Finally Finished Reading “Basic Economics”

Basic Economics

There’s the book I just finished reading. Clicking the picture will take you to the Publisher’s site, I’m through with all that Amazon linking crap.

I personally think this book should be required reading for EVERYONE (capitalized and in bold to show seriousness.) This book basically just squashed all misconception’s I had about economics and gave me new ones to think about. Watching CNN or reading the newspaper has all of the sudden turned into a totally new and exciting experience.

I was at Alleycats’ enjoying a Pizza this weekend and noticed they had a copy of the weekend edition of the Asian Wall Street Journal. Before reading “Basic Economics” (BBE) I would have skipped over the opportunity to read the paper. After reading “Basic Economics” (ABE) I not only picked the thing up, I devoured the thing. I read about the recent mafia hit on a Russian banker and it’s effect on the economy there. I read about Facebook being rumored to get sold at nearly a billion dollars and about how the 22 year old CEO handed out business cards that read “I’m CEO… bitch” for fun. I’m actually looking forward to doing the same thing next weekend.

I’ve gotten so many things from this book. I’ve found out that Unions aren’t always all they’re cracked up to be. I found out that the “Trickle Down” theory isn’t even a theory and there is no economists that believes in it (whatever it is suppose to be.) I found out that minimum wage isn’t not what it’s cracked up to be. I found out about the problems that things like rent control create.

I’m am 100% sure that this book is going to leave a long and lasting positive impression on me. I’m sure it would do the same to you. Now I can follow what the news and politicians are saying and am better able to navigate through the BS (bull shit.)

I highly recommend reading this book if you care about making the world a better place and/or making your pockets a fuller and greener. 🙂

My new employer, a man I will call Agent Smith, recommened I check out a “Economics in Six Minutes.” It’s not as good as the book, but maybe it’ll get you hungry for more.
[tags]economics, basic economics, Fred Foldvary[/tags]

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4 Responses to Finally Finished Reading “Basic Economics”

  1. miltownmom says:

    You need to broaden your prespective on economics. Yes, Unions are charactures of what they used to be, but you need to read about production before there were unions, when there was child labor, unlimited hours to work in a day, etc. Unions served a purpose for a while, and like many organizations, when the leadership became detached from the membership, they stopped serving them. As the economic times have changed, some unions have failed to change with them–like the auto union–and that has hastened their demise. You need to read books like The Jungle by Upton Sinclair, too. You need a perspective on all the economics.

  2. JOBNUMBER says:

    Man, I learned econ from some whack dude that spoke broken english, and I was still hype on it. It’s easier to understand when your a bit older and have played the business game for a bit…. when you’re young, shit makes you wanna shoot a bullet in your skull.

  3. miltownkid says:

    OK, that should have been unions aren’t all they’re cracked up to be all the time. I think it’s important that there is a distinction between economics and business. Businesses and businessmen are often times doing things that in a fashion that will help them the most. I like the idea of free market economics, but a business won’t if it means it’ll be putting him out of business, so he’ll do things to prevent that (like the way the Panam guy did in the movie “The Aviator.”)

    There also needs to be a governing body that keeps businesses “in check.” One that is serving the people’s best interest and not coporations that have the money to put people into office that will serve their own interests.

  4. James Lick says:

    I just ordered the sequel to this book called ‘Applied Economics’. I’m eagerly looking forward to that package from Amazon arriving.

    Regarding the comments about unions and free market economics, one of the big problems is that there haven’t really been any true lasting ‘free markets’. Usually what starts as a nominally free market evolves into an oligarchy where a few elites end up influencing politicians into regulating things such that they end up with limited competition and a captive labor market. Even the much vaunted US economy has many oligarchical properties.

    Anyways, I believe that the problems unions were formed to combat were a lack of a free market for labor, and the inability for competitors to the abusive businesses. If competitors were allowed and there were a free labor market then non-abusive employers would find a large pool of labor eager to work for someone that didn’t abuse them.

    Another way to look at things is that modern unions have become monopolies on labor in particular segments of the economy. And like other forms of monopoly they can be abusive and distort the market.

    Anyways, I also agree this is a book that everyone should read. It is quite nonpartisan and fair, skewering both liberal and conservative economic myths. I also think more people should go into business for themselves so that they truly understand how both sides of the employer-employee, and customer-vendor relationships work.

    The best way to get rid of the supposed problems of giant abusive corporations is to have a pack of competitors nipping at their heels.

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