In a world where so many obfuscate, distort, and misrepresent
economic argument for venal purposes, citizens are wise to arm
themselves with basic economic literacy to avoid being cowed or
misled. This short book, written by an economics professor who taught
for forty years at universities in the United States, Europe, and
Latin America, provides a relatively painless immunization. Economics
for Commoners distills economic wisdom down to its most essential
insights, requires no prior economic training, and no math beyond
high school algebra. Six chapters in part one explain how prices,
wages, profits, and rents are determined, how government fiscal and
monetary policy work, and what money, banks, and finance are all
about. Three chapters in part two explain how to evaluate economic
performance: Is our labor being used efficiently? Are we adequately
protecting the natural environment? Are the burdens and benefits of
economic activity being distributed fairly?
