr. Wheelan's arguments, taken as a whole, are neither conservative or liberal. He strikes a good balance in seeking the truth about how modern economies work, and more importantly, what makes them work better. For example, he makes the general argument that marginal rate tax-cuts can lead to more investment and economic activity, which in turn grows the economy. However he debunks the misguided (at best) political arguments that tax-cuts also lead to higher revenue.I was also enlightened by his points about professional organizations (ABA, AMA, teacher's unions) and the barrier's to entry they artificially impose that can actually result in poorer outcomes. His example about "Cadillac lawyers" was amusing and make me think about high prices for legal services. Teacher's unions seek to protect their own at the expense of providing children a better education by lobbying for teacher certification requirements that research shows don't help children succeed (e.g. people with Phd's not legally allowed to teach high school). He makes a good argument for lowering these barriers of entry, along with eliminating absurd tenure rules that protect and reward under-performing teachers, to incentivize smart, competent people to enter become teachers.These are just a very few examples in the book. As someone who has leaned left most of my life, I found Dr. Wheelan's book challenging, but refreshing. It challenged a lot of my preconceived notions of what good governance and policy means. But by no means is it a tea party manifesto. It's somewhere right in the center, where logic and rationality live.

This is an excellent introduction to economics and the broad range of issues informed by economics for the non-professional but interested reader. It is clear and accessible and punctuated by a breezy, witty style, and without a single equation or graph for those terrified of numerical relationships. The economics presented in this book is mainstream economics as befitting a journalist for The Economist and makes points that would satisfy those right-of-center and those left-of-center. For conservatives, the author reminds us (like Milton Friedman did in "Capitalism and Freedom") that a heavily regimented economy would eventually come at a steep price in curtailed political / civil freedoms just to maintain the economic regimentation. In addition, the physical and human capital underlying productivity growth, and the economic self-interest that drives their application, are key components of economic well-being. On the other hand, liberals will appreciate his contention that government is a crucial catalyst for effective market functioning in that it provides (or can provide) a legal framework, a predictable regulatory regime, and a stable macroeconomic environment. Most of the national economic failures to which the author alludes are not the result of racial, ethnic, institutional, or cultural deficiencies but are simply a result of government incompetence and corruption (see Zimbabwe). And markets are not omniscient; we get the standard analysis for market prices not reflecting social costs / benefits (externalities) and the market's failure to produce public goods.What I also liked about this volume was the way in which it extended economic analysis to many areas of social / human behavior, but then would go no further, i.e., the author recognizes that economic analysis informs much of our public policy debates but cannot settle value-laden issues. For example, in his chapter on "Productivity and Human Capital", subtitled "Why is Bill Gates so much richer than you", he acknowledges that economics can tell us about the production of income and the creation of wealth, but can't really tell us how that income and wealth should be distributed. (Some prominent economists are on record as claiming that distribution issues are irrelevant.) This book maintains that these value-oriented issues are determined in the political process as shaped by our religious, moral, and cultural backgrounds.I enjoyed this book very much. But I would challenge the author on two points: (1) He asserts that social security is a "pyramid scheme." While pay-as-you-go financing may superficially resemble a pyramid scheme, there are fundamental differences that any actuary at the SSA could tell you. Pyramid schemes are inherently unsustainable because of the geometric progression of the pool of investors. A pay-as-you-go system does not require increasing multiples of later-round investors but simply a stable relationship between workers and beneficiaries. Long-term economic growth and population growth would contribute to its sustainability. Our current problems refer to the demographic "bulge" of the baby-boomers which should disappear with their passing, (2) With regard to intellectual property (IP) the author (no surprise) comes down strongly for long-term protection for IP as an inducement to its creation, as opposed to less stringent protection that encourages the dissemination and use of IP. Obviously, there's a trade-off between creation and dissemination, but the current stress on protection may inhibit economic growth and innovation. How many firms pay (or refuse to pay and thus not use the IP) royalties for the use of "patents" that many would consider belong in the public domain? Do we really need copyright protection for 70 years after the author's death? Just one man's opinion.

Got this book for an Econ class. This book made it incredibly easy to read and understand.

I recommend this book to everyone I know. It's so easy to read and gets me thinking about all kinds of subjects. If you want an easy to digest economics book, this is it.

Very engaging book that keeps your interest throughout. Definitely recommend!

I was hoping that his book would go over some history outlining diff't economic schools of thought. I had read Naked Statistics and enjoyed the historical perspective. Instead I got a very basic outline of some very basic economic principles with very poor and simplistic (sometimes incorrect) real world examples. Don't waste your time.

