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Common Sense Economics: What Everyone Should Know about Wealth and Prosperity

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Synopses & Reviews

Publisher Comments:

* Do taxes help more than they hurt?

* What effect does redistributing wealth have on our economy---and those who participate in its redistribution?

* What is the role of government?

* How does an economy work?

James Gwartney, Richard L. Stroup, and Dwight R. Lee are three of the most prominent economists today, and in Common Sense Economics they show us why economic understanding is an essential ingredient for life in today's society, a key element that empowers those who possess it to better take charge of their own lives and their own responsibilities to their society. In clear, powerful language free of any hint of jargon or obscurity, they illuminate the basic principles of supply and demand, private ownership, trade, and more. In a world where free trade, taxes, and government spending are issues everyone needs to understand, Common Sense Economics is a lucid, simple explanation of how and why our economy and our world work the way they do, and how and why individuals and nations prosper.

James Gwartney served as chief economist for the Joint Economic Committee of Congress. A professor of economics at Florida State University, he holds the Gus A. Stavros Eminent Scholar Chair and directs the Stavros Center for Economic Education.

Richard L. Stroup is the author of EcoNomics, professor of economics at Montana State University, and senior fellow at the Property and Environment Research Center. He has also served as chief economist at the Interior Department.

Dwight R. Lee is coauthor of Getting Rich on America. He holds the Ramsey Chair of Private Enterprise at the University of Georgia and is a past president of the Southern Economic Association.

James Gwartney, Richard L. Stroup, and Dwight R. Lee, three prominent economists, show why economic understanding empowers those who possess it to better take charge of their own lives and responsibilities to society. In clear, powerful language free of jargon or obscurity, they illuminate the basic principles of supply and demand, private ownership, trade, and more. In a world where free trade, taxes, and government spending are issues everyone needs to understand, Common Sense Economics is a lucid, simple explanation of how and why our economy and our world work the way they do, and how and why individuals and nations prosper.

"Splendid and informed exposition of the basic principles of economics. The economics is sophisticated, the exposition simple, concise, lucid, and free from jargon."—Milton Friedman, 1976 Nobel Prize winner

"Splendid and informed exposition of the basic principles of economics. The economics is sophisticated, the exposition simple, concise, lucid, and free from jargon."—Milton Friedman, 1976 Nobel Prize winner

"[Common Sense Economics is] a small book, less than 200 pages, that addresses a serious economist dereliction of duty: making our subject understandable to the ordinary person . . . Common Sense . . . contains a wealth of information about the major sources of economic progress, economic progress and the role of government, and important elements of practical personal finance. The latter contains finance principles on how to invest your money, using the principles of compound interest and how to get more out of your money. There's nothing in the book that goes beyond common sense, something rare these days."—Walter Williams, Jewish World Review
 
"This book forms a bridge between common sense and the basic principles of economics. It is a guide to sound economic reasoning for everyone. Its language is relatively simple, clear, and straightforward without being oversimplified and without sacrificing the really important insights and conclusions. It is a book with a strong message—economic progress is the result of competitive markets, of individual initiatives, and of the limited role of government."—Václav Klaus, President of the Czech Republic

"This book provides the ABCs of how the world creates wealth without anyone having to be in charge because of market incentives—people are free to specialize, and by focusing on what they can do best for themselves, do unintended good for the rest of us. There is no other route to human betterment and poverty reduction."—Vernon L. Smith, 2001 Nobel Prize winner

"Economic journalism is often based on slip-shod analysis; scientific treatises are analytically coherent but unintelligible. This book is an effort to bridge the awesome gap between these levels of discourse. Solid economic analysis, simply presented."—James Buchanan, 1986 Nobel Prize winner

"This book is a must-read for anyone who wants to understand how the world really works and why economic freedom is the central ingredient of prosperity. If every citizen would read this book, our politics would be more enlightened and our nation more prosperous."—Senator Connie Mack

"Gwartney, Stroup, and Lee tell us what everyone should know about economics in language we can all understand. It's refreshing, when three of the best in the profession avoid the all-too-common practice of writing in a code that only other economists can comprehend."—Robert McTeer, former president of the Federal Reserve Bank of Dallas and chancellor of Texas A&M University

