The Economist's View of the World: And the Quest for Well-Being

by Steven E. Rhoads

Released in 1984, Steven E. Rhoads' classic was considered by many to be among the best introductions to the economic way of thinking and its applications. This anniversary edition has been updated to account for political and economic developments - from the greater interest in redistributing income and the ascendancy of behaviorism to the Trump presidency. Rhoads explores opportunity cost, marginalism, and economic incentives and explains why mainstream economists - even those well to the left - still value free markets. He critiques economics for its unbalanced emphasis on narrow self-interest as controlling motive and route to happiness, highlighting philosophers and positive psychologists' findings that happiness is far more dependent on friends and family than on income or wealth. This thought-provoking tour of the economist's mind is a must read for our times, providing a clear, lively, non-technical insight into how economists think and why they shouldn't be ignored.

Genres: Economics, Nonfiction

334 pages, Hardcover

First published January 1, 1984

Reviews

[Anisha · Rating 2 out of 5]

This book did exactly what the cover said; it gave a very clear, simple understanding of how the majority of economists view the world. Those economists mostly being the neo-liberals who dominate the White House and the global monetary institutions.

This view is over simplistic and reduces humans and all life to quantifiable values and numbers. It's a belief that prays to the unfettered market as the source of all truth and value. Rhoads' uses plenty of case studies and examples in his book to show this "view of the world" which give narrative to this belief, and anyone with a tiny bit of critical analysis will be able to see how these have been construed and have glaringly obvious gaps.

Overall, I would recommend this book to anyone with a critical eye to understand the frightening viewpoint that dominates our world today. Maybe if more people truly understood the ruiling view, we would have better public conversations about the kind of world we want to live it, and I doubt it would be one proposed here.

[Richard Marney · Rating 4 out of 5]

As advertised, a very worthwhile read.

In describing the book to a colleague just now, I likened its content to a “this is really how you should think about all this theory and applications” conversation with a knowledgeable and realistic graduate teaching assistant when an intermediate economics undergraduate.

The author writes in a conversational style chock full of instructive examples, free (most of the time) from personal, political biases.

Whilst there are many excellent sections in the book, my favorite dealt with externalities and the extension of the discussion into a debate around incentives.

😎😎

[Samuel]

A surprisingly compelling read, and one I would very much recommend to anyone wanting a foundation in economics. I found myself in the first half being sucked into why economists are surely right in their methodology and reverence for markets, and why most government intervention is foolish, only then in the second half to be shown why economic narrow-mindedness is as much a folly. Overall therefore a very balanced account of economic thinking, with reasonable criticism and workable solutions. Very pleased to own this book.

[Rodger Friesen · Rating 5 out of 5]

A thoughtful view of economics and its utility to the everyday citizen. It captures the sentiment that economists know the cost of everything and the value of nothing elegantly.

[Terrae · Rating 5 out of 5]

This is not an economics book. It is an earnest attempt to create more rational voters.