Economics

by Timothy Taylor

We are all economists—when we work, buy, save, invest, pay taxes, and vote. It repays us many times over to be good economists. Economic issues are active in our lives every day. However, when the subject of economics comes up in conversation or on the news, we can find ourselves longing for a more sophisticated understanding of the fundamentals of economics.

36 lectures | 30 minutes each.

Genres: Economics, Nonfiction, Audiobook, Business, History, Education, Finance

Audio CD

First published January 1, 1994

Reviews

[Roy Lotz · Rating 4 out of 5]

Economics is one subject that causes me perpetual unease. Everybody cares about the economy, of course, and everybody argues about how it should be structured and managed. Imposing terminology is thrown around, graphs and statistics are wheeled out, and yet the situation always seems quite unclear to me. So I was pleased when Timothy Taylor framed his lectures, not as the gospel truth of economics, but as an introduction to the language of economics. Learning this language is essential if you would like to take part in this endless societal argument.

Considering the restraints of time and of format, I think that Taylor deserves praise for these lectures. In 18 hours, he manages to cover all of the major topics of micro- and macro-economics—supply and demand, price curves, government regulation, fiscal policy, etc.—in an accessible but not overly simplistic style. Further, Taylor is an engaging speaker whose enthusiasm for a potentially dreary subject helps to alleviate the dryness. Someone has got to get excited about interest rates, I suppose.

A major shortcoming of these lectures is that they were recorded in 2005, just before the enormous financial crash. Surely, a new edition is called for. Considering how much time has passed, however, I think that these lectures have held up remarkably well. For the most part, the major disagreements and issues in economics do not seem to have changed very much. Everything is here—healthcare costs, financial crashes, trade wars, deficits—which is probably not a reason to celebrate.

If Taylor can be criticized, I think it should be for inserting too many of his own views into these lectures. Some degree of editorializing is inevitable in any academic course, I think. But Taylor is quite an opinionated guide, and never hesitates to advocate for his pet policies. Admittedly this did make the lectures more interesting; but it also undermined Taylor’s insistence that economics is merely a way of thinking rather than a specific doctrine. To the contrary, these lectures contain very specific presumptions about and prescriptions for a successful society (hint: it is all about a free market).

Speaking more generally, it is frustrating for me the degree to which the social sciences inhabit parallel worlds. Not only do anthropology, psychology, and economics study different sorts of phenomena, but they make very different assumptions about human behavior—which often contradict one another. I was acutely aware of this while listening to these lectures, since I was concurrently reading psychologist Daniel Kahneman’s Thinking, Fast and Slow, which argues that the rational agent model of economic actors is fundamentally flawed. Meanwhile, my brother is reading anthropologist David Graebner’s book about the many different (not capitalist) forms that economic activity has taken throughout time and across space.

Compared to psychology and anthropology, economics can seem worrisomely abstract to me—too content to rest its conclusions on untested assumptions and a priori principles. In these lectures, for example, I would have appreciated more case studies of historical examples in lieu of theoretical explanations. This would have illustrated the concepts’ usefulness far more effectively, I think.

But I am drifting off topic. As a painless introduction to economics, these lectures do an admirable job. It is a fascinating discipline with much to teach us. I am glad to have a break for now, though. A dismal science indeed.

[Menglong Youk · Rating 4 out of 5]

This is a 36 half-an-hour parts lectures on Economics by Timothy Taylor, covering the basics like supply and demand, labor marker and wages, and regulation to more subtle subjects like countercyclical fiscal policy, monetary policy, financial crushes, etc. This course is especially suitable for those who don't take an economics course in college, but want to acquire a basic understanding of the subject.

I found economics torturing and boring in high school because the lessons were dull and there were no explanation besides reading textbooks. So, it left a terrible impression on me, and I had been avoiding it since then. But due to curiosity, I watched Crush Course Economics on YouTube, and it wasn't as boring as I thought it would be, and after finishing watching that course, I tried to find something a bit more detailed to fill the gaps, and this course did just that.

[Josh Davis · Rating 4 out of 5]

A good primer on Econ. I never took a course in college so this was a good way to fill in some topics I hadn’t heard about. Timothy Taylor was a good, neutral lecturer as well.

