Product Description

Very substantially revised edition of previously successful title that, with typical Economist style and clarity, provides expert analysis of different aspects of the modern economy. Aimed at those in business and professions and with a special paperback edition aimed at students, it includes sections on: 1- Globalisation - how and why it has gathered pace, and how its critics' views are understandable but often misguided2- The phoney recovery and America's imbalances - why the US's quick recovery from recession is mere respite, not escape, and how the country's appetite for debt is dangerous.3- China's rise - and what it presages for the world economy.4- Underachievers - analysis of the problems that previous economic giants such as Japan and Germany have run into trouble.5 - The arteries of capitalism - the financial markets, central banks and global capital6- Economic facts and fallacies, which spells out basic economic truths and exposes some economic canards.

Product Details

• Amazon Sales Rank: #89359 in Books
• Published on: 2006-07-06
• Original language: English
• Number of items: 1
• Binding: Paperback
• 326 pages

Amazon.co.uk Review
Brilliant insights, well-chosen statistics and thoughtful writing combine in this book to stand common-place thinking on its head. Economics weaves together seven authors' myriad articles into a coherent summary of the current situation in markets and technology. The main premise of the book is that, even though tremendous technological advances have taken place, economic progress has not been as dramatic as daily headlines would suggest.

Two key ratios drive this point home. First, the ratio of trade to world output today is less than it was a century ago. That is, while output has expanded astronomically, the amount of trade between countries is less. Second, the amount of human migration--those economic agents out seeking a better life--is again less today than it was 100 years ago. The book explains these seemingly paradoxical factors. The culprit is government intervention in the form of, for example, trade barriers and migration restrictions. Another fascinating concept is that despite all the huge investment in computers, productivity gains have not yet occurred. The apparent answer is just to wait. The advent of electricity took 40 years to take hold.

The main themes of the first section include globalisation, popular myths and economic facts, technology, the pull between governments and markets and the role of the government in the future and the outcome of the East Asian economies. The second section of the book is devoted to the misuse of economic thinking. Any ageing economist will remember the topics from his or her university days; for those who did not read economics, the book provides an easy-to-read summary of mainstream economic thought.

Economics is richly filled, but not overburdened, with well-chosen statistics. Each article stands alone and the entire book will cause readers to consider today's key economic events in a new light. --Bruce McWilliams

Review
Philip McDonagh (Pricewaterhouse Coopers), reviewed in The Business Economist - 'Easy to read as we expect from The Economist writers...this is economic theory with attitude and is an entertaining read. An invaluable reference for students and practicing economists.'

About the Author
Contributors are the economics specialists writing for The Economist

Customer Reviews

Enlightenment on the issues surrounding the capital markets
Whilst I slightly disagree with the back cover comment that the book is written in a "jargon-free" style (a basic knowledge of Economic theory would be useful), I thought the book was highly useful in unravelling the mysteries surrounding the 'Northern Rock Crisis'. I studied Economics as part of an MBA course and this book improved my understanding of the dismal science. The book is article based which I wasn't aware of when I bought it, so if you're looking for a beginners guide, I recommend you look elsewhere. Try Sloman's Essential Economics or 'Free Lunch' by David Smith.