Arrived on time and is a good read.

Great! Just as expected. Thank you!

The product was damaged/open or leaking out when I got it. Without pushing the click pen it some orange liquid and red color was leaking out. After clicking intensely the lip tint came out and I was surprised to see how nice it was. Very light and like a true tint dries down on your lips and blurs it. Three starts because the doe foot applicator is pokey like something sharp is behind it and so I use a finger to apply to my lips. I’m starting to think this is a defective product? After keep clicking only orange liquid comes out not sure if it’s the lip tint or separated liquid. Not sure what to do with it now but it looks so nice on my lips.

This lip product is already used and about to expire!!! How am I supposed to use this?!! This is very inconvenient and cheating! BUYERS, be warned!!!

More coral than red or pink. Color not as described. This is 03 Heart point.

The vest works like it should. However, the zipper gets stuck on the bottom and I will have to slip it on and zip it up instead of unzipping it all the way. The thread of the reflective material began to fray after three weeks of use but its normal for that to happen with daily use.

An introductory book to the world of economics. Great writer.

This is the first book that I read about Economics and I was surprised by all the things that it covered and how well explained were they, Charles Wheelan tried to create a book so even the person without the slightest knowledge of economics could read it and understand it, and as Burton Malkiel Said If I had wanted to write a book about Introduction to Economics, this is the book I'd have written.The first chapters cover the nature of markets and how is it possible to have so much organizations in a decentralized economy, it's about satisfying consumer goods, there's a great story about a Soviet Commander who once entered an American Pharmacy and amazed by all the quantity of the stuff asked the pharmacist, impressing, but how does the goverment manages to supply all of this things to all the pharmacies, like they did in the USSR, the answer was, they don't, there's not a law that indicates which things a pharmacy must have yet they all have almost the same kind of things, read the book to get the rest of the info on that and much more, believe it or not, interesting and enjoyable stories.He goes on to talk about How the financial system crashed by explaining how the financial system works and how the goverment did things it wasn't supposed to do, what the goverment can do and what it can't as opposed to the extremists who either want to get rid of the goverment completely or want it to control every aspect of our lives with detailed yet easy to understand explanaitions.Lastly and one of my favorite parts as I live in a developing country is the part about International Trade and Development Economics, he goes on to explain that globalization is not as bad as the anti globalization protesters want you to believe or as they believe, he also tackles the asian sweatshops problem and how closing them would cause much more damage to the workers because capitalism is about choices and if they had a better working opportunity they as rational individuals would take it, but they don't because there are no better oportunities, obviously it has much more background than that, I just hope everyone read the book so we could unite to support the policies that help us all and stop the unrational prejudicing about things that benefit us all like Globalization and Free Trade.

This is very good for dry flaky skin like my aged skin has began to be. The only caution is to be you read directions. I sprayed it on like I did with other spray on moisturizers. It was so oily I couldn’t believe it!! Even after washing my hands numerous times it stayed oily. But my skin absorbed all the oil on it. Directions say to put 1-3 drops in the palm of your hand , rub together, and apply to skin. It cautions you several times to use only a few drops. This stuff is going to last me ten years!! The notice on the box says it’s not good after one year after opening. Smells great , absorbs well, if you follow directions!

I like the way it softens my hair and hands. it is too oily for my face.

Like to use it on hair and knails, and according to she it gives a fantastic treatmen.

You will get a nice tanned color very quickly only with applying once or twice!

I like everything about this product. Have purchase it many times. A great body and hair moisturizer.

