Naked Economics by Charles Wheelan
Four semesters of economics in college convinced me of one unshakable truth: economics is irredeemably boring. So when I saw the tagline to this book included the phrase “dismal science”, I approved.
I approved even more when I read the intro and the author’s promise of no-graphs and no-math. The part of me that convinced me to take those four semesters of econ in the first place reared its head then: “Economics are important. You’re gonna fail at life if you don’t read this book!”
Okay, okay, fine, Inner Voice of Reason and Responsibility, I’ll give it a try. And maybe become a more productive citizen in the process.
I dove in and realized a few things very quickly.
1. Wheelan doesn’t lie. There are no graphs, charts, or number crunching. Even Bill Bryson, who made space and geography fun, hadn’t managed to do that. Plus respect points to Wheelan!
2. It might have been a much dryer read if I hadn’t already had some small amount of economic background. I breezed through the first few chapters, and only started slowing down when it got to talking about the recent economic crisis and Wall Street.
3. It’s fun! The narrator pulls out plenty of amusing anecdotes that had me chortling.
4. The approach and context is US-specific rather than global. If you’re international, mileage may vary!
What about the book in general?
Ideologically, it takes the middle ground between the kind of rhetoric I listened to last night during the US Republican debate (see upside down canary for more details) and the kind of approach proposed by economists like Jeffrey Sachs (if you like non-fiction, neoliberalism, and NPR, check out The End of Poverty*). Indeed, most of the content in the first half of Naked Economics was standard textbook material, minus the canary-numbing, narcolepsy-inducing dryness. It answered questions such as “what in the world does the US Federal Reserve do?”, “Why are set prices and rent ceilings a terrible idea that makes everything pricier, not cheaper?” and “Why can’t we just print money–oh wait, we do? How does that work?”
Specific examples, light tone, fits in a very large pocket…It’s like the newest iPad of Economics.
(Well, okay, iPads don’t fit in pockets, have fun Econ examples, or go pastel. But they could, if Apple put its mind to it.)
*Yes, sir! I have my NNN badge, right here!