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The Economic Naturalist's Field Guide: Common Sense Principles for Troubled Times
Ask a dozen talking heads about how the economy works and what course of action we should take and you'll get thirteen different answers. But what if we possessed a handful of basic principles that could guide our decisions -- both the personal ones about what to buy and how to spend but also those national ones that have been capturing the headlines? Robert H. Frank, (a.k.a. the Economic Naturalist) has been illustrating those principles longer and more clearly than anyone else. In The Economic Naturalist's Field Guide , he reveals how they play out in Washington, on Wall Street, and in our own lives, covering everything from tax policy to financial investment to everyday decisions about saving and spending. In today's uncertain economic climate, The Economic Naturalist's Field Guide 's insights have more bearing on our pocketbooks, policies, and personal happiness than ever.
240 pages, Paperback
First published May 25, 2009
37 people are currently reading
470 people want to read
About the author
Robert H. Frank
104 books186 followersRobert H. Frank is the Henrietta Johnson Louis Professor of Management and a Professor of Economics at Cornell University's S.C. Johnson Graduate School of Management. He contributes to the "Economic View" column, which appears every fifth Sunday in The New York Times.
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Displaying 1 - 24 of 24 reviews
March 12, 2022
This book was like a refresher course for Econ 101, with real life examples relevant to the econ principles discussed. I loved how Frank broke down the principles in each article to simpler terms that even a layman could appreciate.
However, wished I had read it soon after it was published because although the examples were fresh and recent at the time of publication, it was way back in 2009. Am curious as to Frank's observation of the American economy post-Bush administration.
The examples included were of a wide range covering politics, sports and consumer behavior which anyone could benefit but all of them were specific to the American market. So while it could be read even if you're not well-versed on the American economy, you'd be able to appreciate more if you are.
Recommended to those curious about market forces and how they're affecting our lifestyle, even if you don't have Econ background.
However, wished I had read it soon after it was published because although the examples were fresh and recent at the time of publication, it was way back in 2009. Am curious as to Frank's observation of the American economy post-Bush administration.
The examples included were of a wide range covering politics, sports and consumer behavior which anyone could benefit but all of them were specific to the American market. So while it could be read even if you're not well-versed on the American economy, you'd be able to appreciate more if you are.
Recommended to those curious about market forces and how they're affecting our lifestyle, even if you don't have Econ background.
September 10, 2009
was v.... economical. i started off pretty intrigued but tired of it a little by the end. even though Frank fully discloses his belief that, "As learning theorists remind us, the key to mastering new concepts is repetition," it is still just a tad too repetitive. it's OK to re-introduce the same theories in new lights; it's a little too 3rd-grade redux to keep repeating the same phrases over (and over) again. It happens enough to leave a sticky, regurgitated taste in your mouth.
in any case, i think he has some good points. they are limited in the sense that they are based on economic theory, and i'd like to see the direct rebuttals and then their subsequent rebuttals (and so on). It seems like there should at least be some questions answered directly in the book, since such strong arguments are made for them. e.g., How is the consumption tax (v. the income tax) a long-term fix if the estate tax is still in place (which it undoubtedly would be with a democratic majority - which is the majority that would be necessary to enact most of the policies that Frank advocates)?
Other questions less serious but as important:
Why are people so invariably stupid?
Why would you put your most mis-conclusive* article in your own book (didn't you read your article on the full disclosure principal (chapter 56)?), especially when it makes you sound so ridiculous?
And a serious one:
How do you get people to care? or to change? or to keep an open mind?
Seriousness to boot -- the book does remind that government is absolutely necessary, and that the reason it is necessary is that people are ridiculously stupid. ... which we already knew, but it's, i guess, always interesting to see the evidence in such certain terms. i have also been watching the John Adams HBO series, which also screams for the necessity of government, so maybe i am twice-disillusioned, and twice-disheartened, by the fact of the matter.
