What You Need to Know about Economics

by George Buckley, Sumeet Desai

George Buckley & Sumeet What You Need To Know About Economics Economics Matters . But with confusing things like GDP and interest rates, it’s often hard to get you head around. So What do you really need to know about economics? Find What You Need to Know About Economics cuts through the theory to help you to do your job and understand the world around you better. Read More in the What You Need to Know Series and Ger Up to Speed on The Essentials… Fast.

Genres: Nonfiction, Economics, Business, Audiobook

304 pages, Paperback

First published April 12, 2011

Reviews

[Abdul · Rating 5 out of 5]

Synopsys:
The complex world of Economics is made simple in What You Need to Know About Economics, written by leading British businessman and CFO Sir George Buckley and Economics Journalist Summet Desai. Whether you’re starting your own business, studying Economics or purely interested in the subject with no prior background knowledge of it, this complete guide takes you from the very basic principles and history to the most complex and current advancements. 

So What do you really need to know about economics? Find out:

- What economic growth is and why it matters
- How inflation happens
- How jobs are created and lost
- How the property market works
- What central banks do and how it affects the rest of us
- The impact of government spending on the economy

What You Need to Know About Economics cuts through the theory to help you to do your job and understand the world around you better.

My Take:
This is one of the most useful and fascinating introductions to the world of (micro)economics.
Economics, although very vital in everything we do and everything around us, it is a subject we understand very little of as we wrongly believe it is a matter for economists and financial analysts to be concerned with. Everything from personal finance, savings, investment, housing, taxes or pensions is covered under the umbrella of Economics.
The classical yet contemporary microeconomics topics are also covered such as inflation, interest rates, employment rates, recession, supply and demand etc. and how it affects the economy of a nation or businesses as a whole.

The most notable thing about the book is that the author is so knowledgeable about the subject and very skilled in making it digestible by anyone who does not have the slightest understanding of economics or finance. It is a fun read which teaches you about the most important microeconomic topics that a typical household, saver, house buyer or a business person needs to know.
All that is required is a degree of interestest in learning about the subject.

Several features I liked about the book include the homage paid to all important economists of their time such as Adam Smith and co. Every chapter includes at least a spotlight on one important economist, one or two quotes related to the subject by a famous economist and a handy "If you only need to remember one thing" and "What you need to read" for further education.

I would recommend this book to anyone who needs to understand these subjects which you may or may not usually skip when the business or economic news is on and think "what the hell is Inflation rate and why should I care?".

This book does not cover all topics of economics as it is a vast subject. It is also not meant to be an economics' bible or a thorough book for the hardcore. Although not all subjects are covered as this is only an intro, it does leave nice pointers for further education at the end of each chapter.

[Sam · Rating 4 out of 5]

I didn’t realise how fascinating macroeconomics was; it’s like a living and breathing organism. I’ll be honest I was listening to this as an audiobook and multiple times I had to use the ‘go back 30 seconds’ button so that the narrator would repeat the last sentence. Some things are definitely more understandable diagrammatically and so perhaps the paperback version would be more useful for this. I enjoyed learning about cost-push and demand-pull inflation and the concept of there being a national unemployment rate. People always complain about those who claim benefits but in actuality if they were employed we would suffer more inflation and then be worse off overall; it’s better for the employed if they stay on benefits and so explains the government’s limited intervention. People also always gripe about the government and banks in relation to interest rates and taxation but what is little understood is that in order to have a stable economy there has to be some negatives; it balances on a precarious tipping point, as minor adjustments have far reaching outcomes. Lower interest rates stimulate demand but then this leads eventually to demand pull inflation whilst higher interest rates reduce economic progress but prevent inflation. This book was also illuminative in terms of Fiscal policy and why the government make the decisions they do. I understood why the raising of tuition fees was actually a benefit to the economy as it would reduce the number of unemployed people in the country who were essentially not paying tax; explaining the necessity for interest on loan repayments. With the number of unemployed rising due to student and elderly numbers in the population increasing it means there is more deficit and an inability to pay off national debt. However collection of more taxes which results in a surplus and an ability to pay off national debt results in higher inflation; there isn’t an obvious win. The book also explains that government intervention is not a useful strategy economically as a temporary stimulation of the economy by the government eventually leads to inflation and then needs an intervention such as tax cuts to reduce inflation but then this leads to higher taxes in the future. It’s a constant see saw that is a struggle to balance as there are so many variables to consider.

[Lee Penney · Rating 3 out of 5]

Economics is a subject which has become a lot more topical since the credit crunch, and yet another I know the barest about. So this seemed an ideal book to introduce me to the concepts and ideas. Sadly, that was not the case.

There were a few new terms and names, but overall I didn't think it added much to the explanations found in many news articles. The authors of some of the leading theories are mentioned and quickly dismissed as their theories have either been superseded or are controversial.

In fact, I quickly got the impression that William Goldman's expression 'Nobody knows anything' (aimed at the movie industry) applied perfectly well to economics and that it's more about the psychology of how people react than anything else.

It's easy to tell this was a book best consumed in printed form and that little work had been done to adapt it for listeners. For example, the reading of the (often long) URLs for sources and extra information was pointless in an audiobook. Having said that, Colin Mace narrates clearly.

Not really a guide for dummies or a deep enough look at economics, this seems to fall in between and, as such, doesn't do the job of either.

[Titus Hjelm · Rating 1 out of 5]

This is a funny little book. On the surface it is 'just the facts', but a better title would be '50% of what you need to know about the economy, and told from a neoliberal perspective'. Yes, there's a nod to Keynes here and there, but when the authors get to organised labour, you see the true colours. Also, there is nothing about financial speculation, which led and exacerbated the latest crisis. I understand the book is geared towards a household perspective, but since everything is connected, this can only be an ideological omission. Read Varoufakis or Ha-joon Chang instead.

[Declan Waters · Rating 4 out of 5]

If you've ever wondered about the phrase 'Money makes the world go round' and wondered why; this is a great little primer to the subject. Following a format that those who have read other 'What you need to know...' books from the series it is split into easy to follow chapters about the subject. Written for those who have limited knowledge of the subject, it is clear, concise and well presented.

[Elaine · Rating 3 out of 5]

An easy read about economics, providing a good introduction to those not so familiar with the subject. For those more familiar with the world of economics, it is a good refresher and offers additional reading material with greater depth.

[Renato Cassino · Rating 5 out of 5]

Really simple to understand the introduction about the economy.

[Bramwell Simiyu · Rating 4 out of 5]

If you've forgotten basics of economics or need a reminder, then this book is great!. I'd recommend as an audiobook though. Unless you enjoy reading and can read fast in which case it doesn't matter.

[Mariyan Tashev · Rating 4 out of 5]

Good overview of the basic concepts.

[Gareth Jones · Rating 3 out of 5]

Provides an adequate introduction to the study of economics and the key thinkers whose ideas have shaped the subject. Not enough real life examples to merit more than 3 stars, but decent nonetheless.

[Phil Rigby · Rating 3 out of 5]

Clearly written overview of the main themes of contemporary 'classical' economics.

[Nabilah Arifin · Rating 3 out of 5]

Simple explanation about economics. Suitable for beginner.