Economics for Commoners

In a world where so many obfuscate, distort, and misrepresent economic argument for venal purposes, citizens are wise to arm themselves with basic economic literacy to avoid being cowed or misled. This short book, written by an economics professor who taught for forty years at universities in the United States, Europe, and Latin America, provides a relatively painless immunization. Economics for Commoners distills economic wisdom down to its most essential insights, requires no prior economic training, and no math beyond high school algebra. Six chapters in part one explain how prices, wages, profits, and rents are determined, how government fiscal and monetary policy work, and what money, banks, and finance are all about. Three chapters in part two explain how to evaluate economic performance: Is our labor being used efficiently? Are we adequately protecting the natural environment? Are the burdens and benefits of economic activity being distributed fairly?