Summary of Economics Is for Everyone!

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Economics Is for Everyone! summary
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Recommendation

Economist Ha-Joon Chang dispels the myth that economics is an esoteric discipline. His engaging talk, accompanied by the RSA Animate’s lively drawings, will captivate even those who detest the dismal science. Chang deftly demystifies economics and encourages everyone to be curious and to form opinions about economic policy. getAbstract recommends Chang’s unpretentious oration to those unacquainted with the field, yet even economics mavens will want to watch this pithy video to see how Chang makes the topic so accessible.

About the Speaker

Economist Ha-Joon Chang has written several books, including 23 Things They Don’t Tell You About Capitalism.

 

Summary

Many laypeople believe economics is an arcane field. Yet 95% of economics is common sense, and the remaining 5% would be easy to grasp if economists would simplify it. Alas, they overcomplicate their ideas with verbiage and mathematics. Many economists claim their discipline is a science with one correct theory. In reality, nine major schools of economic thought abound. Within free market economics alone, three schools – the classical, neoclassical and Austrian schools – offer diverging perspectives. To fully appreciate economics, view it as a Swiss army knife – a diverse array of theories, each with its own benefits and shortcomings, political...


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