On the other (serious?) hand, the book reminds (me, at least) that being too rational is extremely boring. Apparently, the 'standard economic model' assumes that "people behave as if they were fully rational and in possession of all relevant information." He argues that going to college right after high school is a prime example people making decisions based on the standard economic model. Long story short, i'm more inclined to give advice that prolongs seeing the world while living on ramen noodles and delays work.
So, it seems - to me, at least - that economics is the philosophy of money, and that economics is thus not really for hippies and others who can live with a healthy disregard for money. Unfortunately, as Frank makes apparent, not a lot of people can disregard it, equally perhaps out of need and out of greed. And that makes both economics and politics necessary. And it kind of makes my stomach hurt. I'm on to a more lighthearted book.
*i don't think this is a real word.
in any case, i think he has some good points. they are limited in the sense that they are based on economic theory, and i'd like to see the direct rebuttals and then their subsequent rebuttals (and so on). It seems like there should at least be some questions answered directly in the book, since such strong arguments are made for them. e.g., How is the consumption tax (v. the income tax) a long-term fix if the estate tax is still in place (which it undoubtedly would be with a democratic majority - which is the majority that would be necessary to enact most of the policies that Frank advocates)?
Other questions less serious but as important:
Why are people so invariably stupid?
Why would you put your most mis-conclusive* article in your own book (didn't you read your article on the full disclosure principal (chapter 56)?), especially when it makes you sound so ridiculous?
And a serious one:
How do you get people to care? or to change? or to keep an open mind?
Seriousness to boot -- the book does remind that government is absolutely necessary, and that the reason it is necessary is that people are ridiculously stupid. ... which we already knew, but it's, i guess, always interesting to see the evidence in such certain terms. i have also been watching the John Adams HBO series, which also screams for the necessity of government, so maybe i am twice-disillusioned, and twice-disheartened, by the fact of the matter.
On the other (serious?) hand, the book reminds (me, at least) that being too rational is extremely boring. Apparently, the 'standard economic model' assumes that "people behave as if they were fully rational and in possession of all relevant information." He argues that going to college right after high school is a prime example people making decisions based on the standard economic model. Long story short, i'm more inclined to give advice that prolongs seeing the world while living on ramen noodles and delays work.
So, it seems - to me, at least - that economics is the philosophy of money, and that economics is thus not really for hippies and others who can live with a healthy disregard for money. Unfortunately, as Frank makes apparent, not a lot of people can disregard it, equally perhaps out of need and out of greed. And that makes both economics and politics necessary. And it kind of makes my stomach hurt. I'm on to a more lighthearted book.
*i don't think this is a real word.
March 19, 2014
Sorta interesting, at least this guy is an economist instead of a reporter writing about economic issues. Two things I found frustrating:
'When the pie grows we all get a bigger piece' Frank repeats that in article after article and it's a favorite of economic theorists the world over. However, since human society turned away from subsistence the problem has been distribution of pie. He has a piece on why the trickle down theory is bullshit, but this statement is just another iteration of the same idea therein.
He also throws way to much weight behind the idea that consumers will match their peers over their needs, quickly turning their backs on the pragmatic use of funds. This slides over the fact that there is an industry of its own out there purely designed to separate consumers from rational choice in order to profit.
Frank offers, several times, the example of people buying a house that is beyond their needs and beyond what their resources would sensibly dictate they should choose in order to have their kids go to better schools. There are a lot of presumptions in this statement. There are no reasonably priced houses in places with good schools? As someone professionally linked to those markets I can tell you there are always what I'd call 'foothold' properties available for a fraction of the Mc-Mansion cost. At any rate, real estate market info is public and very easily analyzed. The effect of magnet school lotto systems should be a nice proof of how people's view of local education is linked to price increase. I would hypothesize that it isn't as large a factor as Mr. Frank believes.
His book doesn't suck. Gave me something to argue about, if it didn't give me anyone to argue with.
