The Econosphere: What Makes the Economy Really Work, How to Protect It, and Maximize Your Opportunity for Financial Prosperity

by Craig Thomas

"For an engaging, insightful, and somewhat quirky take on how our economy works, The Econosphere is a must read. Craig Thomas does a masterful job of explaining basic economic fundamentals so that... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 013701998X
• ISBN13: 9780137019984
• Release Date: January 2009
• Publisher: FT Press
• Length: 169 Pages
• Weight: 0.75 lbs.
• Dimensions: 0.8" x 5.7" x 8.5"

Customer Reviews

An extraordinarily positive perspective, never Pollyannish

I must admit that I received my copy of Craig Thomas's, The Econosphere, with a belief that I would enjoy and appreciate the book; after all, its synopsis did seem to resonate with my oft-stated thesis that, "You are the market, the market is you." A belief I thought vindicated as I began the book... until I grew concerned I was reading some sort of religious tract, more akin to the Gaia Hypothesis. Even Thomas himself acknowledges that effect, calling his thesis somewhat hippie-ish. But I stayed with the book, and am glad I did. Chapter 3 is exhilarating; Thomas takes the often arcane and confusing world of economic precepts and tenets, and renders them sensible for even the lay-reader (especially the lay-reader) in the most easily digestible method, by telling a tale that embeds those concepts within the tale: "Imperfect information, in fact, is the chief factor that keeps us from maximizing our utility at any one time. You go to where you think you will find the greatest success and happiness, given all the information that you have, but on occasion, when you get there, you find that your treasure map was either incomplete or just plain wrong." Thomas repeatedly alludes to the sentiment above as "perfect markets; imperfect information" -- the perfectly pithy analysis of investors in public securities markets. I came to really like this book as I continued; this is no turgid economics treatise on some new concept, but a living, breathing organism. Which is only fitting, when the reader remembers Thomas's concept of the Econosphere. Too, Thomas considers all inputs in an economic system, including the biggest player, the government: "In this sense, we must conclude that government does help the cause of the wealthy. Furthermore, our usually smoothly operating central banking apparatus and, thus far, its good track record in managing our currency is a benefit to all of us operating in the marketplace. We all benefit from the knowledge that we can trade labor for currency, and turn around and buy goods and services of equal value with that currency. That is a good thing. However, given the massive and well-paying occupations that have flourished within our increasingly complex financial markets, we also cannot help but wonder whether the beneficial fiscal situation created and maintained by our government does not benefit some more than others." Do not let the snippet I quote above confuse you, for I believe Thomas to be an economist of the Austrian School; a suggestion that slips out between the cracks of his text. Whether or not I am correct, Thomas stands apart from his economist peers -- followers of the Austrian School, or no -- for Thomas is not rigid in his stance and perspective, which I believe makes his analysis that much more valuable. "Brands are great. Firms are great. But people are what matters. It is the human life span that creates value. Sure, great brands and the firms that own them are a big part of harvesting that valu

An important read for these days

others have written quite a bit about craig's book. as a disclaimer, i know craig personally but that doesn't mean i would contribute my positive review just because of that. this is a good book. it's well thought out and it's something that gets you thinking. i highly recommend it. period.

An outstanding conversation about the individual's role in the economy

A lot of people are feeling steamrolled by the course of economic events lately. They feel increasingly isolated in their niche in life, are concerned about a widening disparity in income, a balkanized society, and a loss of perceived economic opportunity. Adding it all up, a lot of Americans feel that they are increasingly helpless to influence the outcome of their own lives. In the aftermath of the financial crisis, we are even debating the relative merits of our economic system, and asking ourselves whether capitalism failed. Well, Craig Thomas steps back from the volatility of the economic chaos, and offers us a valuable conversation on the economics of the individual, and their role within the broader structure of firms, global markets and government policy. Craig's great gift is to communicate complicated economic concepts regarding marginal utility and costs, inequality, economic stress and the economics of success, failure and happiness in an accessible conversational prose. This book is a conversation about what motivates us to get up in the morning. Why some of us succeed more than others, and why one person's definition of success might not be the same as another's. Craig's dialogue with his reader illustrates the interacting components of the economy--individuals, firms, the government--and how they form a dynamic, vibrant "econosphere" in which we live, make decisions, and (hopefully) prosper. Craig's stories of individuals and firms making decisions together emphasizes the importance of information as a critical ingredient in the recipe of a successful economy, and how the lack of information imperils all of us, and contributes to economic crises. In the arena of public policy, Craig proscribes a healthy skepticism of government as a critical ingredient to making us all better off. Not because government is inherently evil, as some angry pundits would have us think, but because the government is composed of individuals who are seeking, like the rest of us, to maximize their own utility within their perceived mission. Moreover, government is not constrained by the same rules as firms and individuals within the private sector. Thus, the government's actions are not constrained by the rational use of information that balances costs and benefits. Thus, monetary and fiscal policies do not necessarily reflect the best interests of individuals within "the econosphere." Towards this end, Craig exhorts us to think globally and act locally as a means of solving society's problems by advocating that, "...many brains working on small problems beats few brains working on big problems." This is sage advice. A more robust involvement by all of us in our communities--a grass roots revival to problem solving, rather than simply complaining about our town's, school district's, or state's problems--will both improve our local economy, and crowd out the need for a government solution that might backfire and create still more p

The most fund you can have reading about the economy.

As someone who has read his share of economics books, I can tell you that its seldom if ever you can find a book on the subject as well written and entertaining as the Econosphere. Even more rare is a book that can be enjoyed by professional economists and economic newbies alike, but this is it. Craig has a natural gift for explaining complex issues in a clear, concise and engaging manner. Well done!!!

Makes an extremely abstract subject very easy to understand

As someone who easily gets lost when it comes to economic talk, Craig Thomas helped me to FINALLY 'get it'!!! Looking at the economy as a living breathing organism with real life examples helped me to grasp this complex issue better than ever before. We all have our own part to play and are each responsible for our own production, work, money, play etc. If everyone does their part to work hard and provide for themselves the Econosphere would be a much better place. I highly recommend reading this book and sharing with others.