Title: So You Want to Know About Economics
Author: Roopa Pai
Genre: Non-Fiction, Economics
Published: 2017
BookMarks
“So You Want to Know About Economics” is a good primer for anyone wanting to learn about the subject of economics. The author answers quite a few questions on economics, markets, and its impact on the world and its people.
What is Economics? - The answer maybe varied or as the author imagines an economist would say ‘It’s about, you know, markets and things. Supply, demand, price elasticity, externalities, cost-benefit, scarcity, resources, exchange rates, maximising utility, protectionism, globalisation, and all of them, of course, ceteris paribus…’
Why is Economics important? “Economics is important because it is really the study of how the world thinks and works!”
What do Economists do? “Economists are really superheroes fighting for a fairer world! Just like environmentalists, they are constantly trying to understand how we, the 7 billion people that inhabit this planet, can get the most out of what the universe gives us for free. Economists are wizards who make magical things happen with numbers.”
What is the root of economy? “Trade”. And the root of trade? “Money”. And the role of money – “Money’s a matter of functions four, A Medium, a Measure, a Standard, a Store”
And thus it goes on about the concepts of macro and micro economics, banking, government interventions, markets etc.
Overall, an interesting primer for anyone who wants to learn a little bit more about economics before delving into the likes of Adam Smith and John Maynard Keynes.
Previously on BookMarks: Mad Money Journey
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