Book Description

Basic Economics has been written with the thought that learning economics should be not only a relaxed experience, but also an enjoyable one.

This is the revised and enlarged edition of a new kind of introduction to economics for the general public-without graphs, statistics, or jargon. In addition to being updated, Basic Economics has also become more internationalized by including economic problems from more countries around the world, because the basic principles of economics are not confined by national borders. While most chapter titles remain the same, their contents have changed considerably, reflecting the experiences of many different peoples and cultures. ... Read more

Reviews (84)

If Liberal Politicians Would only Read and Heed this Book
Mr. Sowell begins this excellent textbook with British economist Lionel Robbins's classic definition: "Economics is the study of the use of scarce resources which have alternative uses."

Mr. Sowell then explains the economic theory of prices, industry and commerce, work and pay, time and risk, the national economy, the international economy, and concludes with popular economic fallacies. He accomplishes this without any graphs or equations to scare some people away.

The reader, no matter his educational level or political persuasion, must come away with one overpowering and disturbing conclusion and that is: When it comes to having the most rudimentary knowledge of economics, the vast majority of politicians and talking heads are either complete idiots or socialists who are still in denial.

This book allows anyone to analyze thorny and difficult economic issues in a relative simple manner by applying basic principles. It allows one to instantly recognize the ridiculousness of so many arguments that are continually put forth.

My only criticism of the book is that the publisher did a very poor job of editing. These errors should be corrected in subsequent printings and there should be many additional ones. This is one of those rare books that everyone should read and is certainly suitable for use as an elementary economics textbook in high school and college. I highly recommend it.

A Book Worth Reading
Economist Thomas Sowell has chastized his profession for not doing enough to teach basic economics to the lay public. The consequence has too often been an uncritical acceptance by voters of government policies that, in the long run, do more harm than good. Taking up his own challenge, Dr. Sowell has penned this remarkable book which teaches us about free markets using a clear narrative devoid of mathematical jargon. We learn that often the best way to grasp the importance of free market ideas is to view the consequences of violating them. He provides numerous examples from the former Soviet Union and India of sometimes comic, but most often tragic, outcomes when prices are not allowed to guide the allocation of scarce resources. Often, this has lead to needless misery for millions of people.

But, let's not be smug. America is hardly immune to economic folly. A public largely ignorant of economics does not understand why outcomes sometimes fall woefully short of expectations, and continues to allow politicians to promote flawed policies. For example, why does rent control ultimately make affordable housing less available for lower income families when its intended purpose is exactly the opposite? Why do minimum wage laws reduce the number of jobs available to the young and unskilled? Why can tariffs on imported goods lead to a net loss of jobs? And why did NAFTA fail to produce the "giant sucking sound" so widely anticipated? Professor Sowell will provide the answers.

Economics is not a subject that should be blissfully ignored. When voters allow politicians to establish government policies that run afoul of free market principles, the consequences for the country as a whole can be severe. Look no further than the Great Depression to see how misguided programs can make something bad even worse.

So, by all means, read "Basic Economics" for a wonderful introduction to an important subject. Maybe you will learn to use the ballot box more effectively and help provide a better standard of living for all. Not too bad for the price of one book.

Crazy world
This book is one of the most disingenuous and tendentious books I have read in some time. Coming from the UK I had never heard of Thomas Sowell: having read the book I now see that he is clearly a man with an axe to grind - and boy can he grind. In the crazy world of Thomas Sowell the real world behaves just like the text book world of general equilibrium theory. In this world prices serve only to clear markets (there is no information content); competition is 'perfect', and insofar as monopoly or oligopoly does exist - you guessed it - it's the Government's fault and can best be eliminated by - you guessed it again - the market. In the crazy world of Tommy everyone is rational (we're not - have you heard of behavioural economics Thomas?); everyone has perfect information (we don't, in fact that is the very reason we have brands); and, above all, there are no economic rents - in fact economic rent isn't even mentioned in the index presumably because all rents get competed away in Tommy's perfect market place. Of course, the great thing about economic rent is that it can be appropriated by workers, by Governments - or even by capitalists for that matter - without changing the economic incentives on anyone. Did you get that Tommy? This means that taxation can be re-distributive and that unions can bargain for higher pay, and that capitalists can earn super normal profits without affecting the efficiency of the economy as a whole. So the distribution of income turns out to be a political question as well as an economic question after all. There are many other deliberate distortions in this book too numerous to mention. Don't read it, above all don't buy it - otherwise I fear you will be guilty, like me, of the misallocation of scare resources for which there are alternative uses. Indeed, given that I think the calorific value of this book is higher than the education value, you know what the cast iron laws of economics require me to do with it...

A must read for any concerned citizen!
This book is an excellent introduction to basic economic concepts and how they play out in society. Sowell clearly explains how a free market economy should work and what goes wrong when politicians interfere in the name of compassion. Everyone who votes should read this book. Yes, Sowell is a conservative. But why should that matter? This book is about economics and Sowell is an economist. He only touches on politics in regards to political intervention in the free market economy and how its consequences are rarely the same as its intentions. Society as a whole would be so much better off if they understood basic economic prinicples--regardless of politcal affiliation.

One caveat, the original edition was in serious need of a editor. Hopefully this new edition has been proofed.

