The Instant Economist

Starred review from November 1, 2011

Taylor's (managing editor, Journal of Economic Perspectives) volume can help conversationalists looking to raise the bar for their watercooler chats and casual readers who want to understand better the current economic condition of the United States. Taylor uses simple language with field-specific vocabulary to explain economic concepts, and each concept is successfully reinforced with a real-life--and usually entertaining--example. He hits all the subjects that might interest a layperson, such as division of labor, supply and demand, wages, competition and monopoly, inflation, banking, and trade, for a total of 36 petite chapters--just enough information to give the reader a basic but well-rounded understanding of the subject. VERDICT This highly readable, nonpoliticized look at some of the economic principles that shape our society, presented in an engaging, anecdotal fashion, is highly recommended for armchair economists and anyone with a general interest in the state of our economy.--Poppy Johnson-Renvall, Central New Mexico Community Coll. Lib., Albuquerque

Copyright 2011 Library Journal, LLC Used with permission.

December 1, 2011
From the Teaching Company, producers of DVD and audio recordings of courses by academics, this handbook on economics is a readable, nontextbook approach on the level of an undergraduate introductory course. Taylor sets out to teach us how economists think and begins with a microeconomics understanding of the economy (the view of individuals). We learn how markets work in the context of goods, labor, and financial capital and also about unregulated markets, including monopoly, the environment, and poverty; he notes that although these issues can attract democratic government involvement, such intervention can fail. He concludes with macroeconomics (an overall view of the economy), with topics including economic growth, unemployment, and inflation. Taylor wants us to respect the power of market forces but understand where those forces fall short; he encourages a belief that government policy can be useful but, in some cases, can be useless or even counterproductive. This guide to the key principles of economics is an important source of information for many library patrons. Excellent book.(Reprinted with permission of Booklist, copyright 2011, American Library Association.)