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Naked Economics: Undressing the Dismal Science 3rd Edition

by Charles Wheelan (Author), Burton G. Malkiel (Foreword)
4.6 4.6 out of 5 stars 2,226 ratings
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International bestseller

"Clear, concise, informative, [and] witty." ―Chicago Tribune

At last! A new edition of the economics book that won’t put you to sleep. In fact, you won’t be able to put this bestseller down. In our challenging economic climate, this perennial favorite of students and general readers is more than a good read, it’s a necessary investment―with a blessedly sure rate of return. This revised and updated edition includes commentary on hot topics such as automation, trade, income inequality, and America’s rising debt. Ten years after the financial crisis, Naked Economics examines how policymakers managed the worst economic crisis since the Great Depression.

Demystifying buzzwords, laying bare the truths behind oft-quoted numbers, and answering the questions you were always too embarrassed to ask, the breezy Naked Economics gives you the tools to engage with pleasure and confidence in the deeply relevant, not so dismal science.

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  1. ISBN-10
    0393356493
  2. ISBN-13
    978-0393356496
  3. Edition
    3rd
  4. Publisher
    W. W. Norton & Company
  5. Publication date
    January 1, 2019
  6. Part of series
    Naked Series
  7. Language
    English
  8. Dimensions
    5.5 x 0.9 x 8.2 inches
  9. Print length
    400 pages
  10. See all details
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Editorial Reviews

Review

"Bravo, Charles Wheelan, for doing the impossible: making the study of economics fascinating, comprehensible, and laugh-out-loud funny."
― Deborah Copaken Kogan, author of Shutterbabe: Adventures in Love and War

"I recommend this book to anyone who wants to gain an understanding of basic economics with little pain and much pleasure."
― Gary Becker, 1992 Nobel Prize winner in economics

Book Description

Fully Revised and Updated

Product details

  • Publisher ‏ : ‎ W. W. Norton & Company; 3rd edition (January 1, 2019)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 400 pages
  • ISBN-10 ‏ : ‎ 0393356493
  • ISBN-13 ‏ : ‎ 978-0393356496
  • Item Weight ‏ : ‎ 2.31 pounds
  • Dimensions ‏ : ‎ 5.5 x 0.9 x 8.2 inches
  • Customer Reviews:
    4.6 4.6 out of 5 stars 2,226 ratings

About the author

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Charles J. Wheelan

Charles J. Wheelan

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Former correspondent for The Economist, current columnist for Yahoo!, and professor at the Harris School of Public Policy at the University of Chicago, Charles Wheelan lives in Chicago with his family.

Customer reviews

4.6 out of 5 stars
4.6 out of 5
2,226 global ratings
Missing some pages, but i recommend the book
3 Stars
Missing some pages, but i recommend the book
The book is a great intro to economics for laymen. However, my paperback copy was missing a lot of pages (163-194).
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Top reviews from the United States

P.C
5.0 out of 5 stars Great Read!
Reviewed in the United States on April 23, 2024
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This is well written and explains economics in a way the layman can understand.
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DonL2507
5.0 out of 5 stars A Very Accessible and Fun-to-Read Introduction to Economics
Reviewed in the United States on February 1, 2018
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This is an excellent introduction to economics and the broad range of issues informed by economics for the non-professional but interested reader. It is clear and accessible and punctuated by a breezy, witty style, and without a single equation or graph for those terrified of numerical relationships. The economics presented in this book is mainstream economics as befitting a journalist for The Economist and makes points that would satisfy those right-of-center and those left-of-center. For conservatives, the author reminds us (like Milton Friedman did in "Capitalism and Freedom") that a heavily regimented economy would eventually come at a steep price in curtailed political / civil freedoms just to maintain the economic regimentation. In addition, the physical and human capital underlying productivity growth, and the economic self-interest that drives their application, are key components of economic well-being. On the other hand, liberals will appreciate his contention that government is a crucial catalyst for effective market functioning in that it provides (or can provide) a legal framework, a predictable regulatory regime, and a stable macroeconomic environment. Most of the national economic failures to which the author alludes are not the result of racial, ethnic, institutional, or cultural deficiencies but are simply a result of government incompetence and corruption (see Zimbabwe). And markets are not omniscient; we get the standard analysis for market prices not reflecting social costs / benefits (externalities) and the market's failure to produce public goods.

What I also liked about this volume was the way in which it extended economic analysis to many areas of social / human behavior, but then would go no further, i.e., the author recognizes that economic analysis informs much of our public policy debates but cannot settle value-laden issues. For example, in his chapter on "Productivity and Human Capital", subtitled "Why is Bill Gates so much richer than you", he acknowledges that economics can tell us about the production of income and the creation of wealth, but can't really tell us how that income and wealth should be distributed. (Some prominent economists are on record as claiming that distribution issues are irrelevant.) This book maintains that these value-oriented issues are determined in the political process as shaped by our religious, moral, and cultural backgrounds.

I enjoyed this book very much. But I would challenge the author on two points: (1) He asserts that social security is a "pyramid scheme." While pay-as-you-go financing may superficially resemble a pyramid scheme, there are fundamental differences that any actuary at the SSA could tell you. Pyramid schemes are inherently unsustainable because of the geometric progression of the pool of investors. A pay-as-you-go system does not require increasing multiples of later-round investors but simply a stable relationship between workers and beneficiaries. Long-term economic growth and population growth would contribute to its sustainability. Our current problems refer to the demographic "bulge" of the baby-boomers which should disappear with their passing, (2) With regard to intellectual property (IP) the author (no surprise) comes down strongly for long-term protection for IP as an inducement to its creation, as opposed to less stringent protection that encourages the dissemination and use of IP. Obviously, there's a trade-off between creation and dissemination, but the current stress on protection may inhibit economic growth and innovation. How many firms pay (or refuse to pay and thus not use the IP) royalties for the use of "patents" that many would consider belong in the public domain? Do we really need copyright protection for 70 years after the author's death? Just one man's opinion.
20 people found this helpful
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James T. Humphrey II
4.0 out of 5 stars Impressive and entertaining introduction to economics
Reviewed in the United States on May 14, 2015
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This book was a real page turner, which is not something you can say about too many books on economics. This book is a great concept book. It's non technical and written for the layman who is just trying to understand what is going on in the world when it comes to economics and public policy.

