Economics Explained: Everything You Need to Know about How the Economy Works and Where It's Going

by Robert L. Heilbroner and Lester Carl Thurow

Book Overview

In its fourth edition, Economics Explained continues its announced purpose--to explain that mysterious thing called economics--with a new urgency.

It is announced in the first sentence of the introduction: "Just in case the reader-to-be hasn't noticed, disturbing things are going on in the American economy these days."

This new edition is about these disturbing things: a trend toward inequality of incomes, the appearance...

• Format: Paperback
• Language: English
• ISBN: 0684846411
• ISBN13: 9780684846415
• Release Date: May 1998
• Publisher: Touchstone Books
• Length: 240 Pages
• Weight: 0.53 lbs.
• Dimensions: 0.7" x 5.4" x 8.3"

Customer Reviews

Solid insights, but aging

This economics text is a great introduction to the background of economic thought, macroeconomics, microeconomics and current (circa mid-1990s) problems in the world. It develops the concepts from the ground up, using intuition without requiring the mathematics or jargon of other economics texts.I give the book 5 stars because it was exactly what I needed - a refresher on the subject that answered several intuitive questions I had on how money supply interacts with inflation and economic growth. Despite this rating, the book had several shortcomings:1 - Several key terms could have been defined better.2 - The authors have a left leaning agenda. They acknowlege this, and do their best to separate controversial points from universally agreed points, but I think their "general concensus" was still left of where many academics land.3 - The material is aging, and the book could use an update explaining the internet downturn and the after-effects of the Asian financial crisis. An explanation of the near-meltdowns of Russia and Latin America would be interesting, as the authors had previously highlights the Confederate States of America and Czarist Russia as the only countries to ever previously default on their money.Despite these drawbacks, this is an excellent tome on the subject for critical thinkers willing to keep an open mind.

Its Not 'Everything You Need to Know'

A good, brief introduction to economic concepts targeted torward the layman. It served as a good refresher for the year of economics I had long ago in college, but it also added a grand overview that I was lacking. It does examine some of the limitations of the free market system, which some seem to take as an endorsement of communism. Nonsense. Buy this book as a good intro or refresher, but don't let it be your last!

My handy reference to Economic Theory

At times, I find myself reading other books that refer to various economic theories that I am either unaware of or do not fully understand. I have found that Heilbroner and Thurow have done a very thorough job in this work to create a laymens book on economics that is easy to read and understand. I have found that this book in particular, serves my needs very well, as a primer on basic economic theory.Robert Heilbroner is an excellent writer, notwithstanding his liberal slant. Lester Thurow, was the author of my college econimics text. The combination of the two, creates a powerful synergy and delivers a superb product.I believe you will find the book reader-friendly: Easy to read, full of answers to of the laymens questions, and even somewhat enjoyable to read.

a comprehensive look at economy

As a student at Antwerp University - UFSIA I had to read this book (Economics explained) Afterwards we had to bring a presentation about one of the chapters. I chose for ch 15 "Where markets fail" After two years of studying Applied Economics I didn't learn new things but it helped me to recapitulate what I already knew. Therefore this book is a good instrument if you want to have a complete view of the economic world. You look "behind the screen" of all day society.