Capitalism 101
"Economics is a study of the allocation of scarce resources which have alternative uses." - p.1 (and many others)

"In a sense, it is unfair when some people are unable to earn as much as others with similar skills, diligence, and other virtues. Yet this unfairness to particular individuals is what makes the economy as a whole operate more efficiently for the benefit of vastly larger numbers of others." - p.20

"Incentives matter because most people will do more for their own benefit than for the benefit of others." - p.46

"Individual freedom, competition and prices add up to what is loosely called 'the market'". - p.308

Having taken no formal college courses in economics but wanting to brush up for graduate school (and my own edification) I purchased Thomas Sowell's "Basic Economics" and committed the foremost sin of all bookworms in judging a book by its cover, assuming from its title that it would solve all my needs. Well, it did and didn't. I want more economics! I had started at the very beginning with who else but Adam Smith and his revolutionary "Wealth of Nations". I didn't get too far before I realized that something more up to date and brief would probably be more enticing. Smith is historically vital, but his theories have been greatly improved upon over the past hundred years. For the most part I found Sowell's overview of economics easy to follow. He does an excellent job at breaking down supposedly "complex" economic concepts into the understandable nuts and bolts of a price-coordinated capitalist economy. In doing so he misses few opportunities to explain to us why our system works, and why others (notably the former Soviet Union's) didn't. There are many awkward moments when Sowell appears to be promoting a conservative, or perhaps a libertarian agenda, and this can be difficult for us "unconverted economic neophytes" to swallow, although in retrospect many of his arguments are obviously rooted in his unwavering enthusiasm for what sounds suspiciously like laissez faire economics. I was interested to read his grudging concession of certain specific duties to the government (such as the EPA, and the military for example) which would never form of themselves if left solely to the laws of supply and demand. In his chapter on "External Costs & Benefits" he begins by admitting that, "Economic decisions made through the marketplace are not always better than decisions that governments can make". Bravo!

I learned a lot from this book despite its all too frequent errors of punctuation, and very poor editing by Basic Books & Co. There's an anecdote referring to the Soviet Union on pgs. 43-44 for example, which is repeated verbatim in a footnote on pg. 75, re-used so as to illustrate two different points - efficiency indeed! This from the 2000 first edition (green cover), and so I imagine, and hope that the revised red cover edition corrects these sadly printed errors in punctuation and sentence structure. Also, I learned from this book in spite of Mr. Sowell himself. I think he tends to get in the way of his own arguments a little too often, and his book would have benefited had he made an effort to include more representative arguments on controversial political issues like rent control, unemployment/job creation, protectionism/tariffs, worker exploitation, minimum wage laws, job security, the enivironment, socialism, and so on. The weak representation of most of these important subjects makes it easy for Mr. Sowell to steam-roll with the invincible glory of his "Basic Economics". Most of the time he is convincing, but you'll need an open and diplomatic mindset to enjoy him. Otherwise, you'll definitely find his treatment of many subjects irritatingly simplistic and incomplete. Sowell himself points out in Chapter 22 on "Non-Economic Values" that, "Economics is not a value in and of itself. It is only a way of weighing one value against another" (p.305). Whether or not he adheres to this sentiment throughout his book is debatable.

Nevertheless, "Basic Economics: A Citizens Guide to the Economy" should be more widely read, and ought to be rated here with four or five stars based on its instructive value alone. Regardless of political beliefs, you'll learn about fundamental economic concepts such as costs, prices, surplusses/shortages, supply/demand, inflation/deflation, incremental trade-offs, incentives, and ultimately, you'll come away from "Basic Economics" having learned "...the tools for evaluating policies and proposals in terms of [their] logical implications and empirical evidence."

In addition to this book, I've also purchased Charles Wheelan's, "Naked Economics" which professes to accomplish exactly what Mr. Sowell set out to do (basics with no graphs or charts), but supposedly does so in a more "even-handed manner" according to Amazon reviewers. And for the "other side" there is always Marx's "Communist Manifesto" or "Das Capital", and "Socialist Thought - A Documentary History" edited by Albert Fried & Ronald Sanders. ... Read more

Book Description

By focusing on three elemental themes--economic factors, measurement issues, and decision-making perspective--Jamie Pratt's book provides an enlightening coverage of financial accounting from an economic perspective, at once tightening the conceptual framework while enriching the essential contextual relevance of principles every business manager needs to understand. ... Read more

Reviews (4)

Not even an answer key to the exercises
The book is easy to understand, but there should be a solutions manual, or at least an answer key to the exercises. It has been very difficult for me to "learn the mechanics" and "apply the concepts" at the end of each chapter. The pace of the course allows the teacher to solve only 2 or 3 exercises in class, and the book certainly does not make selfstudy easy. Needless to say, that you can't learn financial accounting just by reading. To makes things even worse, a study guide, which does not refer to the same exercises in the book, is out of print.

Confusing
The text is very confusing.

Very helpful.
Here is one of the best ratings for this book: most of my fellow MBA students are pathalogical whiners. Even they found this book to be very helpful.

I have a background in technical education and it looks to me like Jamie Pratt knows how to educate his students.

i can not believe i have to wait 4-6 weeks for this book!
what is the point of being an on line bookstore when you cant get me this book under 4-6 weeks? i can wait 4-6 weeks at barnes and nobel. ... Read more

Book Description

A simple, straightforward analysis of economic fallacies that are so prevalent they have almost become a new orthodoxy. ... Read more

Reviews (71)

Very clear, well argued, and timeless economics lesson
Hazlitt has a gift for clarity. His arguments simply cannot be misunderstood. With nearly unassailable logic he explains the subtle economic implications of many government policies in terms the simplest novice can follow. This is an awesome book for any reader.

This book was not at all what I expected when I ordered it. I expected a textbook like approach to all the classic concepts of economics (supply/demand curves, law of diminishing returns, effects of shortages/gluts on prices, etc.) Instead, Hazlitt simply states that true economics involves tracing both the seen and unseen consequences of each action or policy. This is primarily a book about government policy in economics, but it scope reaches to every choice we make with regard to the economic well-being of our nation.

I had many 'Ah ha!' moments while reading this book. I felt I had a fairly good grasp on many economic prinicples after reading Skousen's 'The Making of Modern Economics', but Hazlitt has a way of crystalizing thoughts that are still fuzzy. One thing that comes through consistently is how money confuses and distracts people from a true understanding of wealth. Money is not wealth. True physical wealth lies in the products (goods and services) you have or can afford to buy. The wealth of a nation lies in the aggregate products it produces. If you want economic prosperity, increase production. Not senseless production, but production of things people actually want. When all is said and done, money is just the "medium of exchange". Ultimately, all products are paid for by other products.

Despite my high regard for this book, at times it dragged. Many topics are similar, and it seemed at times repetitive to go over the same ground again.

I wish every American (especially politicians and aspiring politicians) would read this book.

