Economics: An A-Z Guide

by Matthew Bishop

Economics is the "study of how society uses its scarce resources" or, more snappily, "the science of choices" that helps people make decisions about how to use such scarce things as land, labour, raw materials, capital, entrepreneurial spirit and time. An understanding of economics can therefore help people in politics and public service, in business and the professions, and even in their private life make decisions that will produce the results they are seeking to achieve. For anyone who wants a better understanding of this far from dismal science, which has such a powerful influence on world affairs, business and the way we live, this clear and entertaining guide will prove invaluable.

Following an introductory essay on how economics is at a crossroads as a result of the global financial crisis, the A-Z explains everything from Absolute advantage and Adaptive expectations, through Laffer curve and Leading indicators, all the way to Yield gap and Zero-sum game.

Genres: Economics, Nonfiction, Reference, Business

340 pages, Paperback

First published January 1, 2009

About the author

MATTHEW BISHOP is the US Business Editor and New York Bureau Chief of The Economist, and the co-author, with Michael Green, of several acclaimed books, including "Philanthrocapitalism: How Giving Can Save the World" and "The Road From Ruin". His first e-book, again written with Mr Green, is "In Gold We Trust? The Future of Money in an Age of Uncertainty", which will be published by Amazon and The Economist in March 2012.

"The Road from Ruin" set out a bold agenda for improving capitalism following the crash of 2008 and subsequent economic downturn. It was described as "provocative and refreshing" by the New York Times. According to Professor Robert Shiller of Yale, "The Road from Ruin" will be "remembered as a serious, highly readable book of the broadest intellectual scope. Its insights will help all of us reshape the future and enable both citizen and policy maker alike to separate real reform from the grandstanding bluster so prevalent today."

"Philanthrocapitalism: How Giving Can Save the World" described the new movement that brings together the business and social sectors to solve some of the world's most pressing problems. With lots of original interviews with the leaders of this movement, including Bill Gates, George Soros, Pierre Omidyar, Bono and Angelina Jolie, "Philanthrocapitalism" has been described as "terrific" by The New York Times columnist Nicholas Kristof and as "the definitive guide to a new generation of philanthropists who understand innovation and risk-taking, and who will play a crucial part in solving the biggest problems facing the world," by New York's Mayor and leading philanthropist Michael Bloomberg. According to former U.S President Bill Clinton, "This is an important book. Our interdependent world is too unequal, unstable, and, because of climate change, unsustainable. We have to transform it into one of shared responsibilities, shared opportunities, and a shared sense of community. Bishop and Green show us how to do it."

"In Gold We Trust? The Future of Money in an Age of Uncertainty" is a lively look at the history and future of money, taking in the rise, fall and rise of gold, the crisis of the Euro, the seeming inability of America's politicians to tackle the country's ballooning deficit, the rising risk of inflation, the contrasting ideas about money of famous economists such as Keynes and Hayek, and the attempt by some of the world's leading innovators to invent the best ever technology of money using algorithms and sophisticated online games.

Mr Bishop is also the author of "Essential Economics", the official Economist guide to economics. He has also written several of The Economist's special report supplements, including most recently The Great Mismatch, about the future of jobs; A Bigger World, which examines the opportunities and challenges of the rise of emerging economies and firms; The Business of Giving, which looks at the industrial revolution taking place in philanthropy; Kings of Capitalism, which anticipated and analyzed the boom in private equity; and Capitalism and its Troubles, an examination of the impact of problems such as the collapse of Enron.

A regular participant in events such as the World Economic Forum and the Clinton Global Initiative, Mr Bishop is in demand around the world as a speaker, and has a growing following on Twitter, where he tweets as @mattbish

Reviews

[William Schram · Rating 4 out of 5]

Economics is a fascinating subject. The basic idea is to allocate limited resources in an efficient manner. This book, Economics: An A-Z Guide, is a collection of economic terms arranged in alphabetical order and edited by Matthew Bishop. It covers everything from Absolute Advantage to the Zero-Sum Game. Along the way, we encounter the idea of the Gini Coefficient and the Tragedy of the Commons. We also get short biographies of some of the greatest economists in history. They cover Adam Smith, Milton Friedman, and a few others. We also get a Crash Course in the evolution of Economic Ideas.

All in all, this book was pretty good, but it only works as an introduction to the subject.

[Divyesh Sheth · Rating 4 out of 5]

IF you are curious about micro economics, macro economics and all of the statistics published by the various government bodies and trying to make sense out of them, this is your premier to most commonly used economic terms and what each of them means.

Author explains very technical terms and details behind them in simple terms and does not require one to have a lot of understanding of economy and economics.

[Mark Major · Rating 4 out of 5]

A very useful reference guide about economics.