'When the pie grows we all get a bigger piece' Frank repeats that in article after article and it's a favorite of economic theorists the world over. However, since human society turned away from subsistence the problem has been distribution of pie. He has a piece on why the trickle down theory is bullshit, but this statement is just another iteration of the same idea therein.
He also throws way to much weight behind the idea that consumers will match their peers over their needs, quickly turning their backs on the pragmatic use of funds. This slides over the fact that there is an industry of its own out there purely designed to separate consumers from rational choice in order to profit.
Frank offers, several times, the example of people buying a house that is beyond their needs and beyond what their resources would sensibly dictate they should choose in order to have their kids go to better schools. There are a lot of presumptions in this statement. There are no reasonably priced houses in places with good schools? As someone professionally linked to those markets I can tell you there are always what I'd call 'foothold' properties available for a fraction of the Mc-Mansion cost. At any rate, real estate market info is public and very easily analyzed. The effect of magnet school lotto systems should be a nice proof of how people's view of local education is linked to price increase. I would hypothesize that it isn't as large a factor as Mr. Frank believes.
His book doesn't suck. Gave me something to argue about, if it didn't give me anyone to argue with.
April 11, 2018
Đã đọc cuốn "bìa hộp sữa bò màu xanh" nên xử luôn cuốn màu cam này. Không được hứng thú, và bất ngờ như cuốn đầu tiên, cuốn này chỉ là tập hợp lại những bài viết của tác giả từng đăng trên tạp chí/tờ New York Times, giải thích tại sao các chính sách công của chính phủ lại bất hợp lý và gây thất thu ngân sách ra sao, cũng như các chính sách trông thì có vẻ bất hợp lý, gặp nhiều ý kiến phản đối nhưng thực sự lại giúp ích cho phúc lợi xã hội nhiều thế nào.
Hai điều được nhắc đến nhiều trong cuốn này là nguyên tắc bàn tay vô hình của Adam Smith không phù hợp khi xét đến tính tương đối và khi miếng bánh kinh tế phình to hơn thì mọi người cùng được lợi hơn.
Hai điều được nhắc đến nhiều trong cuốn này là nguyên tắc bàn tay vô hình của Adam Smith không phù hợp khi xét đến tính tương đối và khi miếng bánh kinh tế phình to hơn thì mọi người cùng được lợi hơn.
June 11, 2018
As could be expected by the title, this mostly discusses principles that are common sense. Might be useful for someone who has never put much thought in to economics, however it is quite repetitive so you wouldn’t have to read much to feel like you had read the whole book.
May 5, 2019
Trivial about almost anything with economy POV. Fun to read!
April 5, 2021
Written in a way that would be accessible to individuals without an economic background. To note, is US focused, albeit similarities can be drawn in other regions.
August 20, 2021
Kumpulan artikel Robert Frank. Biasa saja, ga istimewa
January 17, 2022
Gave me another perspective on taxation, consumption and savings -- how these concepts, when collectively controlled, can affect a nation's economy.
December 14, 2012
OK, you might rate it lower because you don't like to wade through Frank's repetition of certain fundamental observations. This is one of the hazards of a collection of mostly newspaper columns where you can't count on the audience being the same over time.
I don't begrudge Frank making some additional money by recycling his previous work. In some ways, it is delightful to see how some of his insights haven't needed to change regardless of who is making America's economic policy. Frank also offers some practical principles for evaluating initiatives from taxation to health care. He also tackles some of the basic tenets of capitalism. I found his examples well selected and his economics writing good enough to keep my interest in what is often a dull subject.
I don't begrudge Frank making some additional money by recycling his previous work. In some ways, it is delightful to see how some of his insights haven't needed to change regardless of who is making America's economic policy. Frank also offers some practical principles for evaluating initiatives from taxation to health care. He also tackles some of the basic tenets of capitalism. I found his examples well selected and his economics writing good enough to keep my interest in what is often a dull subject.
May 10, 2011
I'm glad i read it, but I wouldn't recommend.