If you read this book, I feel you'll walk away with a solid understanding about issues about production, wealth, trade, taxes, inflation, job creation, monetary policy, debt/deficit spending, and how all these things interrelate, especially in regard to how public policy is shaped.

What is especially great about this book is that it deals with modern issues that we as a country have faced in America since the Great Depression, all the way up to the housing crisis. It may just skim the surface of these issues. But it shows how economics, although an imperfect science, impacts real life.

My only complaint about the book is that the author seems rather fond of quoting studies done by "Nobel prize" winning economists. As if that adds more "authority" to the insights these people have had. It gets a little annoying. I also wish he would shown more critical thinking around the housing crisis. He pretty much was a fan of the bailouts, as awful as they were. Not every economist would agree with his take on how these things were handled.

But be that as it may, this book shows you how our world works, and what the thinking behind a lot of brilliant economists over the years has been. Highly recommended.
4 people found this helpful
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Kelly McCants
5.0 out of 5 stars Wow! Unexpectedly Entertaining and Witty
Reviewed in the United States on July 28, 2017
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I didn’t expect a book on the broad spectrum of economics to be such an enjoyable read. This author has quite a gift for taking a topic with the potential to operate as a sedative and instead making it clever and entertaining. Wheelan concisely and clearly explains an overview of all the facets of economies and does an excellent job of showing the ramifications of decisions by consumers, business and lawmakers. Wheelan shows the reader how our economy (or any economy) necessarily gets put into place, and then examines proposed changes by various leaders and fleshes out what the impact would be of those decisions. He also thoroughly discusses the international markets and shows how essential the connections to them are to an optimized national and global economy. He demonstrates that economics is a web that stretches through all facets of government and societal life. Most of all, he substantiates that productivity is a hinge for society, and denotes the profound impact it has played in the past and continues to play. His purpose in this book is to educate, not to persuade, and that makes it all the better. He sprinkles in many, “wow! I can’t believe that,” stories throughout his chapters that illustrate his points and, more pointedly, keep the text entertaining.
I learned so much from this book, and my thinking about economic issues has a more solid framework for having read it. I’ve learned to evaluate and appreciate the vast intricacies that the impact of proposed “fixes” that float around the news would have, and now appreciate the power of productivity in remedying many of life’s difficulties. I highly recommend this book. It gives you ideas to ruminate on well past the pages, and plus it is enjoyable and thus easy to read.
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Top reviews from other countries

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Artem Kel
5.0 out of 5 stars Great book!
Reviewed in Germany on March 11, 2023
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great book which explains the core principles of economics in a clear and concise way! Highly recommend along with another book of the author Naked Statistics!
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AV
5.0 out of 5 stars Recomendado 100%
Reviewed in Mexico on November 20, 2020
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Muy recomendable lectura
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Marcos Luz
5.0 out of 5 stars Life-changing book
Reviewed in Brazil on October 17, 2020
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This book is awesome. It is a life-changing and everybody must-read it. I feel a better version of myself after and now able to comprehend everyday economics facts. From now on, I am sure that I feel more confident to take care of my financial assets and life savings and the choices ahead. The whole book is a mastermind but the best part is chapters 10 (Federal Reserve Bank, fiscal and monetary policies) and 11 (Forex Exchange). Charles has hit 10 out 10 as so he did with naked statistics’ book that, by the way, is a must-read book too.
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Sinduja
5.0 out of 5 stars This book has made me appreciate Economics
Reviewed in India on September 1, 2016
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I've always been scared of economics: it was the kind of stuff better left to bored fathers in family gatherings. What's with all the fiscal deficit and monetary policy and trade embargoes? Phew!

But perhaps what we needed was one wonderful introductory guide to this fascinating subject. Naked Economics serves as that Economics 101 manual. That said, it is different from other introductory books in that it doesn't talk down to its readers. It is not your textbook introduction that lists definitions, theories and examples. We have all had that boring academic textbook which put people to sleep and scared them away from economics. Rather, Naked Economics is an engaging narrative. It explains economics with questions we might all have had but were overwhelmed to research: Why are some countries poor? Why doesn't Brad Pitt sell auto insurance? How can locals be made to protect the environment?, etc.

A good teacher is one who leaves your thinking about the subject and asking more questions on it. Naked Economics has been the best economics teacher I've had. I no longer squirm if I have to read The Economist to find something. I am not saying I've become a pro. I would still be wary to provide my inputs on "serious economy stuff". But I will listen now. With interest.
7 people found this helpful
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CollectedReader
5.0 out of 5 stars Thanks for making me that much smarter
Reviewed in Canada on July 8, 2013
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This book is so much more than a book on economics. Its a book on critical thinking/reasoning related to economics. It was a welcome surprise that the author doesn't dumb down any topics and goes to such depth to explain topics critically. This is not a 'Economics for dummies' book (nothing wrong with that). It is a well written, and accessible book for all readers interested in understanding our global situation.

I suggest this book to anyone that wants to exercise their brain and view economic topics critically with multiple view points.

ps. I also loved his other book 'Naked Statistics' which I've read first and brought me to Naked Economics. I will be looking for anything more coming out from this author. Much praise and very well done!
2 people found this helpful
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