"I'm a huge fan of Common Sense Economics . . . It is far and away the most concise, accessible and useful book to promote basic economic literacy that I have found."—Clark L. Maxam, Ph.D., El Pomar Professor of Entrepreneurial Finance, College of Business and Administration, University of Colorado-Colorado Springs

"I gave a copy of Common Sense Economics to one of my colleagues who teaches accounting here. He read it this weekend and thought it was so good that he is considering paying his students (half the cost) to read it. We both think the lessons are perfect."—Kelly Hunter Markson, Ph.D., Instructor of Economics, Wake Technical Community College

"My high school students really enjoy this book. It is easy for them to understand and it presents important economic concepts in plain language using clear, often clever, examples. They read the whole book, and we discuss it page by page during class discussion. I believe they get more out of it than their regular text."—David Gardner, Principal and Teacher, Frederica Academy (Georgia)

"Common Sense Economics worked wonderfully for me. The authors did a superb job of organizing the material and  highlighting the key points."—Peter Leeson, West Virginia University

"Common Sense Economics is a wonderful book. The authors cover the foundations of economic activity and the underpinnings of a prosperous society. They also provide practical advice for personal financial planning. They lay the foundations for good citizenship and for sound stewardship. I heartily recommend this gem of a book for teachers and parents interested in instilling knowledge and wisdom in the leaders of the next generation."—Seth Norton, Aldeen Professor of Business, Wheaton College

"With minimum use of jargon, the authors aim to provide concise and organized insight into economics. Targeting both beginners and experienced executives, they teach basic principles and also provide perspective on the influence of political rules and policies on people and nations. Employing the popular convention of 'lists,' the authors offer 'Ten Key Elements of Economic Theory' (including there is no such thing as a free lunch; hence, we must choose among alternatives since productive resources are limited while human desire for goods and services is virtually unlimited); 'Seven Major Sources of Economic Progress' (including the legal system); 'Ten Elements of Clear Thinking about Economic Progress and the Role of Government' (competition, a disciplinary force, is as important in government as it is in markets); and 'Twelve Key Elements of Practical Personal Finance' (including don't finance anything for longer than its useful life, avoid credit-card debt, and purchase used items.) This is an excellent, readable primer in economics."—Booklist

"A useful overview of the conservative perspective on free market capitalism, this book roughly summarizes the equivalent of a college freshman course on micro- and macro-economics. 'In a fraction of the time devoted to Economics 101, you will have picked up most of its important lessons,' the authors declare in the introduction. And these powerful economists—Gwartney served as chief economist for the Joint Economic Committee of Congress and Stroup was once chief economist for the Interior Department—do ably explain such important concepts as why incentives matter, why providing 'free' services 'merely shifts the costs' to other people and why it's a bad idea to treat the unused balance on a credit card ‘like money in a bank.' They divide the book into four short sections—the key elements of economics, the major sources of economic progress, the role of government, the principles of personal finance—and generally keep their language snappy and easy to understand."—Publishers Weekly

Review:

"A useful overview of the conservative perspective on free market capitalism, this book roughly summarizes the equivalent of a college freshman course on micro- and macro-economics. 'In a fraction of the time devoted to Economics 101, you will have picked up most of its important lessons,' the authors declare in the introduction. And these powerful economists-Gwartney served as chief economist for the Joint Economic Committee of Congress and Stroup was once chief economist for the Interior Department-do ably explain such important concepts as why incentives matter, why providing 'free' services 'merely shifts the costs' to other people and why it's a bad idea to treat the unused balance on a credit card 'like money in a bank.' They divide the book into four short sections-the key elements of economics, the major sources of economic progress, the role of government, the principles of personal finance-and generally keep their language snappy and easy to understand. The only problem is that, in shortening a year-long economics course into a book that can be read within a few hours, the authors have dispensed with gray areas and glossed over disputes. More troubling, they often present principles of economic theory as if they were well-established facts. The authors assert, for example, that competition is always good, making no mention at all of the equally important economic principle of 'destructive competition.' Likewise, they suggest that economic freedom always produces economic growth, even though their own tables show that Uganda has a higher per capita GDP growth rate than does the more-free Switzerland (2.2% vs. 0.7%). Perhaps there is, indeed, a 'common sense' reason for the discrepancy, but this book clearly isn't meant to provide such nuanced explanations." Publishers Weekly (Copyright Reed Business Information, Inc.)