I'm a person of South Asian origin in his mid thirties who has a very dry (brown) skin and steely hard hair. I have been on a quest to find a natural moisturiser that works on my skin and does not leave my skin feeling sticky throughout the day. Being from Indian subcontinent, I have been using virgin coconut oil, and I also have tried Shea butter and Cocoa Butter so far, none of which worked for me. They would make my skin soft, but they also left me feeling sticky throughout the day and the itchiness on my skin never really went away when I used these natural products. Since the body and skin types are so different for each of us, what works for one may not work for other and so the aforementioned natural products may work wonders for others but did not for me.I also switched to using Dudu Osun black soap few years ago which is a wonderful soap but also a little drying for the skin. I found out about Argan Oil last year and how much of a miracle oil it is for hair and body. While I was sceptical it would work for me, I decided to test it myself if the oil is as amazing as it is claimed. Being a resident of Singapore, my choices of buying the oil was only through Internet and I first bought a bottle from Akoma Organics, a UK based online retailer of natural products. The Argan oil from Akoma smelt bad and not nutty like how it was described online. It did not work for my skin or hair nor was it quickly absorbed as Argan oil is supposed to be.Discouraged but not ready to give up, I decided to try a different manufacturer before ticking Argan oil off my list of tried and failed products. I purchased the Argan oil from VoilaVe as it is one of the top reviewed Argan oil brands in Amazon. And the difference between VoilaVe and the Akoma could not be more contrasting! The smell of Argan oil from VoilaVe was more nutty, crisp and fresh! And the difference it made to my skin and hair was wonderful! For the first time in my adult life, my hair was soft & pliable for 8 - 10 hours after application of Argan oil. My skin just soaks up the oil within 20 - 30 minutes of application and remains soft & itch free for up to 12 hours after application.My skin care regimen is very simple these days thanks to VoilaVe: shower daily with Dudu Osun black soap and apply Argan oil all over my body after showering, followed by 7 - 8 drops on moist hair. On hair, I apply "bottoms up", i.e., start from root and apply upwards. I part my hair so I comb my hair immediately after applying to let the hair and the parting "set" properly. I let the skin absorb oil for 10 minutes before dressing up and the skin remains soft and pliable for 10 - 12 hours! I re-apply Argan oil on very dry parts, i.e., leg and hand before going to bed. I am so happy to have found an all natural product that finally works on my skin & hair!! I'm very glad that I can now stay away from chemical moisturisers for the most part. For those days when I have to wear a business suit and can't risk oil getting absorbed into the suit, I use Physiogel, an expensive but fragrance free moisturiser that keeps my skin moisturised without feeling sticky.I've been using VoilaVe Argan oil for 7 months now and I'm very, very happy with the results! I need to order replenishment since my second bottle is almost finished, and wouldn't hesitate to order VoilaVe again, but unfortunately they don't ship to Singapore. So, I've had to order Pura D'Or Argan oil through Amazon since they ship to Singapore. I'm hoping Pura D'Or will be as good as VoilaVe and I truly hope that VoilaVe start shipping internationally through Amazon!

I love this oil. I had too much sun and put this on my skin and it really helped. My skin was so dried out and nothing would relieve the dryness. I rubbed this Argon oil on and it was like magic. I have been using this for a long time. I put it on my face, neck, nails, and all over. Really good stuff. I would totally recommend it to everyone!

Great product I would recommend especially for dry skin.

This is the first book that I have ever read about economics. Wheelan draws upon relatable examples and explains them with humor and clarity. I truly enjoyed every minute of this and I am now hungry to learn more.

This book gives a simple way of understanding fundamental Monetary concepts. Some have mentioned a political bias but they fail to note that Wheeler is explaining basic concepts and how policy plays a role while noticing mistakes made by politicians by ignoring basic tenets of Economics and monetary common sense. Ultimately this books explains the fundamentals of money and it’s evolution from ancient times and trade.

The commitment to meeting the promised deadline is amazing.

