A provocative and lively exploration of the increasingly important world of macroeconomics, by the author of the bestselling The Undercover Economist.
Thanks to the worldwide financial upheaval, economics is no longer a topic we can ignore. From politicians to hedge-fund managers to middle-class IRA holders, everyone must pay attention to how and why the global economy works the way it does.
Enter Financial Times columnist and best-selling author Tim Harford. In this new book that demystifies macroeconomics, Harford strips away the spin, the hype, and the jargon to reveal the truth about how the world’s economy actually works. With the wit of a raconteur and the clear grasp of an expert, Harford explains what’s really happening beyond today’s headlines, why all of us should care, and what we can do about it to understand it better.
©2014 Tim Harford (P)2014 Penguin Audio
Tim Harford is the Great Explainer of economics, and no one could have de-mystified the subject of macroeconomics as well as Tim. But still, no one really knows how the macroeconomy works, and "teaching the controversy" is a tall order even for the greatest of explainers.
Tim's first book, The Undercover Economist, is on more solid theoretical and empirical ground, simply because microeconomic phenomena (buying and selling things) are so much better understood than macroeconomic phenomena (recessions, booms, growth and inflation).
Interesting and understandable, though I imagine it is more enjoyable to listen to than to read.
The main issue I have is with what it doesn't say. Harford seems to try to be balanced between Keynesian and Classical economists, but fails to account for Austrian School solutions or perspectives, in favour of Keynes.
That aside, it doesn't stray too far into the weeds to be boring or incomprehensible.
While central planning of the populous by elites has been proven disastrous everywhere, economists still think the economy should be centrally planned. They discuss the economy like a machine in which the author of this book places a person 'in charge of the economy'
What it ethically means to put someone in charge of the economy and who is being charged, I leave up to the readers imagination. It involves monopolies, central banks an governments. The wise men in power who control interest rates to print money for those in power.
All that is wrong with non austrian economists, employed by power, is repeated here.
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