Put This Book In Your Children's Hands
And make them read it. Less a primer in economics than a concise debunking of crank positions on economic issues, this book can clear the air (and the mind) quickly after some interested sophist plumps for a discredited idea. Hazlitt's parable of the broken window, meant to show how what dosen't happen as a result of human action is at least as important as what does, is the best introduction to economic theory for the average reader since Adam Smith. The visible results that people see as a result of government intervention in the market must be weighed against what did not come to pass because of the reallocation of resources (i.e., your hard-earned money) that such action necesitates. This book is timeless, in that it is not tied to concrete examples drawn from the headlines of 1946, and is also remarkably free of venom , passion, or spite, which too often mar polemical works on economics - and serve to camouflage bad reasoning. This book can be a basic education in itself, or the beginning of deeper study, in the works of Von Mises, Von Hayek, Schumpeter, or of Hazlett himself. Unlike his opposition (Keynes, et al), Hazlitt is actually readable. -Lloyd A. Conway

Good But Some Holes
Henry Hazlitt's book starts with a single lesson-that economics means looking beyond the immediate effects of any act or policy to the consequences of it for everyone. The rest of the book is a series of short chapters giving examples of the application of this lesson.
Hazlitt's lesson in itself is great. I wish it were better known. His examples vary in quality. Some are a bit dated; natural for a book which mostly dates to 1946. The chapter on rent control is as relevant today as ever. The discussion of the cost of war and other types of destructive activities punctures a misconception that is still common. In his discussion of unemployment, however, he fails to mention immigration and population growth as part of the cause.
The section on tariffs is good as far as it goes. The problem with his analysis is that transportation today is in effect heavily subsidized. Oil companies and the like don't have to pay for the air pollution and climate change caused by their products, or for roads, or for the armies protecting the oil flow. Subsidized transportation costs make nonsense of the idea that local and imported goods are really on the same footing. Free trade with countries having non-existent environmental laws simply sets up a race to the bottom, with responsible companies heading for bankruptcy and irresponsible companies destroying the economic foundations of their own countries.
Hazlitt swallows whole the idea that growth in GNP is always good and can continue indefinitely. Given that GNP doesn't include the costs of pollution, resource depletion, the effects of population growth, or quality of life, this is very questionable. Hazlitt needs to apply his own "one lesson" here.
Hazlitt states in his first sentence that economics is haunted by more fallacies than any other study known to man. I tend to agree. Hazlitt points out some of them and does it in a very readable way. Hazlitt fails with some of the other fallacies. Read the book, but read it with a grain of salt.

Great economics starter!
Having poor public schooling on economics, I decided to pick this book up. This is the perfect starter book for anyone wanting to learn about economics. Relatively short book, just goes through major topics each chapter. Short and to the point.

After this book, I would recommend "Naked Economics" by Charles Wheelan. I started off reading Milton Friedman and Thomas Sowell, and in comparison, this is a much easier read. I think I might have started backwards. =).

A must read for beginners.

A Political pamphlet all the way
This book seems to be a political pamphlet, all the way. I like the narrative approach though. Too much anger at the government I guess. Analysis please. Reader will draw their own conclusions. ... Read more

Book Description

From the man the Wall Street Journal hailed as "the guru of Revenue Management" comes revolutionary ways to recover from the after effects of downsizing and refocus your business on growth.

Whatever happened to growth? In Revenue Management, Robert G. Cross answers this question with his ground-breaking approach to revitalizing businesses: focusing on the revenue side of the ledger instead of the cost side. The antithesis of slash-and-burn methods that left companies with empty profits and dissatisfied stockholders, Revenue Management overturns conventional thinking on marketing strategies and offers the key to initiating and sustaining growth.

Using case studies from a variety of industries, small businesses, and nonprofit organizations, Cross describes no-tech, low-tech, and high-tech methods that managers can use to increase revenue without increasing products or promotions; predict consumer behavior; tap into new markets; and deliver products and services to customers effectively and efficiently. His proven tactics will help any business dramatically improve its bottom line by meeting the challenge of matching supply with demand. ... Read more

Reviews (14)

Just consultant's sales presentation in book form
This book doesn't do much to explain revenue management beyond oversimplified results and glossed over examples. It discussed neither strategy nor tactics in any way that was fulfilling

Lots of "why," but no "how to"
This book makes a good case for revenue management, but it provides virtually no information about HOW TO DO IT. It's basically a sales brochure for the author's company.

Save your money. I wish I had.

A good book to start with...
A good book to start with Revenue Management. Nothing too complicated, some vague, wordy spots though. Useful to understand the notion of Revenue Management.

Revenue Management: A Hard Core Book for Knowledge
This book was a great introductory on the theories and applications of Revenue Management in the workplace. Robert Cross combines a great deal of experience and knowledge along with actual examples of his ideas in many different business situations. For anyone who deals with complicated supply and demand models this book is great.

The reading helped me to become more aware of the different ways that revenue management can be used to help the bottom line of company profits. The book gave great examples of how we can earn more revenue dollars out of markets that we have already tapped and how to explore new markets, that at first glance may not be chasing. By using tracking and accurate historical data, we can help correctly predict where out business is going and how to best take advantage of the more profitable strategies.

The real life examples made the reading enjoyable, by showing how the theories work. He made examples of companies that are no longer in business that could have used his theories and stayed successful.

This was a book that was assigned to me to read, and with some dread I picked it up. I would say that this, while not a book to read for enjoyment, is great if you are looking to get information that you can use in real life.

Superficial coverage of a complex topic
This is a 250 page self-promoting sales book. Its essence could have been expressed in five pages; there are no concrete analytics of how the concept should be implemented at all.

Additionally, many important factors are glossed over; the manner in which market segmentation is accomplished is a foundation of revenue management, and is given lines like "you should segment your market" without any real explanation on what that means or how difficult it can be. While airline inventory (and, likewise, car/hotel/cruise inventory) is susceptible to market segmentation, it is very difficult to do this effectively in most other markets. The lack of exploration of those practices is a glaring omission, even in a book so obviously self-congratulatory in its recounts of successful endeavors by its author.

