Naked Economics: Undressing The Dismal Science By Charles Wheelan
Book Report: Naked Economics
Elena Kingsley
“I have read, not skimmed, 100% percent of the Wheelan book.”
"Naked Economics: Undressing the Dismal Science" by Charles Wheelan is a book that takes a subject like economics and puts it in layman’s terms so that almost any reader can comprehend what makes an economy, and what it takes for an economy flourish or fail. Naked Economics offers insight into morals, ethics, and regulations associated with economic decisions.
Economists believe that people work to better their own self-interest; using this assumption they use data to understand why people do what they do. Economists try to use this information to elevate the overall standard of living. We are learning more and understanding better how an economy works, and we are learning how to optimize the economy. …show more content…
When trying to figure out what is best for the economy there are several factors to consider.
Each individual person is different and there are obviously different motivators for each individual person as well. People from separate demographics, locations, classes, and genders are likely to respond differently in order to boost their self-interests; because of this fact, distribution of information can be unbalanced and inaccurate.
One of the greatest issues with the idea that most people are motivated to act in their own best interest is that it presents a difficulty when trying to promote economic development. This often has negative effects on prices and on the environment. A thriving economy, certain factors are necessary:
1. Skills, are what are needed in order for an individual to contribute to something to the world. In addition to skills (or even people without skills), personages can pay for a product or service, ultimately improving the economy.
2. Education provides an individual with the opportunity to invest in the expansion of skills, the understanding of the best ways to promote the skills, and enhancing the global
economy.
3. Training can have the same or a similar effect without the need for investing time and money into an education. Training can be done on the job or through programs that don’t require as much time or money as a degree.
4. Decent health is a main factor because without it, training, education, and skills are irrelevant. Without health any person would be unable to contribute to the economy.
5. Governmental policies are also extremely important to an economy. There has to be some sort of control, yet too much control can destroy an economy. Economies are delicate balances that need very specific needs to be met. The government offers checks and balances, and is also open to global trade.
According to the author, there is one root issue: that wealth is not evenly distributed. Protectionism saves jobs, so it often looks as if it is a viable option; however, protectionism slows economic growth in the long run. The author states that global trade contributes to the economy by dropping the price of goods for buyers.
Concerning economics, we apply a set of tools in order to understand and improve a world that is far from perfect. In order to contribute to the economy individuals require skills, education, training, decent health, and governmental policies. These factors contribute to our better understanding of why people do what they do and deciphering data to create a better economy.
Elena Kingsley
“I have read, not skimmed, 100% percent of the Wheelan book.”
"Naked Economics: Undressing the Dismal Science" by Charles Wheelan is a book that takes a subject like economics and puts it in layman’s terms so that almost any reader can comprehend what makes an economy, and what it takes for an economy flourish or fail. Naked Economics offers insight into morals, ethics, and regulations associated with economic decisions.
Economists believe that people work to better their own self-interest; using this assumption they use data to understand why people do what they do. Economists try to use this information to elevate the overall standard of living. We are learning more and understanding better how an economy works, and we are learning how to optimize the economy. …show more content…
When trying to figure out what is best for the economy there are several factors to consider.
Each individual person is different and there are obviously different motivators for each individual person as well. People from separate demographics, locations, classes, and genders are likely to respond differently in order to boost their self-interests; because of this fact, distribution of information can be unbalanced and inaccurate.
One of the greatest issues with the idea that most people are motivated to act in their own best interest is that it presents a difficulty when trying to promote economic development. This often has negative effects on prices and on the environment. A thriving economy, certain factors are necessary:
1. Skills, are what are needed in order for an individual to contribute to something to the world. In addition to skills (or even people without skills), personages can pay for a product or service, ultimately improving the economy.
2. Education provides an individual with the opportunity to invest in the expansion of skills, the understanding of the best ways to promote the skills, and enhancing the global
economy.
3. Training can have the same or a similar effect without the need for investing time and money into an education. Training can be done on the job or through programs that don’t require as much time or money as a degree.
4. Decent health is a main factor because without it, training, education, and skills are irrelevant. Without health any person would be unable to contribute to the economy.
5. Governmental policies are also extremely important to an economy. There has to be some sort of control, yet too much control can destroy an economy. Economies are delicate balances that need very specific needs to be met. The government offers checks and balances, and is also open to global trade.
According to the author, there is one root issue: that wealth is not evenly distributed. Protectionism saves jobs, so it often looks as if it is a viable option; however, protectionism slows economic growth in the long run. The author states that global trade contributes to the economy by dropping the price of goods for buyers.
Concerning economics, we apply a set of tools in order to understand and improve a world that is far from perfect. In order to contribute to the economy individuals require skills, education, training, decent health, and governmental policies. These factors contribute to our better understanding of why people do what they do and deciphering data to create a better economy.