Synopsis:

“The authors tell us what everyone should know about economics in language we can all understand. Its refreshing when four of the best in the profession avoid the all-too-common practice of writing in a code that only other economists can comprehend.” ---Robert McTeer, former president of the Federal Reserve Bank of Dallas

With the global economy recovering from a steep recession, those who fail to grasp basic economic principles such as gains from trade, the role of profit and loss, and the secondary effects of government spending, taxes, and borrowing risk falling behind in their professional careers--even their personal lives. Common Sense Economics discusses key principles and uses them to show how to make wise personal and policy choices.

This new edition of a classic, with reflections on the recent recession and the policy response to it, illuminates our world and what might be done to make it better.

Synopsis:

* Do taxes help more than they hurt?

* What effect does redistributing wealth have on our economy---and those who participate in its redistribution?

* What is the role of government?

* How does an economy work?

James Gwartney, Richard L. Stroup, and Dwight R. Lee are three of the most prominent economists today, and in Common Sense Economics they show us why economic understanding is an essential ingredient for life in today's society, a key element that empowers those who possess it to better take charge of their own lives and their own responsibilities to their society. In clear, powerful language free of any hint of jargon or obscurity, they illuminate the basic principles of supply and demand, private ownership, trade, and more. In a world where free trade, taxes, and government spending are issues everyone needs to understand, Common Sense Economics is a lucid, simple explanation of how and why our economy and our world work the way they do, and how and why individuals and nations prosper.

James Gwartney served as chief economist for the Joint Economic Committee of Congress. A professor of economics at Florida State University, he holds the Gus A. Stavros Eminent Scholar Chair and directs the Stavros Center for Economic Education.

Richard L. Stroup is the author of EcoNomics, professor of economics at Montana State University, and senior fellow at the Property and Environment Research Center. He has also served as chief economist at the Interior Department.

Dwight R. Lee is coauthor of Getting Rich on America. He holds the Ramsey Chair of Private Enterprise at the University of Georgia and is a past president of the Southern Economic Association.

James Gwartney, Richard L. Stroup, and Dwight R. Lee, three prominent economists, show why economic understanding empowers those who possess it to better take charge of their own lives and responsibilities to society. In clear, powerful language free of jargon or obscurity, they illuminate the basic principles of supply and demand, private ownership, trade, and more. In a world where free trade, taxes, and government spending are issues everyone needs to understand, Common Sense Economics is a lucid, simple explanation of how and why our economy and our world work the way they do, and how and why individuals and nations prosper.

"Splendid and informed exposition of the basic principles of economics. The economics is sophisticated, the exposition simple, concise, lucid, and free from jargon."Milton Friedman, 1976 Nobel Prize winner

"Splendid and informed exposition of the basic principles of economics. The economics is sophisticated, the exposition simple, concise, lucid, and free from jargon."Milton Friedman, 1976 Nobel Prize winner

"[Common Sense Economics is] a small book, less than 200 pages, that addresses a serious economist dereliction of duty: making our subject understandable to the ordinary person . . . Common Sense . . . contains a wealth of information about the major sources of economic progress, economic progress and the role of government, and important elements of practical personal finance. The latter contains finance principles on how to invest your money, using the principles of compound interest and how to get more out of your money. There's nothing in the book that goes beyond common sense, something rare these days."Walter Williams, Jewish World Review
 
"This book forms a bridge between common sense and the basic principles of economics. It is a guide to sound economic reasoning for everyone. Its language is relatively simple, clear, and straightforward without being oversimplified and without sacrificing the really important insights and conclusions. It is a book with a strong messageeconomic progress is the result of competitive markets, of individual initiatives, and of the limited role of government."Václav Klaus, President of the Czech Republic

