Summary of Economics

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Rating

8 Overall

9 Applicability

6 Innovation

9 Style


Recommendation

True to his subtitle, economist Ha-Joon Chang provides an accessible tutorial on economics and on several approaches to analyzing economic phenomena. His purpose is to offer a truer, more comprehensive picture of societal and individual economic consequences than you generally receive from the predominant neoclassical theory. Chang wants you, as a user of the economy, to learn how it works and how it affects you. Toward that goal, his primer facilitates various levels of study by suggesting reading sequences cherry-picked from the book: Skimming the chapter titles and their introductory pages will take you 10 minutes. If you have more time, dip into different sections and zip through the convenient summaries that dot the book. Warning: You may become so engrossed in Chang’s straightforward and engaging style that you end up reading the whole book. getAbstract recommends this refreshing manual to the lay reader who’d like a crash course in economics.

In this summary, you will learn

  • How learning about economics can help people participate in informed debate about policies that affect their lives,
  • How the nine major schools of economic thought developed and what they offer, and
  • How to frame their concepts so you can understand economics in the real world.
 

About the Author

Ha-Joon Chang teaches at Cambridge University. He wrote several other bestsellers, including 23 Things They Don’t Tell You About Capitalism.

 

Summary

Citizen Participants Could Improve Economic Policy
Most people view economics as too difficult to understand. Over the past several decades, experts have presented economics as a natural science, similar to physics, with immutable principles, mathematical rigor, highly specialized terminology...

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