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Stimulus plans: good or bad? Free markets: How free are they? Jobs: Can we afford them? Occupy Wall Street . . . worldwide! Everybody's talking about the economy, but how can we, the people, understand what Wall Street or Washington knows-or say they know? Read Economix. With clear, witty writing and quirky, accessible art, this important and timely graphic novel transforms "the dismal science" of economics into a fun, fact-filled story about human nature and our attempts to make the most of what we've got . . . and sometimes what our neighbors have got. Economix explains it all, from the beginning of Western economic thought, to markets free and otherwise, to economic failures, successes, limitations, and future possibilities. It's the essential, accessible guide to understanding the economy and economic practices. A must-read for every citizen and every voter.… (more)
User reviews
It should be noted that this is not a politically neutral take on the subject. Goodwin has some very pointed (and, in my estimation, generally very sane) things to say about wealth inequality and the problems that arise when huge corporations exert too much influence on the economy and the government. If there is a central idea here, it's that both completely unrestrained capitalism and absolute top-down control are truly terrible ways to run an economy. And it's an idea that's argued remarkably well.
Heartily recommended, whether you think you're actually interested in economics or not.
There are eight chapters, each of which covers a particular time period, grouped by important economic events. These divisions allowed me to stop and absorb ideas and ruminate about them before going on to the next thing. It begins with "The Distant Past to 1820", which lays the foundation with some basic definitions and explanation and the others continue to the present time. You will know not only about the effects of the Industrial Revolution and Great Depression, but also about the dot.com happenings, the Savings and Loan crisis, the mortgage and foreclosure mess, and the many government bailouts. And...you will understand. You will know what was done that was legal and caused problems, as well as what was illegal.
I recommend this book to just about anyone from high school on up because it is very well presented but also advanced enough to hold interest. It's one of those books I wish everyone would read so that we can hold our government (ourselves) more accountable. I LOVED LOVED LOVED it.
Now, this opening of my viewpoint became less as I read on. The tone became more shrill and partisan. Many times blame was laid on the conservative side with nary anything said well, but the liberal side is showered with compliments or a shrugging of shoulders (they did the best they could with what they had).
One of the first things that I heard in my economics classes was that Presidents have little to do with how well the economy works. Now, with my understanding of economics - that human activity is economic activity, I quite agree with this position. Consider - we elect one man to control the destiny of 300 million? Really? However, the President is given the lions share of the credit or blame in this book, at least for the 20th and 21st centuries.
Some of the major economic points that are not discussed well or at all include comparative advantage (which does have some discussion early on), the law of unintended consequences, and a discussion of how destruction does not bring economic gain (for example, creation of war implements only bring destruction, not economic gain - the author focuses on how big business gets wealthy from this, but that is tangential). Touching on this, it is not explored how spending (especially governmental spending) distorts or redirects spending on something else (for example, if you were not taxed $100.00, what would you spend it on). This relates to the law of unintended consequences.
One of the major things I took from this book is that government does have a place, a position that I have had for some time, but it was quite vague. Now I agree that somethings the government does quite well, with proper over site from the citizens. I appreciate both city public parks and the national park system that we have, which I believe would not exist (at least not in the form we have today) without governmental support.
Overall, I found this to be a mixture of a delightful and frustrating read, which doesn't surprise me as the author's viewpoints are almost directly in opposition to my own in regards to economics and politics. If the author could have taken a more neutral viewpoint throughout the book, I would hope that the book would have been more enlightening and enjoyable.
This book is packed with juicy information. Within its pages, to pick examples, I found the most nuanced view I've come across yet of the legacy of Adam Smith, an explanation for why it is that so many US food products contain corn syrup - and even a theory as to why mainstream economic debate is still stuck in the 1970s.
We're constantly told by media and politicians that "the economy" influences every aspect of our lives. If that's true, it seems sensible to understand why. This book is a great place to start. Anyone over thirteen could read and enjoy it - and should.