"This book provides the ABCs of how the world creates wealth without anyone having to be in charge because of market incentivespeople are free to specialize, and by focusing on what they can do best for themselves, do unintended good for the rest of us. There is no other route to human betterment and poverty reduction."Vernon L. Smith, 2001 Nobel Prize winner

"Economic journalism is often based on slip-shod analysis; scientific treatises are analytically coherent but unintelligible. This book is an effort to bridge the awesome gap between these levels of discourse. Solid economic analysis, simply presented."James Buchanan, 1986 Nobel Prize winner

"This book is a must-read for anyone who wants to understand how the world really works and why economic freedom is the central ingredient of prosperity. If every citizen would read this book, our politics would be more enlightened and our nation more prosperous."Senator Connie Mack

"Gwartney, Stroup, and Lee tell us what everyone should know about economics in language we can all understand. It's refreshing, when three of the best in the profession avoid the all-too-common practice of writing in a code that only other economists can comprehend."Robert McTeer, former president of the Federal Reserve Bank of Dallas and chancellor of Texas A&M University

"I'm a huge fan of Common Sense Economics . . . It is far and away the most concise, accessible and useful book to promote basic economic literacy that I have found."Clark L. Maxam, Ph.D., El Pomar Professor of Entrepreneurial Finance, College of Business and Administration, University of Colorado-Colorado Springs

"I gave a copy of Common Sense Economics to one of my colleagues who teaches accounting here. He read it this weekend and thought it was so good that he is considering paying his students (half the cost) to read it. We both think the lessons are perfect."Kelly Hunter Markson, Ph.D., Instructor of Economics, Wake Technical Community College

"My high school students really enjoy this book. It is easy for them to understand and it presents important economic concepts in plain language using clear, often clever, examples. They read the whole book, and we discuss it page by page during class discussion. I believe they get more out of it than their regular text."David Gardner, Principal and Teacher, Frederica Academy (Georgia)

"Common Sense Economics worked wonderfully for me. The authors did a superb job of organizing the material and  highlighting the key points."Peter Leeson, West Virginia University

"Common Sense Economics is a wonderful book. The authors cover the foundations of economic activity and the underpinnings of a prosperous society. They also provide practical advice for personal financial planning. They lay the foundations for good citizenship and for sound stewardship. I heartily recommend this gem of a book for teachers and parents interested in instilling knowledge and wisdom in the leaders of the next generation."Seth Norton, Aldeen Professor of Business, Wheaton College

"With minimum use of jargon, the authors aim to provide concise and organized insight into economics. Targeting both beginners and experienced executives, they teach basic principles and also provide perspective on the influence

About the Author

James Gwartney served as chief economist for the Joint Economic Committee of Congress. A professor of economics at Florida State University, he holds the Gus A. Stavros Eminent Scholar Chair and directs the Stavros Center for Economic Education.

Richard L. Stroup is the author of Eco-Nomics, professor of economics at Montana State University, and senior fellow at the Property and Environment Research Center. He has also served as chief economist at the Interior Department.

Dwight R. Lee is coauthor of Getting Rich in America. He holds the Ramsey Chair of Private Enterprise at the University of Georgia and is a past president of the Southern Economic Association.

Product Details

ISBN:
9780312338183
Subtitle:
What Everyone Should Know About Wealth and Prosperity
Author:
Gwartney, James D
Author:
Lee, Dwight R.
Author:
Gwartney, James
Author:
Stroup, Richard L.
Author:
Ferrarini, Tawni Hunt
Author:
Gwartney, James D.
Author:
Lee, Dwight
Publisher:
St. Martin's Press
Subject:
Personal Finance - Investing
Subject:
Finance, personal
Subject:
Wealth
Subject:
Economics - General
Subject:
Personal Finance - General
Copyright:
Edition Description:
Trade Cloth
Publication Date:
20050201
Binding:
Hardback
Grade Level:
General/trade
Language:
English
Illustrations:
10 BandW photos/charts t/o on text stock
Pages:
208
Dimensions:
8.25 x 5.50 in

