Notes On Common Sense Economics

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.

Chapter 8: A question that has stuck with Wheelan for years, asked by one of his peers was, “If people know so much about public policy, then why is everything so messed up” (175)? The reason for that is because it leads to something far more significant: Even when economists reach consensus on policies that would be to our advantage, they frequently run into political opposition. And when it comes to interest groups in politics, it pays to be small because the tail can wag the dog. This can have a huge impact on the economy. They are usually the most successful because the consequence of requests they receive are spread over a large, disunified group of people. Wheelan states that small problems begin to distort the simplest jobs of a market

When I first looked into finding this book I didn’t think much of it as I just thought it was just another type of text book or some sort. I was thinking that this would be some kind of auto biography or something I would not be interested in. In fact after reading this book I was stunned by the different views and aspects of economics that was explain and I would had never thought about them in that sort of way. This book covers a lot about we discussed in class. This book explains different examples of economic concepts that may be used in our daily lives. They

They explained that: “Changes in incentives influence human behavior in predictable ways”. The main point of this concept is that the more attractive an option is the more likely an individual to choose it. Another point that they also focused on was the fact that if a particular product more costly, the more unappealing it will become to the consumer. They used examples such as employees will worker harder if they feel that they will be greatly rewarded or a student will study material that they feel will be on an

In the United States, we encounter quite a bit of obstacles that we can’t seem to get rid of completely. We as a nation deal with inflation, unemployment, stagflation, recessions, depressions, and so much more. Reading these three articles opened my eyes to the world of economics, and even made me question the society we live in. I’ve learned that sometimes questions can’t be answered, and I learned that once we solve one issue, there is always another issue on its way. These articles made me analyze, and think about the future of economics, and what I can do to try and help the economy. These authors of these three articles make it very clear that there are issues in the United States, and they do an amazing job

Furthermore I will deliver my own prior notions of, for example, the vicious tie of a capitalistic government such as the U.S. to the public education system and its effective production of low-wage, factory-standard workers. This is but one of the few postulations I have made; my posing of such an idea/question could develop an in-class discussion. In turn, my whole class could both benefit in understanding and build a stimulated interest in the topic at hand. In addition, I plan to contribute my affinity for numbers to the economics-based sessions. I would willingly assist a struggling classmate as I regularly do with PHAM (Peer Help at Math, Ms. Toshner's room), should I myself have grasped the mathematical concepts. I could supplement classroom discussions with my quasi-philosophical ideas of the business world and economy, while also pushing my fellow classmates towards numerical clarity. In sum, I would like to challenge my mental regime by striving for my fullest potential in AP U.S. Government/Macroeconomics. I have practiced managing extracurricular and academic hours throughout my years at Brophy, and my interest in the broad facets of the American economic system would bolster the discussion of my

With the recent developments in the economy there could have not been a better time to

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

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

The author is the David S. and Ann M. Barlow Professor of Political Economy and

Before attending this college and especially attending your class I would have said that my knowledge about the United States economy would be average at best. I knew my political views and what decisions I would like to see government officials make based on them, but I really did not know the different domino effects that could occur when only one economic decision is made.

James D. Gwartney, Richard Lyndell Stroup, Dwight R. Lee and Tawni Ferrarini collaborative work Common Sense Economics: What Everyone Should Know about Wealth and Prosperity clarifies, objective economic measures leading to productive prosperity contrasting from protective interventionism prominent in insufficient economic systems. Gwartney holds the Gus A. Stavros Eminent Scholar Chair at Florida State University, as he directs the Stavros Center for the Advancement of Free Enterprise and Economic Education. Stroup, a free-market environmentalist and adjunct professor at North Carolina State University also performs as an adjunct scholar at the Cato Institute. Dwight R. Lee performs as Research Fellow at The Independent Institute and the

Henry Hazlitt’s book, Economics in one lesson, brings to perspective numerous topics that are mainstream issues in the economy today. His book breaks down in detail specific concepts that have their effects on the economy. Hazlitt explains topics such as war and the expenses, the tariff system, and productivity and the minimum wage laws.

When I was first given this assignment I was extremely perplexed at how I would even begin to finish it. I had no idea how economics related to my life in anyway. I hadn’t thought about it critically and I struggling terribly. Thanks to some much needed help from a fellow classmate, he allowed me to get an idea of things from his own essay. After reading not one, but two other essays, I was so surprised at how oblivious I had been. I never realized that just about everything that goes on in my daily life is, in fact, economics. I never realized that from the things I buy to the money I earn from working is all economics. The things I miss out of while working or going to school is a complete opportunity cost. Or even

. Through the process of reading, I learned many things about the economy. First of all, I learned that it is a much more difficult decision to come to in regards of how much government involvement in the nation’s economy is enough, how much is too little, and how much is not enough. I also learned that trying to keep the economy stable and productive is a constant and difficult struggle, and that it is often difficult to even know what needs to or can be done in order to stabilize it. While I find economics to be somewhat boring (I am a music major and largely emotionally driven, which means that my entertainment is usually emotionally involving somehow), I actually enjoyed how Wheelan explained economics in this book. While I would not read it for fun, reading this book as an assignment was not painful.