FINAL UPDATE!!!If you have a dot already and you're not in a rush to update you're not missing out. The sound quality is better. Like most people I connect my dot to a Bluetooth speaker. So the updated sound quality is mute.The Eero installed mesh wifi is cool if you need to kill a dead zone. Definitely worth it ONLY IF you already have and Eero or plan on getting one. Tech support isn't the best in this department. Read below. When I did get the tech support in the U.S. the knowledge of the Eero wifi was much better. The Tech Support they out source to foreign countries is terrible. They told me the Dot and the Eero don't work together because I didn't buy them together. Amazon was quick to give me a phone call after my review so know that they do read reviews and in good faith will do everything to rectify the problem (A huge plus for Amazon.)So the problem I had was not with the Echo Dot, but with the Eero wifi mesh extender.With the Eero it's all about placement when it comes to these Echo dots. You want your Echo to be in the 5ghz range and NOT the 2.5Ghz. range. Do what you can to get the hub closer. It makes a HUGE difference. I did some digging online and found out that the Eero does well and placed up high also. I purchased a 100 foot cat5 network cable ($17). I Moved the Eero hub to the center of the house. I set it on top of a cabinet. The back room, where I was pulling 5-20mps is up to 432mps download. That's without using the Eero extension on the Echo Dot.The dot has a motion sensor and tempurature sensor that works with my Smartthings Hub. I have not used them because I already have motion and temp sensors in this room that have active scenarios working.I'm going to keep this one and test the sensors a bit more and compare them to ones I have set up already.I would give this four stars but I can't overlook the comedy of foreign tech support. This would've been a frustrating experience if I was pressed to get things working.ANOTHER UPDATE!!!!This junk is going back to the pit of hell it came from. Both of them. It's a good idea but fails in its execution.The Eero built into these are random. Sometimes you connect, sometimes you don't. I could stand a foot away from it and it will not connect to the Eero.This is a BRAND NEW product. If you buy this know that you are part of the BETA TEST crowd. You are the guinea pigs that Amazon is perfecting this on. So you pay your money so they can test this out.On one of my many calls to tech support they told me they only had very little training on these.The old wifi worked better than this.IT IS NOT READY FOR PRIME TIME!!!!!!!! WAIT TILL THEY WORK THE KINKS OUT!!!!New update!!!They don’t know what the hell they are doing at tech support.Stupid stuff I was told.1. It will only work when you buy them together. (The Eero and Echo dot with Eero installed.)Firmware needs to update. “How do I do that?” I ask. “I escalated the ticket to a higher level tech support.” I hung up. Called back and got a different tech. They told me to update simply tell Alexa,”Alexa, update firmware.” Like I told the other tech, the firmware is updated. Two tech calls ago the guy did it.So now they say they gotta call me back because they need to figure it out. LOL!!!!!STOOOOPID!This gets worse and worse. So now I’m on the phone AGAIN with tech support. This idiot told me the Echo Dot with EERO won’t work with the Eero mesh I purchased because ,”I did not buy them together.” What special kind of stupid is this!! So Eero is putting their name on products that do NOT work with other EERO products. I asked to speak to someone else. I’ve been on hold for 20min.Amazon got something’s right but this is a mess.Tech support has no clue on how to fix this. I’m going to return this crap. But now I want to see how dumb tech support is.They asked which model do I have.There’s only one with EERO in it.She didn’t know that.Ten minutes later and I’m back on the phone with tech support. Signal drops constantly. Tech support no help on this one hot piece of garbage!!!!I spent some time on the phone with tech support. This had to be configured so the Eero would work. I’m getting good download speeds now. I hope it lasts. The sound is a bit of an improvement. More bass and highs. It’s not easy to set up the Eero. They had to. Get inside and configure it to work. A hassle but it works. Tech support for Amazon can’t help. Call the Eero hot line.This won’t even hold the wi-fi signal. My router is the the living-room. The download speeds standing next to the Eero mesh wifi is great. 550mps.In the office I installed the New Echo dot with eero installed for mesh. Without the Echo dot I’m getting 91mps. That’s just off the Eero transmitting from the living room. Better than I expected.Now when I hook the Echo Dot up and I run the test.I get a whopping 0.14 mbps download. I’m sitting a foot away from it.Total garbage.

We love so much all our Alexa’s. We have a 3rd gen, two 4th gens and 4th gen with clock and now a 5th gen as a gift. All white and charcoal. They are amazing. So helpful when needed, we listen to music daily via pandora or Amazon everyday. Great for homework or instant questions. Got this for my father whom is a doctor working from a home office via telemedicine. This was perfect for him for any questions he may have. He also bought a Samsung QLED smart TV which works with Alexa and I thought this would help him navigate how to use the television more easily. We haven’t hooked anything up just yet, but excited too. The charcoal is nice coloring for his office too. So many possibilities. I have mine in LR with smart Amazon plug which turned on off my Xmas tree. Will be getting more plugs too. So many possibilities sky is the limit. Love the payment options as well gives an opportunity to get multiple at once as gifts. Also gifted one to my Neice last year the gen white 4 and she loves it, got same for my brother too . Amazing for all ages. Literally we are 8-78yrs. So compact easy to display. Modern looking. Picks up commands well. Gives weather if requested. Download app to make all your preferences easy and personalize it to just you. Responds to your voice command. Name it with the small choices it gives. We have an Echo, Alexa, and a Ziggy… we chose different names for our home so when we command her they all don’t go off at once. We set reminders and errand lists. I do wish they gave more naming options for this purpose but we are lucky we have enough names for the amount owned. We love them. It’s a cool device and everyone should have one! Makes life so easy at times. The pictures listed are of my white gen 4 clock choice but the gen 5 charcoal looks the same just diff color (this gen 5 doesn’t have clock option) . I believe it’s the software that separates the two. Wanted to give you a picture of what would look like. Connect to your Amazon account and will notify you when your packages come, and any updates regarding your account. As you see mine is lit yellow at the base stating I have a notification. Sound quality is amazing. Little goes long way.

Naked Economics: Undressing the Dismal Science
⭐ 4.5 💛 1461
kindle: $9.99
paperback: $7.77
Buy the Book