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From Publishers Weekly
Ever wonder what it means when the Fed raises interest rates? Or why there are occasional fears of inflation? To the rescue comes this simplified and chatty nontextbook textbook. Using words rather than math, it makes economics accessible, comprehensible and appealing. Wheelan, the Economist's Midwest correspondent, breezily explains the big picture, including finance, capital markets, government institutions and more. His informal style belies the sophisticated and scholarly underpinnings of his subject. Wheelan champions the often-maligned science: "Economics should not be accessible only to the experts. The ideas are too important and too interesting." Well before book's end, highly persuasive yet simply illustrated concepts sway the reader. Complex ideas are demystified and made clear, using familiar examples, such as the price of sweatshirts at the Gap. A chapter on financial markets compares a grapefruit and ice cream fad diet with get-rich-quick schemes. (He wryly offers the mantra "Save. Invest. Repeat.") Similarly, an explanation of interest rates compares them to "rental rates," an easy-to-grasp concept. And to convey what the major international institutions do, Wheelan writes: "If the World Bank is the world's welfare agency, then its sister organization, the International Monetary Fund (IMF) is the fire department responsible for dousing international financial crises." Wheelan's simplicity does not mask the detailed encapsulation of complicated issues, such as relative wealth, globalization and the importance of human capital. He smartly shows that while economic consequences can be global, they are also a part of everyday life.
Copyright 2002 Cahners Business Information, Inc.

From Library Journal
Economics has often been an orphan in the world of college electives largely ignored, rarely enjoyed, and almost instantly forgotten by undergraduates. In his new book, Wheelan, a Chicago-based correspondent for the Economist, has decided to shake the dust off economics, making the case that it is not just an arcane academic science but a practical set of tools. Though he admits that many of us are "economically illiterate," his book is "not economics for dummies, it is economics for smart people who have never studied economics (or have only a vague recollection of doing so)." Eschewing jargon, charts, and equations, Wheelan gives us the essentials. He clearly defines terms like GDP and inflation, explaining how they work and what the short- and long-term impact might be. He makes a convincing argument that there is a role for "good" governmental regulation, using the Federal Reserve as a model. He also examines the pros and cons of taxation. Topics like productivity, trade, and globalization are insightfully covered as well. This is a thoughtful, well-written introduction to economics, with the author projecting a genuine excitement for his material that makes it not quite so dismal. Highly recommended for all public and academic libraries. Richard Drezen, The Washington Post/New York City BureauEducation
Copyright 2002 Cahners Business Information, Inc.

From Booklist
Wheelan, a magazine and radio correspondent, offers ideas about economics in plain language without equations, jargon, and diagrams. He brings us the most powerful concepts in economics while simplifying the building blocks or not using them at all. Basic principles come alive in the author's explanation of individuals acting to make themselves as well off as possible (however that is defined) and the notion that firms try to make as much money as possible by deciding what to produce, how and where to produce it, how much to produce, and at what price. In a manner that is informative and understandable, Wheelan covers such topics as the power of markets, the role of government in the economy, productivity and human capital, the Federal Reserve, and trade and globalization. This is an excellent book, which, as Wheelan posits, "is not economics for dummies; it is economics for smart people who never studied economics (or have only a vague recollection of doing so)." Mary Whaley
Copyright © American Library Association. All rights reserved

Customer Reviews

Brilliant!
Great book. I would recommend it to everyone that I know is interest in learning more about Economics. Entertaining. So many relevant examples.

Makes ECON an easy and fun subject
I took Macroeconomics my senior year, and I hated it. But when the teacher recommended this book for Extra Credit, I actually got hooked. It's an easy read, and uses high school, or real life examples so anyone can understand. ^^,
I'd recommend it.

Loved it!
This book was not only interesting and entertaining, it was also very funny and educational. I've taken Intro to Macro and Intro to Micro Economics and I retained very little from both of those classes. It wasn't until I read "Naked Economics" that I finally grasped the concepts of economics and how they relate to the average person. I would definitely recommend it!