What Is Economics Good For Essay

Author Wheelan writes, "Life is about trade-offs, and so is economics." Indeed, so is Naked Economics. This book promises to be a good introduction to economics for the layman. Throughout the book, the author uses easy-to-understand language and vivid examples to illustrate his points in strategic places maintaining a sense of lightness with the readers in reading the material. Here is a summary of each of the 12 Chapters of the book Naked Economics: Undressing the Dismal Science by Charles Wheelan.

READ: Naked Economics: Undressing the Dismal Science, Charles Wheeland, W.W. Norton, 2003. Completely- cover to cover.

Chapter 1, the Lesson: One of the greatest fallacies associated with economics is that there is an abundance of economists selfish interests involved. Because are selfish nature men tend to see only the immediate effects of decisions. This is especially true when it comes to economics. Every group has it’s own interests and because of this certain policies that may benefit one group, may not benefit another group. Because of self-interest, groups will banter back and fourth persistently until a solution is reached. This is one of the first causes of

READ: Naked Economics: Undressing the Dismal Science, Charles Wheeland, W.W. Norton, 2003. Completely- cover to cover.

The use of economics as our new frontier was hailed as an unending prospect, but in reality that end did come.

Freakonomics, published in 2005, is a book centered around the belief that traditional intelligence is not the key to economics. It focuses on the correlations between a person’s morals, wisdom, and social life and economics. In the movie The Distinguished Gentleman, a con man uses the death of a Congressman to boost his own campaign using the same name. As the movie progresses, the former con man begins to see the true corruption of politics. One of the major key concepts discussed in Freakonomics is about conventional wisdom.

In the book, Naked Economics: Undressing the Dismal Science talks about the basics of economics and how an individual or business can make the most of their overall happiness. Wheelan does the justice of taking professional economist ideas and language to the level of where beginner and/or individuals that are looking for an easier way to understand economics. Wheelan is has had a lot of experience with economics, by graduating and becoming a professor at Dartmouth College, as well as, the author and founder of the Centrist Political Party. He does a good job on breaking down a few of the implantations that economics has for an easy to explain. This

As an avid problem solver, I had often been encouraged to take up Mathematics as a degree. However, I find myself engulfed in an increasingly uncertain economic landscape, where even the most intuitive economists cannot prevent suboptimal outcomes. In Mathematics I enjoy the challenge of finding the right answer, but the challenge of finding the right answer where one might not even exist has drawn me towards economics.

Macroeconomics is an excellent tool for the analysis of the housing industry as something like a capital good, as a home is considered to be, cannot easily be studied in a short-term platform. Real estate is a good that costs several times more than an average persons annual income, in the United States that number is typically 7 times as much, and in the United Kingdom that number is 14 times as much. Several factors of both supply and demand directly impact the housing market on a macroeconomic scale. (Business Economics, 1)

The book Freakonomics by Steven D. Levitt and Stephen J. Dubner consists of a series of essays in which a journalist and an economist work collectively to find, by applying everyday economic principles, how the world truly works, which reveals some fascinating truths about the world. Some background history of the authors, Steven D. Levitt interviewed Stephen J. Dubner for New York Times Magazine and this is where they initially met and became good friends. With them having similar ideals about the world in an economic lens, they decided to write this book for other enthusiasts that wanted to analyze the world as an economist.

In fact, he claimed that they account for the limited role economists play in public life (2001). Common sense has it that policies are made by politicians and not by economists, it is by persuasion and rhetoric that economists can actually encourage authorities to implement the policies they deem most

Daly argues that neoclassical economics, with its emphasis on economic growth as the goal of economic policy, will inevitably fail to meet these challenges unless it recognizes that the economy is but a subsystem within earth 's biosphere.

The Milton Friedman paper strongly supports my views on "what is economics", and the importance of science in acquiring and presenting economic knowledge.

The most basic premise of modern economics is that people are rational. Rational people grab every opportunity

Coming from the general business background, I find economics the most influential and powerful social science in society's daily life. Good knowledge of economics leads to better decision-making and choices, understanding how people and countries interact with each other and can significantly improve the quality of life for individuals and in the larger scale to countries.