The Basics of Economics

Economics is often viewed as the dismal science, a dry subject with few ready applications to the real world. This concise reference examines the history of economic thought and the dynamic people and movements that shaped the economic landscape of the world, past and present. It chronicles the rise of modern capitalism and the other isms, e.g., democratic socialism, communism, and fascism. It explores the expansion of business enterprise and countervailing forces such as the consumer movement and the labor movement. It delves into the world of finance, saving and investing, and the incentives that drive economic activity. It demystifies the complexities of the macroeconomy by explaining the process of economic growth and how the government combats the recurring problems of recession, unemployment, and inflation. It examines the globalization juggernaut, and the whirlwind of cross-border business activity that helps create enormous wealth for some, economic distress for others. It also examines prospects for sustainable economic development and the global poverty reduction strategies underway in global economy. The reference concludes with a frank description of career opportunities in the field of economics, for academic, business, and government economists.