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Common Sense Economics: What Everyone Should Know about Wealth and Prosperity Used Hardcover
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$13.95 In Stock
Product details 208 pages St. Martin's Press - English 9780312338183 Reviews:
"Publishers Weekly Review" by , "A useful overview of the conservative perspective on free market capitalism, this book roughly summarizes the equivalent of a college freshman course on micro- and macro-economics. 'In a fraction of the time devoted to Economics 101, you will have picked up most of its important lessons,' the authors declare in the introduction. And these powerful economists-Gwartney served as chief economist for the Joint Economic Committee of Congress and Stroup was once chief economist for the Interior Department-do ably explain such important concepts as why incentives matter, why providing 'free' services 'merely shifts the costs' to other people and why it's a bad idea to treat the unused balance on a credit card 'like money in a bank.' They divide the book into four short sections-the key elements of economics, the major sources of economic progress, the role of government, the principles of personal finance-and generally keep their language snappy and easy to understand. The only problem is that, in shortening a year-long economics course into a book that can be read within a few hours, the authors have dispensed with gray areas and glossed over disputes. More troubling, they often present principles of economic theory as if they were well-established facts. The authors assert, for example, that competition is always good, making no mention at all of the equally important economic principle of 'destructive competition.' Likewise, they suggest that economic freedom always produces economic growth, even though their own tables show that Uganda has a higher per capita GDP growth rate than does the more-free Switzerland (2.2% vs. 0.7%). Perhaps there is, indeed, a 'common sense' reason for the discrepancy, but this book clearly isn't meant to provide such nuanced explanations." Publishers Weekly (Copyright Reed Business Information, Inc.)
"Synopsis" by ,

“The authors tell us what everyone should know about economics in language we can all understand. Its refreshing when four of the best in the profession avoid the all-too-common practice of writing in a code that only other economists can comprehend.” ---Robert McTeer, former president of the Federal Reserve Bank of Dallas

With the global economy recovering from a steep recession, those who fail to grasp basic economic principles such as gains from trade, the role of profit and loss, and the secondary effects of government spending, taxes, and borrowing risk falling behind in their professional careers--even their personal lives. Common Sense Economics discusses key principles and uses them to show how to make wise personal and policy choices.

This new edition of a classic, with reflections on the recent recession and the policy response to it, illuminates our world and what might be done to make it better.

"Synopsis" by ,
* Do taxes help more than they hurt?

* What effect does redistributing wealth have on our economy---and those who participate in its redistribution?

* What is the role of government?

* How does an economy work?

James Gwartney, Richard L. Stroup, and Dwight R. Lee are three of the most prominent economists today, and in Common Sense Economics they show us why economic understanding is an essential ingredient for life in today's society, a key element that empowers those who possess it to better take charge of their own lives and their own responsibilities to their society. In clear, powerful language free of any hint of jargon or obscurity, they illuminate the basic principles of supply and demand, private ownership, trade, and more. In a world where free trade, taxes, and government spending are issues everyone needs to understand, Common Sense Economics is a lucid, simple explanation of how and why our economy and our world work the way they do, and how and why individuals and nations prosper.

James Gwartney served as chief economist for the Joint Economic Committee of Congress. A professor of economics at Florida State University, he holds the Gus A. Stavros Eminent Scholar Chair and directs the Stavros Center for Economic Education.

Richard L. Stroup is the author of EcoNomics, professor of economics at Montana State University, and senior fellow at the Property and Environment Research Center. He has also served as chief economist at the Interior Department.

Dwight R. Lee is coauthor of Getting Rich on America. He holds the Ramsey Chair of Private Enterprise at the University of Georgia and is a past president of the Southern Economic Association.

James Gwartney, Richard L. Stroup, and Dwight R. Lee, three prominent economists, show why economic understanding empowers those who possess it to better take charge of their own lives and responsibilities to society. In clear, powerful language free of jargon or obscurity, they illuminate the basic principles of supply and demand, private ownership, trade, and more. In a world where free trade, taxes, and government spending are issues everyone needs to understand, Common Sense Economics is a lucid, simple explanation of how and why our economy and our world work the way they do, and how and why individuals and nations prosper.

