Economics Through Everyday Life: From China and Chili Dogs to Marx and Marijuana

by Anthony Clark PhD

Overview

Understanding economics in our everyday lives—simple explanations of complex ideas.

Could the United States experience another Great Depression? Is the Social Security program doomed for future generations? What, exactly, do economists do anyway? Economics is not only for academics or Wall Street titans. If you're curious about how the economy functions and don't know where to start, Economics will guide you through the essentials, laying out the basic concepts and issues in the field of economics, from business cycles and free markets to social security and healthcare reform, and more.

Packed with eye-opening information, key concepts, and need-to-know terms, this easy-to-read primer lets you explore economics at your own pace. Get a straightforward overview of the economy that's stripped of overwhelming jargon, so you can gain a deeper understanding of economics as it applies to everyday life. You'll review important background on differing economic schools of thought—from influential theories to the main thinkers driving them—so you can develop your own conclusions.

Economics features:

• An overview of markets and how they operate
• A review of broad themes—like taxes, inequality, and jobs—as they apply to everyday life
• Explorations of business cycles covering what happens during a recession
• Useful timelines and real-world stories that help you travel the world of economics

Product Details

ISBN-13:	9781623156688
Publisher:	Callisto Publishing
Publication date:	06/21/2016
Edition description:	New Edition
Pages:	208
Product dimensions:	6.00(w) x 9.10(h) x 1.10(d)

About the Author

Anthony Clark, PhD, has taught a vast array of economics courses for over fifteen years, including international economics, money and banking, natural resource and environmental economics, and sports economics. He has published a number of scholarly articles and book chapters on various topics in economics and business.

Table of Contents

Introduction 7

1 What is economics & why doest it matter? 11

Economics Defined 12

Economic Resources 12

Schools and Subfields of Economics 16

2 Thinking Life an Economist 29

Fundamental Economic Concepts 29

Fundamental Economic Models and Assumptions 43

3 Free Markets Versus Government Regulation 47

The Miracle of Markets 47

Market Failure and Market Regulation 51

Price Controls as an Example of Government Regulation 58

Government Failure 65

4 Competition, Monopolies, & Antitrust Laws 69

Competitive Versus Noncompetitive Markets 69

Monopolies 70

Antitrust Regulation and Enforcement 75

5 Globalization & The US Economy 82

What Is Globalization, and What Is Good about It 83

Free Trade Agreements and Other Forms of Economic Integration 90

Protectionism: The Flip Side of Free Trade 91

Possible Downsides of Globalization 95

The Economics of Immigration 98

6 Understanding the Macroeconomic News 102

Macroeconomics and Microeconomics 103

Indicators of Economic Health 104

Monetary Policy, Fiscal Policy, and the Federal Reserve 117

7 Booms, Bubbles, & Busts 127

The Basics of Business Cycles 127

What Causes Business Cycles? 130

Recessions and Depressions 132

From Boom to Bubble to Bust 136

The 2007-2008 Financial Crisis: Who's to Blame? 137

8 The Social Security System, Welfare Spending, & Healthcare in the United States 145

Social Security: A Ticking Time Bomb? 145

The Debate over Welfare Spending in the United States 153

Healthcare: A Market Like No Other 158

9 The Future of Economics 169

An Evolving Science 169

Glossary 175

Biographies 181

Visual References 196

Sources 199

Index 202

Editorial Reviews

"Professor Clark's Economics Through Everyday Life lives up to its title. Whether for use in the classroom or for the interested economics novice, the book provides a wonderful, non-technical account of the importance of the subject. Interspersed with helpful timelines and mini-biographies of key economists, Dr. Clark gives a very readable and satisfying overview of the field." —Edward Morris, Professor and former Dean of the Plaster School of Business and Entrepreneurship, Lindenwood University. Author, Wall Streeters: The Creators and Corruptors of American Finance

"In Economics Through Everyday Life, Clark bridges the gap between economic theory and practice, and he illustrates the array of complex forces—economic, political, global, and cultural—that influence the policies of our government. This book takes a true-to-life look at the concerns confronting policy makers and the profound effects of these issues on our lives. Motivating readers to understand the underlying fundamentals of economics, this book should be a required reference for any serious student of economics." —Robert Singer, Associate Professor of Accounting, Plaster School of Business and Entrepreneurship, Lindenwood University

From the Publisher