The title of the book that I read was Common Sense Economics: What Everyone Should Know about Wealth and Prosperity. The book was written by James Gwartney, Richard L. Stroup, and Dwight R. Lee. The publisher is St. Martin’s Press and the book was released in 2005. The book is only 208 pages, but each page is filled with information and there is not a lot of fluff. This is why I picked this book because I felt that I could get the most information without anything unnecessary.
This book was written in very clear language and was easy to understand. There were four parts to the book. The first was the key elements of economics. There are 12 key elements and these elements in order are incentives matter, there is no such thing as a free lunch, decisions are made at the margin, trade promotes economic progress, transaction costs are an obstacle to trade, profits direct businesses toward activities that increase wealth, people earn income by helping others, economic progress comes primarily through trade, investment, better ways of doing things, and sound economic institutions, the “invisible hand” of market prices directs buyers and sellers toward activities that promote the general welfare, and too often long-term consequences of an action are ignored. I believe that this was the most important part of the book because it was a simple guide to what is important to understand in economics. Each element was clearly and thoroughly explained.
The other three chapters of the novel were also important but I don’t believe that they were as helpful. The second chapter was the seven major sources of economic progress. The third was economic progress and the role of government, and the fourth were the twelve key elements of practical personal finance. I think this was the second most important chapter and it basically talked about how to take care of your money and ensure that you have some kind of financial security.
I think that this is a good book to read for an econ student because it can teach a little about how to save for the future and make sure there is some financial security. If I had to give this book a grade I would give it a B+ because it taught me a lot of info that I find valuable and that I believe can help other students as well.