Economics: Making Sense of the Modern Economy

by Saugato Datta

A radically revised new edition of this highly readable, popular guide aimed at everyone from students to statesmen who want to make sense of the modern economy and grasp how economic theory works in practice it starts with the what economics is about; the sources of economic growth such as people and investment; the role of central banks and fiscal policy in setting the macroeconomic framework; and the economics of everything - microeconomics from the underlying theory it moves to the specifics of the world the developed world and the rise of emerging economies, the issues of global imbalances and the runaway world of finance; the recent great recession - why it happened, how it was dealt with, its effects, legacy and the way ahead the closing part puts the usefulness and the failings of economics under the spotlight, and looks at the innovative approaches being developed to make what has been called the dismal science fit for the modern world

Genres: Economics, Nonfiction, Business

352 pages, Paperback

First published January 1, 1999

Reviews

[Donny · Rating 3 out of 5]

It's supposed to Make Sense of the Modern Economy, but for me it's Making No Sense of the Modern Economy. Sorry, but this is diving into the deep end, this book.

I have no background in economics beyond some Ariely, Levitt/Dubner and an occasional book about the collapse of CDO-backed securities triggering shockwaves across Wall Street and the world.

To say I learned nothing would be inaccurate, yet I can't say I learned a lot either. A lot flowed right past. I learned economics is simply a map with which we can use to try to make sense of the world. However it's at best an estimation, and at worse a wild buckshot in the dark with the nozzle pointed at humanity. Despite the best theories the securities bust happened, crises happened and will continue to happen. So it's really an examination of the various factors that influence the development of a nation.

This book bears a re-read, but hopefully when I'm more well-stocked on more econs fundamentals. I'm giving it 3 stars because it's not the book's fault that I didn't learn as much as I could out of this, simply because I'm a curious passer-by, not an econs major.

Having said this, I hope my subconscious retained enough to allow me to whip out random info to be entertaining in parties.

[Becky · Rating 3 out of 5]

This is not the introduction to economics I was expecting...whoops

[M. · Rating 2 out of 5]

A very unorganized presentation of the information. There are much better opportunities learning the same information

[Kathleen · Rating 4 out of 5]

Great reference material.

[Nosemonkey · Rating 3 out of 5]

Definitely dated (this edition was published in 2010-2011), but still interesting - not least as we now enter another downturn and so can take stock and see how much progress the dismal science has made in the last decade or so.

Simple answer: Some, but not enough.

Still, an accessible overview that introduces some interesting ideas in readable ways.

[Raul · Rating 4 out of 5]

A good recollection of articles about the 2008 financial crisis

[Mike · Rating 4 out of 5]

So much of everything around us relies on economics, yet so few of us understand or trust the dismal science. That is a shame because economics is essentially the building blocks of everything. The financial crisis, austerity measures and their counter-arguments, measures taken to protect communities from climate change - economics has a key role to play in all of this and a great deal besides.

This book, from an Economist series, is a reasonably good attempt to overlay economic theory with recent issues in the world through economics, and is a good start for anyone looking for how economics works in practice.

[Rides and Strides · Rating 3 out of 5]

To be frank, I bought the Kindle edition in October last year, skimmed a few chapters over the following couple of months and then forgot all about it till February this year. A welcome break from (neo)classic Economics textbooks, I appreciate The Economist’s effort in putting complicated concepts into layman’s terms.

[yama · Rating 5 out of 5]

very informative, I would strongly recommend it