The Economics Book: Big Ideas Simply Explained [DK] on terrourocopa.ml *FREE* shipping on qualifying offers. From Aristotle and Thomas Aquinas, to Adam. "The Economics Book" by DK Publishing is a decent resource. After having completed several introductory financial and classical economics courses, I came to. Bring economics to life with The Economics Book, an essential guide to more that of the big ideas in economic theory and practice covering everything from ancient theories right up to cutting-edge modern developments. From Aristotle to John Maynard Keynes and beyond, all the.
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Easy-to-follow graphics, succinct quotations, and thoroughly accessible text throw light on the applications of economics, making them relatable through everyday examples and concerns. From Aristotle and Thomas Aquinas, to Adam Smith and John Maynard Keynes, to the top economic thought leaders of today, The Economics Book is the essential audio reference for students and anyone else with an interest in how economies work.
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Reference Sources. These step-by-step diagrams are an incredibly clever learning device to include, especially for visual learners.
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For details, contact: He has also worked as a policy adviser for the UK Treasury. A New Economy for a New Society. He has been teaching economics for more than 25 years. Marcus Weeks studied philosophy and worked as a teacher before embarking on a career as an author.
He has contributed to many books on the arts and popular sciences. He studied economic history at the London School of Economics. CTION 9. So to some extent, we do all take an interest in economics. The arguments we use to justify our opinions are generally the same as those used by economists, so a better knowledge of their theories can give us a better understanding of the economic principles that are at play in our lives. Economics in the news Today, with the world in apparent economic turmoil, it seems more important than ever to learn something about economics.
Far from occupying a separate section of our newspaper or making up a small part of the television news, economic news now regularly makes the headlines. Look at the declining voting rate. Economics and economic news is what moves the country now, not politics. And when we seem to be at the mercy of risk-taking banks and big corporations, do we know how they came to be so powerful or understand the reasons for their original and continued existence? The discipline of economics is at the heart of questions such as these.
The study of management Despite the importance and centrality of economics to many issues that affect us all, economics as a discipline is often viewed with suspicion.
A popular conception is that it is dry and academic, due to its reliance on statistics, graphs, and formulas. So, what is economics all about? Of course, the business As well as describing and explaining economies and how they function, economists can also suggest how they ought to be constructed or can be improved.
However, what prompted interest in the subject was not so much the writings of economists as the enormous changes in the economy itself with the advent of the Industrial Revolution.
Previous thinkers had commented on the management of goods and services within societies, treating questions that arose as problems for moral or political philosophy. This was the beginning of the so-called market economy. After Smith a new breed of economic thinkers emerged who chose to concentrate entirely on the economy.
Each of these built upon our understanding of the economy—how it works and how it should be managed—and laid the foundations for the various branches of economics. New schools of thought Naturally, there were differences of opinion among economists, and various schools of thought evolved.
Many welcomed the prosperity that the modern industrial economy Economics is, at root, the study of incentives: Steven D. Levitt Stephen J. They thought these could be overcome by state intervention and argued for a role for governments in providing certain goods and services and in curbing the power of the producers.
By the late 19th century economists educated in science were approaching the subject through the disciplines of mathematics, engineering, and physics. By the end of the 19th century economics was beginning to develop national characteristics: These differences became even more apparent in the 20th century, when revolutions in Russia and China brought almost a third of the world under communist rule, with planned economies rather than competitive markets.
The rest of the world, however, was concerned with asking whether the markets alone could be trusted to provide prosperity. While continental Europe and Britain argued about degrees of government intervention, the real battle of ideas was fought in the US during the Great Depression after the Wall Street Crash of In the second half of the 20th century the center of economic thought shifted from Europe to the US, which had become the dominant economic superpower and was adopting ever more laissez-faire policies.
After the collapse of the Soviet Union in , it seemed that the free market economy was indeed the route to economic success, as Smith had predicted. Not everyone agreed. Alternative approaches In the late 20th century new areas of economics incorporated ideas from disciplines such as psychology and sociology into their theories, as well as new advances in mathematics and physics, such as game theory and chaos theory.
These theorists also warned of weaknesses in the capitalist system. Economic power is once again shifting, and no doubt new economic thinking will evolve to help manage our scarce resources.
It remains to be seen how the world economy will resolve its problems, but, armed with the principles of economics outlined in this book, you will see how we got into the present situation, and perhaps begin to see a way out. Joan Robinson UK economist —83 DING Bills of exchange become a standard method of payment in European trade, redeemable by merchant banks.