[Cav · Rating 3 out of 5]

This was a decent offering from "The Great Courses". Professor Timothy Taylor has a bit of a quirky teachy style, but he still did an OK job with this course.
It is 36 lectures, ~30 mins/each; a fairly standard format for lectures from "The Great Courses". While this lecture series and course guidebook were fairly informative, the course was a pretty bare-bones offering, IMHO. This may be a positive or negative attribute, depending on what your expectations of this course were.
Professor Taylor's teaching style is a bit jumbled; he tends to ramble a bit, which has the listener (or at least this listener) tend towards losing concentration on the material presented.
I would recommend this course to those unfamiliar with basic principles of Economics. More economically savvy learners likely won't find anything new here, however.
3 stars.

[Evgeniy Vasilev · Rating 4 out of 5]

Good summary but could be longer.

[Nick Crutchley · Rating 4 out of 5]

In all, a well-rounded lecture series, which covers economics to A'Level (Year 18). The lecturer is witty, repeats himself, an helps the learner understand the principals. I learned a lot from this man. My one criticism lies in his lack of understanding of the ecological impacts of the free-market system. Externalities, such as oil spills, are seen as a side-effect of the economic system, which may be made better over time (as in the US clean air initiatives since the 1970s). The lecturer seems painfully unaware of the Anthropocene Machine that currently destroys, pollutes and invades natural habitats throughout the world.

Hence only 4 stars.

[Jay · Rating 4 out of 5]

Good for beginners, would recommend to myself of 10 years ago. Doesn't go as deep as I'd like today, but still a good primer.

[Satyaki · Rating 5 out of 5]

https://www.youtube.com/playlist?list...

https://www.gatesnotes.com/Economics

[Matt Davis · Rating 1 out of 5]

Recorded in 2005 before the crash of 2008 and well before the economic effects of COVID. When the lecturer brings up the issue of protectionism in relation to national security, he mocks the idea by quoting a scissor manufacturer's speech to a congressional committee. Based on other Great Courses I have listened to, I was expecting a nuanced answer that adequately addressed how to maintain vital supply lines in an emergency while maintaining trade ties. This kind of nuance was completely absent, not only in this example, but throughout the course.

Because it was recorded before two of the most interesting economic events of recent memory, the course fails to address the many questions that those events raised. The lecturer also dismisses the possibility of a financial crash in the US, yet only three years later, that's exactly what happened. As someone who is seeking to better understand economics, I would want an explanation, but because of how old this course is, I am left wanting.

Usually I'm not this harsh in my reviews, but given that there are other similar courses out there and that this comes in at a long-ish 18 hours in audio, I fully recommend potential readers skip it in favor of something like Naked Economics or a more recent Great Course on economics in order to get a more complete picture.

[Adrian · Rating 4 out of 5]

This course was for the individual seeking a basic level of sophistication in economic matters. I definitely fit that bill. As with the many other Great Courses, this one delivered as promised. It was well organized with each topic built on top of each other and the PDF provided proved to be an excellent pre-read. The 1st 18 lectures focused on microeconomics and the 2nd 18 focused on macroeconomics.

I was particularly interested in topics of Labor Markets, Antitrust Policy, Poverty and Welfare, Fiscal Policy, and Free Trade. I finished the course with a stronger appreciation for the 'package of ingredients' required for economic growth: building human capital, build physical capital, creating new technologies, and maintaining strong legal and financial infrastructure for supporting markets.

The only issue I have is that this course was first published in 2005 which means no analysis is provided concerning the 2008 Financial Crisis. It would have been great to get his perspective within these lectures. Fortunately, I now feel that I have a strong enough economic foundation to see seek other texts that cover this period.

[Julie · Rating 4 out of 5]

I picked up these lectures as I was slogging my way through Capital in the 21st Century, this year's surprise best seller by award winning economist Thomas Piketty. Where Capital was obtuse, hard to understand, rambling, these lectures were clear, focused, and enlightening. After finishing these lectures, my understanding of Economics, from basic principles like supply and demand, to more subtle issues, like government policy with regard to trade deficits, grew dramatically. Not only does he present the theories clearly and concisely, he gives current examples and adds in a touch of humor. Highly, highly recommended. I'm looking forward to listening to more lectures by this professor.

[Kate · Rating 3 out of 5]

Listening to this in 2021, there are points where I laugh bitterly because this is obviously right before the economic crash in 2008. I suspect this would be a very different lecture series if it were written afterwards.