For a more thorough analysis of pricing (which is what I was searching for), I found "The Strategy and Tactics of Pricing" (Nagle, Holden) to be a much more rigorous exploration of theoretical pricing issues and their practical applications. Its basic mathematical models far surpass the overwhelming hyperbole found on most pages of "Revenue Management". ... Read more

Reviews (7)

Very understandable introduction to econometrics
First of all I will admit, this is the only book I have read for econometrics. It was the book chosen by my professor for my eonometrics class while doing my undergraduate in economics. Having said that I recommend the book. I feel that it is a very good intro to a subject that can get weighted down in technical difficulties for the beginning student. Some people have complained about its lack of rigor or lack of proofs but I feel that is unjustified because all it really does is utilize statistical principles for economics. At my university, and I would assume most, stats was a prereq for this course and in stats you should cover the real nuts and bolts of statistical theory. This would give you your proofs and underlying understanding of the hands on approach this book gives for econometrics. I think that this book is good in that it does give, as it says, a practical guide to econometrics enabling the student to move on to the more analytically rigorous studies of the field. It doesn't overwhelm but leaves you with a foundational sense of understanding.

Fulfil expectations
That book goes straight to the point. First, the title of the book is 100% appropriate. It is about how to use econometrical tools in practice. Second, exercises are E-views oriented, which is also a good point given the user-friendly E-views interface. This book is a very good introductory book for applied econometrics. I've read some reviews criticizing the book for its novice approach and lack of theoretical ground. Well, I would have done so too IF AN ONLY IF the book title had been "Advanced Theory in Econometrics". But it is not!

Good Starting Point for Econometrics
In 2000, I wrote a review of this text. I still stand by my assertion that this is an excellent introduction to econometrics. One thing that I failed to mention in my 2000 review is that this book is good for people who have never seen econometrics in their life. Furthermore, don't expect to see proofs, theorems, etc. This book does not emphasize mathematics.

For a good introductory book that does incorporate calculus, some proofs, etc., get Gujarati's "Basic Econometrics" (not to be confused with Gujarati's "Essentials of Econometrics"). If you're only going to have one introductory book, and you want a mathematical treatment, get Gujarati. If you want an introductory book without a mathematical treatment, get Studenmund.

Warning
This is to econometrics what Lego is to housebuilding. Harsh, perhaps, but this book should be read as a primer before stepping in to the heavy stuff.

A cookbook
Although written for the practioner, I would not recommend this book because it is not technically sound. I certainly would not recommend this book for serious students, as they will learn only techniques without knowing the foundations. Sometimes a little knowledge can be a dangerous thing. ... Read more

Book Description

This modern principles book has a strong foundation in demand and supply—the most important topic in learning principles of economics. Its improved coverage of change in demand vs. change in quantity demanded (also in supply coverage) enables learners to better visualize and truly understand the difference between these two fundamental concepts. Early coverage of comparative advantage and externalities reflects a more modern approach to comprehending the underpinnings of microeconomics.A six-part presentation covers an introduction and key principles, closer look at supply and demand, market structures and pricing, spillovers and information, the labor market and economic challenges, and the international economy.For individuals using the tools of economics to help them grasp the logic of economic reasoning. ... Read more

Reviews (1)

Better textbooks exist...
While experimenting with different textbooks for my Microeconomics classes, I decided to try the O'Sullivan and Sheffrin text. That experiment lasted two semesters.

Portions of the textbook are written at levels which are too low for college/university students, while other portions expect students to go beyond the scope of the material covered in the text. For example, in the chapter on demand and supply, surpluses and shortages are never referred to as such. Instead, they are only referred to as 'excess supply' and 'excess demand'. Too simplistic of a definition is also used for opportunity cost.

At the same time, additional problems inserted near the end of each chapter (not the chapter problems themselves), require students to apply the theory in a way that isn't taught in the textbook. Any student who has been required to complete these questions, on the basis of the textbook alone, may have experienced a lot of frustration from attempting these problems.

In addition, the textbook presents a detailed theory of taxicab licensing, yet doesn't completely explain all of the needed theory (short-run and long-run) for the market structures (pure competition, monopoly, etc.) The explanation of taxicab licensing is poor, for this level of student.

For any professor considering adopting this textbook, the testbank offers some very good questions. However, apparently some of the questions have been changed, perhaps from an earlier edition, but the answers haven't been. Overall, there were more errors in this testbank than in others I've used.

To anyone required to purchase this textbook for a course, I would recommend purchasing or borrowing other textbooks to supplement this text. If someone wants to learn Microeconomic theory on their own, there are better books available. ... Read more

Book Description

This much anticipated new edition of Health Care Economics continues its legacy as a leader in its field.Written by a distinguished economist and educator, the sixth edition maintains the books analytical approach in its treatment of political economics.Through comprehensive discussions, appendices, tables and figures, the author consistently illustrates the value of economics in understanding public policy issues that affect the medical services sector. Both veterans in the field of economics and readers who are new to this area of study will appreciate the books in-depth and straightforward treatment of important topics. ... Read more

Book Description

ESSENTIALS OF ECONOMICS, SECOND EDITION offers students a lively, back-to-the-basics approach designed to take the intimidation out of economics. With its short, self-contained learning units and its carefully chosen pedagogy, graphs, and photos, this text will help students? master and retain the principles of economics. In addition, the current events focus and modular format of presenting information makes Essentials of Economics a very student-accessible and user-friendly text.Driven by his over 20 years of experience teaching the economics principles course, Bob Sexton?s dedication and enthusiasm shines through in ESSENTIALS OF ECONOMICS. ... Read more

Reviews (8)

A real worry or a real screed?
While Florida presents some ideas to think about, what he omits is more telling about his orientation.For example, there are no entries in the index for 'Income Tax', or 'Tax Slavery'.Florida is clearly a fan of letting big and bigger government make our personal choices for us, which contradicts the basis for the book.For example, despite the failures of Big Education, the solution is bigger government education.

