Book of the Week: Economics for Everyone: A Short Guide to the Economics of Capitalism
Buy the book on Amazon.
Check out the book’s website.
I will confess that this week i’m reviewing a book I haven’t had a chance to finish yet. However, I have so far found it to be an interesting and informative read.
Jim Sanford is fairly left-wing, and the book reflects that. I myself do support perhaps a change in the current North American way of getting on with things, although I do find Sanford’s assumption that this change for the better will just happen spontaneously kind of odd. I suppose I have too little faith in the better side of humanity.
The book was written to introduce laymen (like me) to the concept of economics and its relation to everyday life, without resorting to trade terms and mathematics. The neoclassical theory of economics that is currently taught and practiced by most economists is just one theory, not the only right way, and Sanford’s goal is to broaden people’s perspectives.
The twelve key points about capitalism and economics Sanford wants people to take away are (and here I am both quoting and giving away the end of the book):
- The economy depends on social relationships, not just technical relationships, and (like society) it evolves and changes over time.
- Economics is an inherently subjective, value-laden, political discipline.
- Productive human activity is the only force that adds value to the resources we harvest from nature.
- Using tools makes work more productive.
- In capitalism, most work consists of employment.
- Unpaid work is also important.
- Competition is a central feature of capitalism, and forces companies to behave in certain ways.
- The condition of the natural environment is crucial to our prosperity.
- The financial industry is not, in itself, productive.
- Government has played a central, supporting role since the beginning of capitalism.
- Globalization can strengthen an economy, or it can weaken an economy.
- Workers and poor people get only as much from the economy as they are able to demand, fight for, and win.
That was just a taste, and if you want an in depth explanation of those points, well hey, read the book.
Knowledge is power, and the more we know, the more we can do. If you are interested in learning more about economics I would recommend this book, although if you already have a solid working knowledge I don’t know how useful you’ll find it. You don’t have to agree with all Sanford’s opinions, to get something from Economics for Everyone (that’s what critical thinking is for, folks), but if you’re interested in the way the world works, and the ways it could work better, check it out.