Also, there is a point where the lecturer notes that anthropogenic climate change is "debated" among "scientists." You can find scientists who will talk outside of their field and give you a bad opinion on anything, that doesn't mean anything. Actual climate scientists are not debating anthropogenic climate change. Maybe that was a product of the times, but people still throw that around today and it's just plain not true. It's only debated among politicians and their animals.

[Fearless Leader · Rating 2 out of 5]

Brings back memories of first year economics.

[Nacho · Rating 2 out of 5]

The lectures cover the basic elements of economics, and their stated purpose is to give the students the necessary tools and frameworks to be able to participate in the discussion of economics.

The edition I've gone through is from the mid 2000's, and boy oh boy, many things have aged like milk. First of all, the Professor makes it clear that he will be staying away from politics, and simply discuss "pure" economics. There's, of course, no such thing, and as it's often the case, those who claim to not be tainted by ideology are as tainted as everyone else but lack the self-awareness.

What I find the most interesting is that, despite the constant reminders that the lectures will stay away from recommending policy, and instead simply analyse the rationales of the market economy via its most basic, fundamental, axioms, there is a quite bit discussion of policy. And many of those basic principles, which are supposed to be non-controversial, lead the Professor to several recommendations which have not stood the test of time. For example, he advocates against measures aimed at alleviating the poor which affect the whole of society (rent control, for example) and instead create policies whose only target would be the people one intends to help. This is also called means testing, and has not proven to be any less problematic. Or, when discussing climate change, advocating for cap-and-trade schemes, which have proven wholly ineffective in the European Union.

Of course, hindsight is always 20/20, but I think it is important that conclusions which were only reached by following certain axioms have been discredited in only a few years. What does that say about those axioms?

There are many other questions which are muddled, such as the conflation between price and value (it is mentioned that Marx was a great economist whose theories did not stand the test of time, but soon afterwards the natural price of a commodity is tautologically defined as the price when the supply and demand curve meet, without further insight about why that happens at different points for different commodities); the equating of wages and productivity (see Imperialism in the 21st Century by John Smith for a more realistic exposition); the definition of GDP as value created inside a country (see The GDP Illusion, again by John Smith); and so on.

For someone who tries not to be tainted by ideology in his exposition, the Professor subscribes a vision of international affairs which can hardly be described as anything but deeply ideological. One of the metaphors he uses is one in which countries are horses in a race, and some countries are ahead of others because they are faster, or their boxes were opened sooner, while other countries are still "in the box". One can only wonder who is in charge of opening the boxes, or whether maybe some horses are faster because they are better fed (maybe they are eating some other horse's hay?). This whole idea of economic progress as a road which each country travels by themselves, and in which all actors are independent, is terrible, but it's particularly puzzling to me that it is espoused by someone who is convinced of the many benefits of the markets (how can you go for a metaphor of independent countries when they are all tied by economic trade?!). Of course, when discussing the IMF the Professor says that "in the past, they may have gone a bit too far with their economic suggestions", so hardly anything else is surprising.

Giving it 2 stars because at least the content is well organized, and well, in the end these are the economics which are actually taught and upon which economic discussion happen, so it still has its usefulness.

[J. Michael Smith · Rating 4 out of 5]

The drawback to this course is its date: 2005. While the basic economic information is solid, I would like to have heard lectures that included observations from the economic collapse in 2008 and the economic collapse that happened during Covid. While the recession of 2008 was partially understood based on these lectures, the covid economic collapses--and recovery raised new questions for me.

It's been decades since I took an economics class in college. But I've encountered the topic repeatedly, both in my work (as a pastor) and as a citizen. These lectures were thorough (up through 2005) and interesting to anyone who follows the news or who has had to lead an organization.

The first half of the lectures focused on microeconomics--principles that corporations, organizations, and individuals need to know in order to make wise decisions. The second half focused on macroeconomics--principles for growing and maintaining an entire economy, whether it be a national economy or a global one.

It was interesting to listen to the microeconomic principles from the standpoint of one who leads churches. Whatever other problems confront congregations these days (theological, political, relational) they also face an economic crisis. And it's not just a crisis of having enough money. No one has enough money. That's partly why we study economics. It's the inability of churches to think in economic concepts that is compounding their money problems. For example, a basic economic concept is supply and demand. Many churches continue to supply services that are not in demand. Another example is the economic concept of division of labor. Many churches (such as in my own denomination, suffer from inefficiency from their clergy, simply because of the way division of labor is worked out. Another problem, especially facing middle sized churches, is "economy of scale" which makes it more and more difficult for middle sized churches to both satisfy their members and pay for necessary property and personnel.

