The Little Book of Economics Review

The Little Book of Economics Review

Samskrith Raghav

    When I began my eighth grade Economics class, I was alert and excited. By the end of the journey, I was confused; the conclusions, analyses, and ideas seemed correct, but they defied common sense. That Summer, I read Greg Ip’s The Little Book of Economics. Suddenly, the facts, data, and analyses fit into place like pieces of a massive economic puzzle. Economics became a game of prediction. Greg Ip’s The Little Book of Economics changed my view of the subject. Ip masterfully captured the facets of economics which lure entrepreneurs and investors while injecting humor and style into his prose.

    When my dad first gave me the book in seventh grade, I was hesitant. I saw no use in going over the topic before economics class in 8th grade. I was wrong; Ip explains complex concepts like inflation, economic intervention, interest rates, and money without boring you with an excess of terms and complex vocabulary. For example, I couldn’t stop laughing at the abundance of jokes in the chapter about economic forecasting. The humor dispersed throughout the book keeps things fresh without making you forget the most important concepts.

    The facts don’t get lost in humor, though. Each chapter is thorough and precise, with little summaries of key concepts for review. Jargon is rare, and key vocabulary is explained concisely. In his book, Ip explains the groundwork of economics for both beginners and experts. His experience and research is clearly evident with every carefully-picked word and hand-crafted sentence.

    Ip’s methodical explanations clarified all my questions about economics. When I first learned about government intervention in 8th grade, I was puzzled. The government couldn’t possibly be destroying the economy with its every action; it contradicted experience. When I read Ip’s book, I began to understand: the government gets things right, but every action it takes has side effects. Ip explained every detail of intervention, from the Federal Reserve to government spending, without boring me with intricate details or tedious jargon. If you want to learn economics but are afraid of the jargon, data, graphs, and complicated analyses, Greg Ip’s The Little Book of Economics is just the book for you.