These early economic systems emerged naturally as various trades and crafts produced goods that could be exchanged. The business of downloading and selling goods operated for centuries before it occurred to anyone to examine how the system worked. However, his pupil Aristotle defended the concept of private property, which could be traded in the market. These are arguments that have continued to the present day. As philosophers Plato and Aristotle thought of economics as a matter of moral philosophy: The normative approach to economics continued into the Christian era, as medieval philosophers such as Thomas Aquinas p.
The ancients lived in societies where labor was composed largely of slaves, and medieval Europe ran on a feudal system—where peasants were protected by local lords in exchange for labor or military service.
So the moral arguments of these philosophers were somewhat academic.
Rise of the city-states A major change occurred in the 15th century, as city-states developed in Europe and became wealthy through international trade. A new, prosperous class of merchants replaced the feudal landowners as the important players in the economy, and they worked hand-in- William Petty shows how the economy can be measured in Quantulumcunque Concerning Money. Gregory King compiles a statistical summary of the trade of England in the 17th century.
John Locke argues that wealth is derived not from trade, but from labor. David Hume argues that public goods should be paid for by governments. New trading nations replaced small-scale feudal economies, and economic thinking began to focus on how best to control the exchange of goods and money from one country to another. The dominating approach of the time, known as mercantilism, was concerned with the balance of payments—the difference between what a country spends on imports and what it earns from exports.
As trade increased, it moved beyond the hands of individual merchants and their backers. Partnerships and companies were set up, often with government backing, to oversee large trading operations. Interest in downloading shares grew rapidly in the late 17th century, leading to the establishment of many joint-stock companies and stock exchanges, where the shares could be bought and sold. A new science The huge increase in trading also prompted a renewed interest in the working of the economy and led to the beginnings of the discipline of economics.
Meanwhile, political philosophers in Britain shifted the emphasis away from mercantilist ideas of trade, and toward producers, consumers, and the value and utility of goods.
The framework for the modern study of economics was beginning to emerge. W e learn about ownership and personal property from our earliest childhood tussles over toys. This concept is often taken for granted, yet there is nothing inevitable about the idea. Private property is fundamental to capitalism. Karl Marx p. Without the idea of private property, there is no —74 Thomas Aquinas argues that owning property is natural and good, but private property is less important than the public good.
Defending private ownership is important in capitalist countries. This house in Warsaw, Poland, is the most secure home ever built; it turns into a steel cube at the touch of a button. There is, in effect, no market. It has entered realms that even free market economists would not defend, such as slavery—where people were viewed as commodities.
Historically, material property has been organized three different ways. First, everything can be held in common and used by everyone as they wish, on the basis of mutual trust and custom. This was the case in tribal economies, and it is still practiced by the Huaorani people of the site.
Second, property can be held and used collectively; this is the essence of the communist system.
Third, property can be held in private, with each person free to do with it as they choose. This is the concept at the heart of capitalism. Earlier thinkers made more of a moral case When property is held in common… … it provides little incentive for individuals to trade and invest.
Moreover, people can only become generous if they have something to give away.
A right to property In the 17th century all land and housing in Europe was effectively owned by monarchs. The English philosopher John Locke — , however, spoke out for individual rights, saying that as God gave us Property should be private. The German philosopher Immanuel Kant — later argued that private property is a legitimate expression of the self. Another German philosopher, however, rejected the notion of private property entirely. Karl Marx insisted that the concept of private property is nothing but a device by which the capitalist expropriates the labor of the proletarian, keeps him in slavery, and excludes him.
The proletariat is effectively locked out of the select group that controls all wealth and power. In every modern society some things are shared as collective property, such as streets and parks. Others, such as cars, are private property.
Property rights, or legal ownership, normally confers on the owner exclusive rights over a particular resource, but this is not always the case. The owner of a house in a historic district, for instance, might not be allowed to knock it down and replace it with a skyscraper or a factory, or even change the use of the current building. The governments of every country in the world reserve the right to override private ownership when this is deemed necessary, for reasons varying from the needs of infrastructure to national safety issues.
Even in the US, a staunchly capitalist nation, the government may force a property owner to relinquish his or her rights. However, the 14th amendment to the Constitution softens this blow by stating that the owner must be compensated with the market price. It is clearly better that property should be private, but the use of it common; and the special business of the legislator is to create in men this benevolent disposition.