From a macroeconomic standpoint, the lectures remind everyone of important formulas that need to be understood when intelligently discussing the national debt, inflation, unemployment, and global trade. It was refreshing listening to an economist talk about these issues rather than a politician. These lectures give the listener a way to see through the propaganda of politicians and special interest groups that seem to be making all the noise these days about economic issues.

[Reynold Witmer · Rating 5 out of 5]

It is rare that I can so confidently call something lifechanging; but I think the term is fitting here. I use the term life changing in its humblest form. Often I think of life-changing things as moments, events, Road-to-Damascus experiences that change everything. I do not mean that kind of lifechanging. What I do mean is that slowly across the course of these lectures, I made slow realizations about what I assume about economics, and many, many things I didn't know. I really enjoyed Timothy Taylor's teaching style (no surprise he was chosen by The Great Courses I guess) and often found myself grinning sheepishly as he explained how "people" approach economic discussions.
I listened to this series twice now, and many listen through it again. Personally I enjoy listening to one lecture a day, so it took me several months to get through this series once. Across the course of those months, I slowly found myself shifting the way I listen too, and converse about economic issues and ideas. I confess it may be uncharacteristic be so enthralled by this subject, it really isn't in the line of my usual interests. It started for me one day while driving and musing, and I asked myself "what's a subject I really know nothing about, and probably should know something about?"
Economics fits that category, and initially i started searching for a book to get me a beginners awareness of the subject. by happenstance, or providence, I found this series, and my listening experience confirmed that I did in fact know nothing about economics. I still may know nothing about economics, but at least now I know it.
A few takeaways by memory from this series, in no particular order.
"The reason normal people should learn about economics, is to not be fooled by economists."
For economists, nothing ever costs too much or too little, everything is priced just right.
For an economist, every policy or decision is about tradeoffs, and those tradeoffs are the most important aspect of policy. Politicians focus on vision and ignore or cover up pesky tradoffs, economists tend toward the opposite.
Almost nobody actually wants a totally free market, and nobody ever totally achieves a controlled market. all economies are on a spectrum of some government control and some free market. Policy makers argue not over absolutes, but over degrees of one or the other.
In the long run, the economy always returns to some sort of balance. But in the long run, we're all dead. Good economic policy strives to minimize downturns and expediate rebalance.

[William Adam Reed · Rating 4 out of 5]

3.5 stars rounded up. This 36 lecture course on Economics covers both Microeconomics and Macroeconomics. Professor Timothy Taylor is a fairly engaging professor, without any distracting speech mannerisms. I wanted a overview of the subject, since I believe it is important to keep up with subjects that are not necessarily areas that I am most well read in.

The biggest drawback with these lectures is that they are now twenty years old. That does not mean that they are without merit, it does mean I was constantly comparing the information discussed with what was happening on the current global scene. For example, Professor Taylor is a proponent of free trade, which is an issue that is quite relevant in 2025. It would be nice to hear his opinion on the events that are happening in today's markets. However, after listening to his lectures on International Trade and Protectionism, I have a good idea about what he would say.

I think Professor Taylor gears these lectures for the non-specialists, and he makes most of the lectures listenable. Although this is not my favorite subject matter, I found myself engaged with what he was talking about nearly the entire time. The lectures on Regulation and Deregulation and Aggregate Supply and Aggregate Demand were especially interesting.

[Herman · Rating 5 out of 5]

I don't know why more people don't give this lecture series 5 stars. I would give it 11 stars if I could.

I have never studied economics formally, and I found this introduction to the subject absolutely fascinating. So many concepts that I had some vague understanding of now make a lot of sense, and I now have a framework to think about these things: interest rates, unemployment, tax cuts, supply and demand, antitrust laws, copyright... the list goes on and on. The lectures are filled with examples from history that illustrate the concepts and make it interesting to listen to throughout.

This series gave me a solid footing in the subject of economics, and I now that I have the overall picture, I plan to go read more of the books and papers by economists mentioned in the series: authors like Milton Friedman, John Maynard Keynes and John Stuart Mill.