"Splendid and informed exposition of the basic principles of economics. The economics is sophisticated, the exposition simple, concise, lucid, and free from jargon."Milton Friedman, 1976 Nobel Prize winner

"Splendid and informed exposition of the basic principles of economics. The economics is sophisticated, the exposition simple, concise, lucid, and free from jargon."Milton Friedman, 1976 Nobel Prize winner

"[Common Sense Economics is] a small book, less than 200 pages, that addresses a serious economist dereliction of duty: making our subject understandable to the ordinary person . . . Common Sense . . . contains a wealth of information about the major sources of economic progress, economic progress and the role of government, and important elements of practical personal finance. The latter contains finance principles on how to invest your money, using the principles of compound interest and how to get more out of your money. There's nothing in the book that goes beyond common sense, something rare these days."Walter Williams, Jewish World Review
 
"This book forms a bridge between common sense and the basic principles of economics. It is a guide to sound economic reasoning for everyone. Its language is relatively simple, clear, and straightforward without being oversimplified and without sacrificing the really important insights and conclusions. It is a book with a strong messageeconomic progress is the result of competitive markets, of individual initiatives, and of the limited role of government."Václav Klaus, President of the Czech Republic

"This book provides the ABCs of how the world creates wealth without anyone having to be in charge because of market incentivespeople are free to specialize, and by focusing on what they can do best for themselves, do unintended good for the rest of us. There is no other route to human betterment and poverty reduction."Vernon L. Smith, 2001 Nobel Prize winner

"Economic journalism is often based on slip-shod analysis; scientific treatises are analytically coherent but unintelligible. This book is an effort to bridge the awesome gap between these levels of discourse. Solid economic analysis, simply presented."James Buchanan, 1986 Nobel Prize winner

"This book is a must-read for anyone who wants to understand how the world really works and why economic freedom is the central ingredient of prosperity. If every citizen would read this book, our politics would be more enlightened and our nation more prosperous."Senator Connie Mack

"Gwartney, Stroup, and Lee tell us what everyone should know about economics in language we can all understand. It's refreshing, when three of the best in the profession avoid the all-too-common practice of writing in a code that only other economists can comprehend."Robert McTeer, former president of the Federal Reserve Bank of Dallas and chancellor of Texas A&M University

"I'm a huge fan of Common Sense Economics . . . It is far and away the most concise, accessible and useful book to promote basic economic literacy that I have found."Clark L. Maxam, Ph.D., El Pomar Professor of Entrepreneurial Finance, College of Business and Administration, University of Colorado-Colorado Springs

"I gave a copy of Common Sense Economics to one of my colleagues who teaches accounting here. He read it this weekend and thought it was so good that he is considering paying his students (half the cost) to read it. We both think the lessons are perfect."Kelly Hunter Markson, Ph.D., Instructor of Economics, Wake Technical Community College

"My high school students really enjoy this book. It is easy for them to understand and it presents important economic concepts in plain language using clear, often clever, examples. They read the whole book, and we discuss it page by page during class discussion. I believe they get more out of it than their regular text."David Gardner, Principal and Teacher, Frederica Academy (Georgia)

"Common Sense Economics worked wonderfully for me. The authors did a superb job of organizing the material and  highlighting the key points."Peter Leeson, West Virginia University

"Common Sense Economics is a wonderful book. The authors cover the foundations of economic activity and the underpinnings of a prosperous society. They also provide practical advice for personal financial planning. They lay the foundations for good citizenship and for sound stewardship. I heartily recommend this gem of a book for teachers and parents interested in instilling knowledge and wisdom in the leaders of the next generation."Seth Norton, Aldeen Professor of Business, Wheaton College

"With minimum use of jargon, the authors aim to provide concise and organized insight into economics. Targeting both beginners and experienced executives, they teach basic principles and also provide perspective on the influence

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