Why should a creative person stay in the US when he can work just as easily elsewhere?Or worse, if he is a bright foreign student, why should he allow himself to become entangled by our draconian tax system when he can work in a country that exempts or lightly taxes a foreign worker?A person with any savvy, which creative people are known to have, will quickly find out that once entangled in our system by a Green Card or citizenship, the US retains the right to tax the victim for up to 10 years after they leave, and to add to the insult through tax treaties, the US can enforce its tax and reporting laws on him no matter where he moves away to.

Of course Florida needs all the tax revenue he can muster so he afford to pay for the solutions he pushes in his book.

Florida, during an interview today on NPR said he didn't think wages were important in helping creative people to stay in the US.As silly as that idea is, it tells us what motivates him more than what he thinks motivates the Creative Class.Greedy members of the Creative Class hope to become well known, to sell lots of products, to make money giving speeches, to sell lots of books, for lots of people to buy tickets to see their movies and to have people pay for lots of downloads of their music.

It doesn't generally take very long before real Creative Class members realize that how much the get to call their own after government gets its due is really important.Why give government a lot when you can give it a little?Why live where government can claim a lot?That is the real issue about the flight of the Creative Class or more properly how many people are just not allowing themselves to become subject to US taxation and law to begin with.

This is just as true for the mass exodus from states like New York with high income taxs to states like Florida which have no income tax as it is about decisions about which country to live in.

It is for this reason I would caution browsers that this book is more of a projection of Florida's demands for social policy and how he would shape a secular uptopia than an expression of true hope and suggestions to improve the US.Look for his theme to become yet another popular way the left shows how it disapproves of the present administration.

This book makes an interesting browse, but little else.

Interesting Details, but Misplaced Emphasis
Professor Florida's thesis is that the highly educated are most responsible for success in the new global economy. Thus, our growing intolerance of those from overseas (due to 9/11, and upsetness over foreigners gitting visas to come take jobs away from eg. American programmers and engineers), and an educational system that rarely (if ever) compares well internationally are responsible for diminishing our likelihood of success. The result, per Florida, is our most serious long-term threat.

The "real problem," however, is that China, India, Pakistan, etc. vastly outnumber Americans, and their citizens are willing to work for much lower wages. This then gives them a strong, sustainable competitive advantage vs. the U.S. that is much more serious than Florida's concerns - and not capable of being overcome by improving America's education or relaxing our entrance and employment restrictions on foreigners.

Florida also fails to take into account the enormous economic contributions by Richard Branson, Michael Dell, Larry Ellison, Henry Ford, Bill Gates, and Steve Jobs - all failed to graduate from college. And then there's President Truman. The contributions of these individuals directly contradict the professor's thesis.

Still another problem not referenced by Florida is the U.S. government's limitations on stem-cell research - a potentially very important area for future industry.

Thus, Florida's prescriptions are overly simplistic and would simply waste time and money. Education reform, while highly desireable, has been tried for 30+ years, and has yet to make much headway because it has failed so far to provide enough focus on the home environment. And bringing in more talented immigrants simply adds to the unemployment and discouragement of those thereby displaced here. America must recognize and deal with the "real problem."

Just the opposite that is true.
This is an interesting book, but its basic premise is directionally completely flawed.He truly believes that because of rising inequality in the U.S. and other factors, the "creative class" will pack its bags and go overseas to places like Western Europe with a more equalitarian society.

Just the opposite is true.Within all societies there is always a tension between equality and opportunity.The U.S. is the one society the most tilted towards opportunity.This means it is the one with typically one of the lowest tax rates on businesses and corporations, least bureaucratic red tape, and resulting best business climate for entrepreneurship. On the dark side, the U.S. has one of the weakest safety net in terms of social benefits within industrialized societies.That's the price to pay as a society for low tax rates on businesses.An equalitarian society such as Western Europe is just at the opposite extreme on this equality vs opportunity axis.There you have an abundant safety net of all kinds.Heck, you are really better off being unemployed than working.Sounds like paradise for some of us.But, not really as this whole European utopia translates into staggeringly high tax rates, extensive red tape and regulations, Zippo entrepreneurship.

In view of the above, the U.S. is actually a world magnet for the "creative" types.Why?It is because where they have the best opportunity of making the big bucks. There is also more venture capital available here to anyone with a brilliant idea then in probably the entire remainder of the World. This is true for a simple reason.The concept of venture capital hardly exist in many other developed countries.

Even idealistic types who are not in it just for the money, often end up emigrating to the U.S. for networking extensively with the U.S. creative intelligentsia.A case in point is Linus Torvalds, the Finnish who invented the Linux operating system.He could have been nearly as rich as Bill Gates if he had wanted to.However, his maverick business model is based on a brilliant but free operating system (Linux). As a result, he is no billionaire.Nevertheless, where does he live today? Helsinki not!He lives in Portland.Simply put, the U.S. despite all of Florida's criticism, is still one of the most free-wheeling, dealing society in the World. The IT infrastructure, and the resulting IT human capital is second to none.And, for Torvald, if he wanted to remain actively engaged in the game of changing the World as he saw it through enlightened technology, he had no recourse but move to the U.S. to achieve what he wanted to do.Let's take the reverse example:what do you think is the chance of Bill Gates, Steve jobs, Larry Ellison moving to Helsinki any time soon because Finland has a more equalitarian society?Well, the question is the answer.It is not happening.

So, just count all the Bill Gates who are moving to Munich, Marseilles, London, Stockholm or Helsinki vs all the Linus Torvalds who are moving to the U.S. and you very quickly debunked Florida's thesis.

Read this book!
I've found the negative reviews to be perplexing- such vitriolic diatribes and very little critical thought evident- I wonder if the book was actually read by these reviewers. This is a really good book that deserves to be read and discussed. Florida doesn't pretend to have all of the answers. People with pulses and a modicum of creativity seem to understand the premises he puts forth. For those looking to blame someone, anyone, for the economic equity gap evident in this country, Florida is an easy target. Folks, don't kill the messenger, he may have something to teach you. The cultural insularity and puritanical values perpetuated in current public policy have long term consequences. Wake up!

God Bless you, creatives...
Ah yes, the latest salvo from Dr. Florida in his crusade to describe the DWELL magazination of America, and why you should be gratefulfor these John Galts wieldinggood design, live music, childless households, and a mastabatory fixation on their salutary attributes of creativity.