The only thing I would say is that the series is quite US-centric. But you know, our world is quite US-centric, and it's quite nice to understand how it works. And since the principles remain the same, I will now go on to learn more about how the economy is managed in practice in Europe and elsewhere in the world.

[Erik Murin · Rating 4 out of 5]

I'd give this book 4,5 stars. Microeconomics part was quite simple, as we bump into such stuff on a daily basis. Macroeconomics part was a lot more complex, but the author explains everything quite well with some awesome examples. However, this book was written in ~2006, as I understand. And even though economic principles haven't changed much since then, 2008 crisis happened, technology boomed and etc. Anyway, this book is great for anyone who'd like to learn the basics of economics and a bit more than that. If you want to learn what happened during 2008, there are plenty books about that too. Combine one of those books with this one, and you should have more than enough of basic knowledge about economics.

[Rachel Reid]

Review the main ideas and personalities of:
1. James Steuart
2. Jean-Baptiste Colbert
3. Thomas Mun
4. David Hume
5. Adam Smith
6. Karl Marx
7. Thomas Malthus
8. David Ricardo
9. John Stewart Mill
10. Alfred Marshall
11. John Maynard Keynes
12. Ludwig Von Mises
13. Joseph Schumpeter
14. Milton Friedman

I get the feeling like I am forgetting someone- who else was covered?

Anyway, great overview of the highlights of the history of economic thought. Really drives home how young economics is as a academic subject.

Sounds like Adam Smith was adorkable

[Joseph · Rating 5 out of 5]

I took micro and macro econ in college, but they were nowhere as practical and relevant as these lectures. I found these lectures addressed a plethora of real-world issues you hear about in politics and the news. Knowing the economic theory regarding many of them makes me feel like a much more informed citizen. Some examples include the economics of international trade / trade wars / tariffs, labor unions, and fiscal vs monetary policy. If you’re going to take one class on Econ / read one book on it, please let it be this one.

[Tim Reisner · Rating 4 out of 5]

I really enjoyed this but then I did study economics A level so some of this was a form of refresher.

I'd say Taylor does a good job of bringing economics to a wide audience in a pretty accessible way. Maybe 5% to 10% of this went over my head, especially given I was usually drifting off to sleep while listening to it, and couldn't refer to any of the graphs visually.

There is a pleasing enthusiasm that comes through in his articulation. Decent chance I will revisit this in future.

[Jonathan Frank · Rating 4 out of 5]

Having somehow never taken an econ class in my life, I decided to read this to get a high-level crash course. The speaker was good, with lots of clear descriptions, and I especially liked the macroeconomics lectures and how a lot of concepts got tied together in the later lectures especially. Some topics could have used more detail (money-minting decisions, etc).

[Brian Kerr · Rating 3 out of 5]

Good for building understanding of Economics.

This course albeit it took me a little while to get through, provides a very useful understanding of terminology and mechanics of Economics, adds a little more clarity to the workings of the world as Economics is hugely influential on everything in the human world.

[sid · Rating 4 out of 5]

A really nice overview of basic macro (and some micro) economics. Very clearly presented in an interesting and informative format. Professor Taylor has a fun and engaging style.

This course is nearly 20 years old, but the economic principles remain fully relevant. If possible I would give it four and a half stars.

[Sidney · Rating 5 out of 5]

Wow. Professor Taylor is an excellent teacher. He explains basic economic concepts clearly and keeps you engaged in the lecture. He also makes you think critically and apply what you've learned. I will definitely listen to this lecture again.

[Scott Diamond · Rating 4 out of 5]

I liked this lecture series enough that I wish it was longer. It provides a good, quick review of the progression of economic thought and provides a little, fun background on the economists to keep it interesting. I'll probably listen to it a second time to make sure I got it all.

[Eric · Rating 2 out of 5]

If you have zero knowledge of economics, this is an okay introduction. It's a bit repetitive like a weekly lecture would be. I found it pretty meh. Since I'm on here and treating it like a book, I am being more critical. The repetition absolutely kills the experience if you binge on it.

[Fiatala · Rating 4 out of 5]

Exactly what it claims to be. This is a great primer in USA-centric micro and macro ideas and policies.

[Saša · Rating 3 out of 5]

Interesting but basic overview of economics. Worth a listen if you know very little about the topic.