The Little Book of Economics: How the Economy Works in the Real World (2nd Edition)

The Little Book of Economics: How the Economy Works in the Real World (2nd Edition)

Greg Ip

Language: English

Pages: 122

ISBN: 1118391578

Format: PDF / Kindle (mobi) / ePub

An accessible, thoroughly engaging look at how the economy really works and its role in your everyday life

Not surprisingly, regular people suddenly are paying a lot closer attention to the economy than ever before. But economics, with its weird technical jargon and knotty concepts and formulas can be a very difficult subject to get to grips with on your own. Enter Greg Ip and his Little Book of Economics. Like a patient, good-natured tutor, Greg, one of today's most respected economics journalists, walks you through everything you need to know about how the economy works. Short on technical jargon and long on clear, concise, plain-English explanations of important terms, concepts, events, historical figures and major players, this revised and updated edition of Greg's bestselling guide clues you in on what's really going on, what it means to you and what we should be demanding our policymakers do about the economy going forward.

  • From inflation to the Federal Reserve, taxes to the budget deficit, you get indispensible insights into everything that really matters about economics and its impact on everyday life
  • Special sections featuring additional resources of every subject discussed and where to find additional information to help you learn more about an issue and keep track of ongoing developments
  • Offers priceless insights into the roots of America's economic crisis and its aftermath, especially the role played by excessive greed and risk-taking, and what can be done to avoid another economic cataclysm
  • Digs into globalization, the roots of the Euro crisis, the sources of China's spectacular growth, and why the gap between the economy's winners and losers keeps widening




















    data—growth reported by the provinces often differs from what the central government reports for the whole country. (In recent years, because of outside scrutiny, Chinese statistics have gotten better.) Garbage in, garbage out: Bad data leads investors and businesses to make bad decisions. At the extreme, it undermines trust in government. U.S. politicians certainly abuse statistics but virtually never interfere with them. The statistical agencies, though run by political appointees, are

    coffee shops. No wonder she tried to change his mind. “You have a future,” she pleaded. “Don’t give it up for a small company nobody’s ever heard of.” Schultz ignored her, and millions of caffeine addicts are glad he did: He went on to turn Starbucks into a multinational franchise with more than 16,000 stores and well over 100,000 employees around the world while introducing a new job title into the American lexicon: barista. Howard Schultz probably didn’t spend a lot of time in 1982 trying to

    other favorable treatment that lowers the cost of the import. Dumping occurs when a foreign company sells its products abroad for less than it costs to make them, or for less than it charges at home. A surge is a sudden increase in imports. Subsidy and dumping complaints are heard by the Import Administration, part of the Commerce Department. If the Import Administration agrees subsidies or dumping have occurred, as it does 95 percent of the time, it sends the complaint to the federal

    all the wonders that finance does for growth, it comes with one big unpleasant side effect: crises. As Carmen Reinhart and Kenneth Rogoff note in This Time is Different: Eight Centuries of Financial Folly, crises have been a fixture of finance since 1340 when Edward III of England defaulted, bankrupting the Florentine bankers who financed his war with France. Almost continuously since 1800, some part of the world has been in a banking or debt crisis. One purpose of the 2010 Dodd-Frank act was to

    governments do that matters most? Human capital. It’s no use equipping workers with the most advanced equipment in the world if they can’t read the instructions. Education and training, both forms of human capital, are essential to productivity. Korea went from third-world status to the ranks of the industrialized nations in a generation in part by rigorously educating all its children. Its high school graduation rates now exceed those of the United States. Rule of law. Investors will invest

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