Responsible for emboldening, through shameless pandering, a whole generation of fundamentally mediocre college graduates and professionals that only the most edgy zip codes (never gentrified) where you can walk for blocks without fear of seeing a TGIFriday's are acceptable.Propped up with the disposable incomes (earned predominantly in the soulless windblown, tract-housing, strip mall hell of America) from their parents they are free to marvel at Portland's light rail system, "funky" boutiques, and mediate on their own amazing potential to create and experience life the way it was meant to be lived.

Now, our national security is at risk because nations are investing heavily in "a creative society with ecological sustainability and social inclusion" (Never you mind that these global hipster enclaves are in countries getting a free ride on our defense budgets and standing armies and not burdened with the pesky job of previously defeating communism or radical Islam a la Paul Berman.)That, and because Peter Jackson and Jack Black are filming `King Kong' in New Zealand, we face the greatest threat of our generation.

Sadly, I herald from a Pittsburgh- one of those towns hopefully you are "fortunate enough to migrate from"- heck Mr. Florida did. Apparently, our grey, little lives don't count until we liberate ourselves and fully embrace tasteful, sustainable, prefab housing.

This is the `Atkins Diet' of social science.Not completely without value, but ultimately, counting `carbs' or creatives just gets to bee too annoying and unfulfilling. ... Read more

Reviews (5)

Great book
Certainly the most interesting treatment of Microeconomics I've read.Like most American texts, it's about twice as long as it needs to be, but I never felt the urge to give up reading and just skim the pages.

OK
I felt that this book did not meet the "hype" that my professor created for this book.Both he and another professor at my school raved about how good it was, although both myself and more thank 12 other students (in a class of about 20) were disappointed.

First, the book contained too many grammatical errors--I found this to be quite shocking, especially considering that the author's partner is an english prof.I also purchased the study guide from the publisher, and it too contained a few too many typographical errors.Further, I found some of the examples in the practice problems to be inappropriate, given the weak explanation in the preceding chapter section's lesson.

One positive comment I do have is that the approach or theme that the author uses from the very start of the book (using the "simple society") definitely indicates that the author made a sincere effort to reach his less-experienced undergrad audience.Perhaps the subsequent edition will be an improvement?

Excellent
An easier version of Mas-colell's microeconomic theory.Includes nice examples. Although Hal Varian's book is preferred in most undergraduate micro courses, this one is surely better. (maybe the best)
strongly recommended.

too good
I have never in my Economics studies read a book so simple, helpful and practical like this one. It has economics newspaper and journal excerpts to supplement the topics. It starts by explaining to the readerthe economyfrom scratch (ie when there is no production or no firms) up to the complexstages that many advanced economie have reached by now. Although thestructure inside might intimidate you, and of course its size, believe methe book is most READABLE! It covers everything on microeconomics,especially undergraduate. It is excellent!

Made the complex subjects easier
My course(economic theory) was complex and the instructor wasn't so successful in explaining complex situations.This book came into help that time.I've learnt so many things from this book and am still continuingthat.Also it was a very powerful source when studying my midterm and finalexams. ... Read more

Book Description

A concise, 30-chapter Principles of Economics text focusing on core concepts, ECONOMICS FOR TODAY, 4th Edition includes a wealth of useful pedagogical features to provide opportunities for critical thinking, interactive reading, and built-in self-assessment. It also aids the visual learner by giving special attention to figures and graphs. Available in micro and macro paperback splits. ... Read more

Book Description

Reviews (62)

Highly Recommended!
This is a new edition of Milton Friedman's classic 1962 capitalist manifesto. As such, it was ignored, spurned and hated for decades by the intellectual, post-Keynesian establishment. In the 60s, Friedman once found himself debating a liberal who attacked him by simply reciting Friedman's views of the proper role of government. This was working rather well with the audience of college students until he quoted Friedman's opposition to the military draft. Friedman suddenly found himself awash in the unexpected cheers of students. Perhaps it was a foreshadowing of his career. Friedman won the Nobel Prize in Economics in 1976, and his ideas gained some degree of mainstream acceptance in the Reagan years - although many of his thoughts remain controversial. To the extent that Friedman debunks myths about the Great Depression that are widely accepted as fact, perhaps he has a point about the semi-privatization of education. We strongly recommend this volume to those who seek a deeper understanding of government's role in a free-market economy.

Compelling and informative
Milton Friedman, far from just paraphrasing Keynes, has given a grand refutation of Keynesian economics as well as argued persuasively for the free-market.

"Capitalism and Freedom" dispels the myths about capitalism that have become so prevalent in our society: that the free-market caused the depression (it was actually a tyrannical Federal Reserve), that socialism can be democratic, and others. Milton's prose is clear and the book is good for those who haven't majored in economics. He gives an unwavering defense of personal freedom and individual autonomy from a minimalist government perspective.

This book is an important contribution to public discourse and although written about 40 years ago, still has relevance today.

Friedman discusses public education, roads, minimum wage laws (which he calls, "the most anti-black law on the statute books," and rightfully so as you'll see if you read this book), as well as the how so-called "progressive" tax system and welfare actually hurt the poor.

Friedman's other great contribution is "Free to Choose," which was written about 20 years ago and expounds on the ideas in "Capitalism and Freedom" in a bit more depth. But this is a good, short, concise book to start with that'll get you asking questions.

Important foundation text - should be studied and considered
This is a foundation text that should be widely read and studied. Whether you agree with Friedman or not is not the point. These are ideas you need to actually consider and wrestle with. If you end up disagreeing with him and can state why, you will be the stronger for it. It is not enough to rail against them emotionally or call them lies. They are not lies; they are ideas and arguments that ask for debate. Personally, I have always been a fan of Friedman and am ever grateful that he stood against the tide of the postwar political movements with these powerful arguments for freedom.