You could tell the author isn't scientific, and often uses anecdotes and evidences (bad habit, though successful)
Since it was a collection of writings, things were often repeated. He sounds like a stereotypical ivy league intellectual who is unusually fond of his own opinion.
This book does well for preaching to the choir (of which I am one) but it COULD NOT, almost on style points alone, change many minds. Great points, very thoughtful, logical, and totally dry and off-putting to 85% of the intended american audience.
You could tell the author isn't scientific, and often uses anecdotes and evidences (bad habit, though successful)
Since it was a collection of writings, things were often repeated. He sounds like a stereotypical ivy league intellectual who is unusually fond of his own opinion.
This book does well for preaching to the choir (of which I am one) but it COULD NOT, almost on style points alone, change many minds. Great points, very thoughtful, logical, and totally dry and off-putting to 85% of the intended american audience.
September 6, 2014
The book has a very good narrative style, it is very easy to understand and is able to keep you interested even if you might to enjoy the topics. The problem with the book is that it is made up of hundreds of examples, and it gets quite tiring to read once you pass the middle. But if you are looking to learn the main ideas of economics and discover the answers to some of our worlds quirkiest questions; this is a good book for you!
August 11, 2015
Not a fan. The book is just a collection of old articles from the New York Times, which you can find online on his website. It's VERY left leaning and each piece is nearly always attacking some someone, even fellow economists.
All of his NYT articles apparently take a topic that was relevant at the time and applies one of two principles: either efficient market hypothesis or arms race. I thought this would be a follow-up to his earlier book (which wasn't bad), but this was a waste of time.
All of his NYT articles apparently take a topic that was relevant at the time and applies one of two principles: either efficient market hypothesis or arms race. I thought this would be a follow-up to his earlier book (which wasn't bad), but this was a waste of time.
August 13, 2016
Typical books on Economics either make you glassy eyed with mathematics and graphs or/and are written in dry technical Jargon. Robert Frank's two books are a delight to read. He kindles your interest by posing questions and answers them using economic reasons!!
This book is all about behavioural economics that flies in face of rational , traditional economics. As the title claims , this approach " helps makes sense of your world ".
This book is all about behavioural economics that flies in face of rational , traditional economics. As the title claims , this approach " helps makes sense of your world ".
December 28, 2011
Good idea for a book and has some great questions. The answers feel slightly rushed which causes the explanations to just scratch the surface. An interesting read but the Q&A style gets increasingly abrupt as the book progresses
July 21, 2016
I really enjoyed reading this book but tbh, I found some explanations a bit rushed and unconvincing. Sometimes I didn't even understand what it meant. And maybe it was me, but I also found the book tiring after I passed the middle.
Well, besides all of them, I'm sure it's quite worth your time.
Well, besides all of them, I'm sure it's quite worth your time.
September 6, 2016
This book consists largely of the author's previously written columns and the economic ideas/ principles behind them. It's an easy read but sometimes it felt like some ideas were just left hanging and the book would have already moved on to something else.
January 3, 2024
"Common Sense Principles" is an apt subtitle. Many of the ideas are fairly obvious and not all that interesting (half the answers are tax the rich and corporations and use these on public services, or use some kind of tax/financial incentive e.g. carbon credits) but it's still worth a read.
Currently reading
July 24, 2009provides good perspectives on our economic landscape today through a many short articles with commentary
April 13, 2012
You use your powers for good, not evil.
January 26, 2013
I bit like saying economics and its theories answer "everything", a little like physicists claiming that all science is actual physics but a very interesting read.
December 9, 2014
How Economics Explains Almost Everything.
October 16, 2016
Must read to understand economic concepts
Example: wedding dress, peanut and water, ect
Example: wedding dress, peanut and water, ect
This entire review has been hidden because of spoilers.
June 30, 2025
He has a whole essay in favor of the prosperity tax... that should tell you all you need to know.
Displaying 1 - 24 of 24 reviews