Economics: The User's Guide

Ha-Joon Chang's "User Guide" is an accessible, engaging resource for anyone wanting to see the big picture in the complicated universe of economics. Also, the book layout, notes, and index make it an essential addition to any personal reference library. I share with some of the other comments from other readers that I wish I had read this as an undergraduate Econ major forty-plus years ago. The author analyzes vital concepts and the ABCs of economic theories, their strengths, and weaknesses in real-world settings. Chang also addresses the inseparability of economics and policy with their profound social implications, for example, the Pareto criterion about the "greater good." For a comprehensive understanding of the subject, this book is a must-read. However, a baseline of economic coursework (which everyone should have!) will be helpful for a greater appreciation. It is an excellent starting point for individuals seeking to broaden their understanding of the massive field of economics and its relevance to our lives.

Being a fan of his prior work, I was excited to see that Dr. Chang has written a book on general economics. For better or for worse, the book lived up to its name. This book initially felt to me like the manual that comes with a new gadget that you should really read before using it, but you put it away because the manual has way too many steps and words. The book begins with a detailed discussion on basic concepts like capitalism, money, monopoly, and proceeds to cover different schools of economic thought. Unlike his prior books, it did feel like I really needed to take notes along the way to keep up with the broad scope and depth of the book. I probably got on and off the book several times before I got into it enough to actually finish the book.But just like reading a manual is often times worth the effort and gives you a better sense of how to property use your gadget, the broad and detailed discussions of the book are definitely worth the read. In ways that perhaps only he can provide, Dr. Chang gives readers an alternative take on many of the concepts that mainstream economics or the media doesn’t talk much about, even in mundane subject like the definition of GDP.Perhaps it shouldn’t be too surprising given his background and his prior works that Dr. Chang would provide a different view on things than mainstream economists. However, it did feel like in many parts of the book that things were a bit biased and unjust in that alternative views and interpretation of the evidence was not provided enough, especially in discussing things outside his area of expertise. For example, in discussing ow the “unholy alliance” between short-term investors and professional managers have reduced the ability of corporations to make long-term investment, Dr. Chang cites evidence that the largest US companies now payout 94% of their profits to shareholders compared to 35 to 45% in the decades past. While this is true, the book fails to mention that the percentage of publicly traded firms distributing their profits via dividends or share repurchases has actually gone down over the years. So in recent decades, the payouts are more concentrated in the largest and most mature firms while other firms are more likely to retain profits. One could argue that this is exactly what you would want in an efficient economy where the profits of the old and mature companies to get redistributed to younger firms with more potential, and may have nothing to do with the markets becomes more short-term oriented. This is one of many places in the book where more balanced view would have helped the “users” to see a broader picture.But ultimately, the biases in the book is what makes this an interesting read, and I would not hesitate to recommend this book to anyone interested in delving a little bit deeper into some of the common issues in economics.

This book just has so much in it. An overview of the whole history of economics, indeed, and delivered in a very accessible way. The details are explained right alongside their importance and the motivation for why they matter and how you've seen them in the world around us. Of course, the amount of information is too much to retain more than a vague understanding of the full contents from a simple read-through but aside from being easy to reread, its organized well and easy to reference specific points.Excellent overall.

After hearing the author's talk on his book on BoookTV.org. I bought it. I was not disappointed in reading it. This is a most enjoyable read, full of easy to understand explanations, little asides and jokes, informative footnotes at the bottom of pages,and short bibliographical references at the end of chapters. Dr. Chang's tome is an eloquent and persuasive refutation that economics is boring or the "dismal science." He has certainly made it very interesting even though it was with some skepticism that I first cracked it open his volume. It is well worth reading for anyone who, like me did not care much for courses in economics. For me at least, they were all dismal and grim in equal measure. This book is just the opposite. It makes economics the "gay science" to borrow the title of Nietzsche's book without prejudice to the current use of that originally joyful adjective.

The ones in back cried forward, whilst the ones in front cried back...This small book is critical to understanding the contradictory conclusions and advice offered by our well educated and well meaning economists and financial advisers. It is well researched, well written at a high school graduate level, and thus accessible to most anyone with an interest in economics (which we all should be, because this is where we spend most of our lives). My take-away is that all the economic schools mentioned from the Marxists to the Austrian School have a piece of the puzzle, but no one has all (or even most of) the answers, and there is not one single economy, but a complicated stratification of economies in different stages of development, even within nations. This is complicated by the extremely high (and accelerating) rate of morphing and evolution of the top economic strata [one ring to rule them all?], currently the “Brave New World Order,” supranational corporationism [not corporatism], and the “Washington consensus.”Like the Bachman–Turner Overdrive classic _You Ain't Seen Nothing Yet_. [Think hyper artificial intelligence[AI]/big data, nano-technology, and bio-technology/GMO]

This is a very good book for people that know nothing about economics … I highly recommend

Ha Joon Chang is the man. There's no doubt about that, and he speaks with a unadorned clarity that is a breathe of fresh air in this age of verbal shenanigans. I recommend this to any fledgeling economist, a layman who wants to know more about the economy, econ majors, really anyone who likes to spend or earn money or create value.

Sehr gut, besonders das Kapitel über die verschiedenen Volkswirtschaftstheorien!

Una explicacion muy interesante y muy critica de los concepto economicos mas importantes. Ilustrados con muchos datos

I didn't studied economics during my university years, but I developed a passion for this topic, I found this book very clear to read and important to understand all the necessary basics.I strongly recommend it.