People often caricature Friedman to their own discredit. His arguments here are not simply that government is bad, but that using government is often a poor way to get at a desirable social end. He certainly does not need me to speak for him, but if you think he is for huge corporations and letting the poor without help to fend for themselves, you misunderstand him and should read this work carefully. Big corporations, he argues several places in this book, are the result of taxation schemes that encourage the retention and reinvestment of earnings that would otherwise have gone to the shareholders to reinvest as they see fit - in other enterprises, consumption, or charity (as well as in taxes). This is only one example among many of popular prejudices against Friedman that do him real injustice.

The book is only a couple of hundred pages, is not hard to read, but does pay off the most dividends if you take your time reading it and consider what he has to say rather than jumping to conclusions without wrestling with your own thoughts (whether you agree with the author or not). It was written in 1962, so some of the context of the book will require some understanding on the part of the reader. It was a very different time than today. However, the arguments remain solid and strong to the benefit of anyone who will spend time thinking about why they agree or disagree with this Nobel Laureate.

Oh, and he uses the word LIBERAL for his philosophy and explains the word in it classic sense rather than in the modern US re-definition of the word.

Capitalism and Freedom
How can we benefit from the promise of government while avoiding the threat it poses to individual freedom? Milton Friedman presents his view of the proper role of competitive capitalism as both a device for achieving economic freedom and a necessary condition for political freedom.

Clearly Pro-American
Capitalism has risen and crushed its opponents, socialism and communism, because the principals of capitalism rely on sheer power. We see the United States as a shining symbol of Capitalism and Freedom, yet the US is only one part of it. Capitalism is controlled and perpetuated by the middle class, but relies on the workforce of the lower class. In the United States, there is virtually no lower class. Instead, the United States has become THE middle class of the world, exploiting workers in foreign countries - Liberia (in the earlier 20th century), China, India, and countless other countries have become victim to the United States' corporate power.

One cannot look at the United States alone and say "Look! Here is capitalism's glory! Here are millions of rich people!" We must also look at the rest of the world, of billions who are poor, of hundreds of millions who are starving.

Then you could argue that the US's capitalism is better than other countries' capitalism. But how is this possible? Capitalism extends over the entire world, interconnected all countries. Yes, the US government has more regulations for the economy, but ultimately this is worthless because US corporations can transgress those regulations outside the country, where they truly operate.

So, what gives Americans freedom? Money. We are wealthy, and others sacrifice their freedoms, hundreds of millions of under-minimum-wage workers living in dirt-poor conditinos, so that the great United States of America can be rich and free. ... Read more

Book Description

A comprehensive reevaluation of the nature of economic systems across the globe, A New View of Comparative Economic Systems is today's choice for today's world.This exciting text is not merely a re-treading of an obsolete Soviet-oriented text, but a fresh, new, and comprehensive reappraisal of the nature and study of economic systems.A New View of Comparative Economic Systems defines a new approach and will set the standard for years to come in Comparative Economic courses. ... Read more

Book Description

This text remains a proven leader in the world of economics. Since introducing the aggregate supply/ aggregate demand model as a fundamental tool for learning economics over two decades ago, in this edition William J. Baumol and Alan S. Blinder continue their long tradition of equipping students with the knowledge and tools they need to apply modern economics to their world.Hallmark features include one of the strongest policy treatments on the market and a careful and in-depth focus on the most important economic tools students should retain after the course is over. ... Read more

Book Description

Interest Rate Models Theory and Practice In implementing mathematical models for pricing interest rate derivatives one has to address a number of practical issues such as the choice of a satisfactory model, the calibration to market data, the implementation of efficient routines, and so on. This book aims both at explaining rigorously how models work in theory and at suggesting how to implement them for concrete pricing. This is an area that is rarely covered by books on mathematical finance. The book is meant both to help quantitative analysts and advanced traders price and hedge with a sound theoretical apparatus, and to encourage academics to develop a feeling for the practical problems in the interest rate market that can be solved with the use of relatively advanced tools of mathematics and stochastic calculus in particular. Advanced undergraduate students, graduate students and researchers should benefit from seeing how mathematics can be used in concrete financial problems. ... Read more

Reviews (6)

Best book on interest rate models
This is the best book available on interest rate models. Very detailed. Much more focused and readable than Rebonato's book. More pragmatic and explicit than Musiela and Rutkowski. Not as theoretical as Hunt and Kennedy. James and Webber also looks very good, but I'm not that familiar with it. All other books have only bits and pieces on interest rates.

The best book I have read on the subject
With all the due respect to the other authors I would say that if one is interested in a good theoretical book whihc is also good on the implementation side then the book of Brigo and Mercurion is definetly the best book I have ever read on the subject.

Anyone interested in implementing the LMM/BGM/MSS model in practice is well advised to read it.

I would just say that this is certainly a must have in the field.

New stuff and nice overview: hard to beat!
In the late nineties I went through Brigo's innovative work on stochastic nonlinear filtering with differential geometry techniques. I was favorably impressed by results and style, particularly in his dissertation and in his 'geometry in present day science' very readable overview. Interesting results are found and nicely told with accurate - but not pointlessly complicated - advanced mathematics for the problems at hand, I reasoned.

I've followed a similar path from control to finance, and having worked with interest rate models, I couldn't help but order this Brigo-Mercurio book. I had high expectations 'cause these two guys are working in a bank on the real thing.

Sure enough I'm not disappointed.

1-factor models are handled with great care, a ton of formulas and recipes are given. I've never seen this kind of analysis of pricing with Gaussian 1-f models. The new upgrade of the CIR model is interesting and accurate. "CIR++" is now my favorite 1-f model. I like the treatment of lognormal 1-f models and the explanation of Monte Carlo and trees -- the flow-chart for Bermudan swaptions is crystal clear! Plots of market implied structures and volatility calibration are useful additions.

The chapter on 2-f extensions has one of the best discussions on volatility, and two tons of useful formulas/recipes. Two dimensional trees!

The HJM chapter size is OK. I agree - the useful models embedded in HJM are short rate models and market models.

Market models - these three chapters alone are worth the book. You'll find yourself nodding as you read the guided tour. They make it look easy all the time. The exposition is focused, clear, intuitive, detailed. There's also new stuff, just check the calibration discussion! Smile modeling begins with a brilliant tour and ends with Brigo-Mercurio's new approach - the mixing dynamics - deserving a whole chapter if expanded.

