Economics, which is defined by the decisions which humans make on a daily basis, is a broad field that includes much more than the fluctuations of a stock graph and monetary transactions. If you're looking for a well-balanced, carefully structured book to introduce you to the discipline, I found just the one. Here's a quick review of a book that might offer you a lot more value than the "For Dummies" version.
Divided into 36 short chapters and an immense glossary, Randy Charles Epping's "The New World Economy: A Beginner's Guide" lives up to its title with a fantastic overview of how contemporary economics are being shaped by digital technologies, the environment, modern approaches to ownership from younger generations, and much more. In order to cover so much material, Epping titles each of his chapters with a question which he responds to throughout the chapter. Along the way, he supplements his arguments with graphs, statistics, and terms which he italicizes to pause the reader's attention. In this way, "The New World Economy" reads somewhat like a textbook, and the serves the purpose of one, while also being a fluid due to its casual, academic tone.
Some examples of questions include: "Income Inequality: Is it Inevitable?"; "Sharing the Wealth: How do Charities, Private Enterprise, and NGOs Promote Economic Development?," and "Health Care: Ways That Work." As you can see, the diversity is astounding and leaves you feeling like you dipped your foot in a variety of fields that all connect in some way or another. Epping makes important distinctions, like the difference between the Deep Web and the Dark Web and C2C vs B2B. He clarifies misconceptions and runs through the basics which everybody should know to acquire a certain economic vocabulary. And finally, the glossary at the end is an unexpected treat which covers everything in the book plus so much more— a reference guide which you can always return to.
Throughout the book, Epping remains relatively neutral and states the facts, with certain exceptions to highlight distinct economic points that he finds noteworthy. He also provides useful examples for you to visualize what is talking about. In his second chapter, he starts with...
"When the ancient Greeks wanted to send a secret message across enemy lines, they sometimes tattooed the message on a runner's shaved scalp, then waited for the hair to grow back before sending the patient messenger out into the world... With modern computers, the twenty-first-century solution to securing private information is to encrypt it in a chain of code that can never be altered without permission from all the users."
Between these two sentences, he provides additional context before making the connection and defining a blockchain, which allows information to avoid being altered as it is transmitted. Epping does this often, and I found the allusions and metaphors extremely helpful and illustrative.
So, if you're looking to dive into economics but don't know where to start, Epping's "The New World Economy" might be the perfect start for you. Packed with questions, terms, and connections, you'll exit with a greater understanding of the discipline and a desire to know more. Overall rating: 8.5/10
5/3/21