The detailed explanation on products is a much welcome original addition. Cross currency derivatives!

Quotes - as in Brigo's old work - are a pleasant diversion while reading. The 500 and more pages are a treat given the competitive price.

Still there's room for improvements - more "CIR2++"! Something on 3-f models. Historical estimation of the correlation matrix and low-rank optimized approximations. Expand smile modeling! More hedging. Something on structured products. Cross currency libor model. chapter 9 - other interest rate models - sounds out of place and can be suppressed for other things.

This book rings true and has useful teachings for students, academics and practitioners. Although it requires some background in stochastic calculus, it's hard to beat on the pricing front. Kudos to Brigo and Mercurio! It only harms there aren't enough books like this.

Nicely written overview of interest rate models
This recent book, written by two Italian "quants" Mercurio & Brigo, gives a nice and accessible overview of interest rate models which is a compromise between the practitioner viewpoint, expressed for ex. in Rebonato's book "Interet Rate option models"
and the theoretical viewpoint such as the one in Musiela & Rutkowski.
The authors, themselves PhDs in quantitative finance/ applied maths, wrote this book while working as quants in an Italian bank and this first hand contact with the market gave them a
practical view on the subject which markes this book very interesting.

The book contains a "rational" catalogue of models used in practice ( as opposed to models which are impossible to implement!).

In contrast with academic books on interest rate modeling which deal with HJM formulation, there is a lot of emphasis here on LIBOR and Swap market models
(BGM -Jamshidian models) which reflects the current market practice. This is a positive point since there are not many books with details on implementing and using these "market models".

Part II: Interest rate models in practice is particularly useful because it deals with implementation and calibration which, as any practitioner knows, are important and usually delicate issues.
However calibration issues are dealt with somewhat lightly, especially recent developments on modeling cap/swaption smiles
are not included here.

This book can also be used for a graduate level/PhD course on interest rate models.

There are a lot of numerical examples in the book and mathematics is kept to the necessary level while keeping the
approach both rigorous and understandable.

Overall, it is one of the best books written on the subject.
I highly recommend it to PhD students, quants and researchers interested in this field.

Well written and useful book
In my humble opinion, this is the best book on Interest Rate modeling out there. The writing style is clear and focused and the appendices are fantastic. The book is rigorous but someone with some background in Stochastic Calculus will find it easy to follow. If you need refresher, dont worry the authors have you covered, see the appendix on Stochastic Calculus. Not an introductory book. Very exciting book. ... Read more

Book Description

Robert Barro's Macroeconomics has become the classic textbook presentation of the equilibrium approach to macroeconomics. In its first four editions, this book has shown undergraduates how market-clearing models with strong microeconomic foundations can be used to understand real-world phenomena and to evaluate alternative macroeconomic policies. Moreover, a single, unified framework works as well for short-term business fluctuation as for long-term economic growth.

This latest edition includes the most recent theoretical and empirical developments in economic growth, recent evidence on the macroeconomics of labor markets and public finance, and up-to-date results on the interplay between nominal and real variables. ... Read more

Reviews (4)

Get Paul Krugman's book instead...
If you want "zero government free-market" philosophy, read R.J. Barro's book. As a member of the conservative Hoover Institution he contaminates every single of his books (this is no exception) with his "religious beliefs".

If you want a good book on Macroeconomics, I'd suggest Krugman's instead (or perhaps in addition to this, to compare viewpoints).

Paul Krugman is much more balanced than Mr. Barro. Don't believe me? get both books and judge for yourself. Krugman's book is available at:

http://www.amazon.com/exec/obidos/ASIN/0321033876/

Amending an earlier review: This book is excellent
A few years ago I dashed off a review of Barro's text in a huff; it had failed me in preparing independently for the AP economics exams and therefore was to be condemned. But new evidence must lead one to change one's mind, and now I must recognize Barro's book for the great effort it is. Truly the work of one of the world's best neoclassical macroeconomists, it cannot be evaluated fairly with the meterstick of the Advanced Placement examinations (perhaps if they didn't drill Keynesianism into all of us at such an impressionable age we would emerge a great deal less confused later).

Barro begins with a survey of the United States economy, the history of all the standard macroeconomic variables, and the micro foundations of macro analysis, including such staples as the permanent income hypothesis, labor as a choice between remunerated work and leisure, and utility maximization. From this springboard more complicated phenomena like business cycles, capital markets, money and banking, inflation, and government intervention can be understood. The book culminates with a dressing-down of the Keynesian model's explanation of responses to external shocks and a demonstration of the advantages the neoclassical model has in explaining such shocks.

All the while, Barro takes the time to show how empirical evidence stacks up against theory, with much drawn from his own seminal work. He does not belabor the reader with excessive mathematical formulations; usually some shorthand equations are sufficient to explain which variables are involved, and whether they are related positively or negatively to the result. He is also adept at translating mathematical into diagrammatical analysis--a real boon, since any good economist must be adept at both. Why wait until graduate school for that?

Unfortunately, the book occupies that awkward purgatory between an intro principles book and a rigorous upper-level text replete with explicit theory and mind-numbing equations galore. So it is an excellent "intermediate" macroeconomics text which will hopefully be supplemented in lecture by a responsible professor. Responsible enough, that is, to not be ashamed of neoclassicism (unlike a previous reviewer crying 'ideologue') and to give his students a thorough exposition of the (for better or for worse) leading paradigm in economic analysis.

Low Math Level
If Prof. Barro have time, having a more advanced level book (i.e., with more rigorous math treatment) written would be highly appreciate.

Law Ka Chung

LOVE IT!
I really enjoyed studying intermediate macroeconomics by reading this book. Maybe one additional reason why I enjoyed reading it was that Sala-i-Martin was my profesor, who personally knows Barro (they together wrote "Economic Growth"which I can also highly recommend). ... Read more

Reviews (2)

Excellent for Self-Study (Distance Learning) Courses
I used this book for a distance learning course in the principles of macroeconomics (Econ 101) and it is by far the best introductory text in macroeconomics I have encountered. Bade and Parkin explain the theory a