Wheelan seeks to explain key concepts to the smart people. He weaves real life situations with the economic theory in the narrative. He seeks to introduce economics to those who are in a position of understanding what is articulated in layman terms. Various things ought to be considered when determining the overall wellbeing of the economy. Human beings have different motivators and set priorities. A clear understanding of all factors surrounding decision-making and all the possible results is of great essence. Information asymmetry can result to a number of problems. The success of any company relies on production levels. People are more inclined to achieving short-term needs than the long-term results. The level of education, skills, training
…show more content…
The book focuses on four dynamic pillars. The first pillar is that incentives producing utility have the ability of driving every human being in the world. The second pillar emphasizes on the need to factor in human behavior while studying economics. The third pillar is the focus on acknowledging the fact that commodities have not only a price tag but also a resulting social impact. The final pillar is on the focus of how to approach prevailing economic issues and not how to avail answers to current economic situations thriving in our …show more content…
However, the book provides a platform to identify and solve life dilemmas. The task of figuring out prevailing politics may be cumbersome, but it is easy to explain how group politics is organized. Despite the fact that politicians seek to make decisions that would have a wider impact and outreach to the citizens, they end up embracing their personal endorsements as a result of personation. Re-election makes politicians’ act in a non-rational way, as any consumer would opt.
Naked economics enables the reader to have a clear understanding of various factors affecting monetary policies and have an understanding of the various duties and responsibilities bestowed on the Federal Reserve. Globalization and trade greatly enhance trading activities. It is clear that the purchase of cheap commodities has a greater cost attached to it; laborers may end up being exploited in terms of poor wages and poor working
The book focuses on four dynamic pillars. The first pillar is that incentives producing utility have the ability of driving every human being in the world. The second pillar emphasizes on the need to factor in human behavior while studying economics. The third pillar is the focus on acknowledging the fact that commodities have not only a price tag but also a resulting social impact. The final pillar is on the focus of how to approach prevailing economic issues and not how to avail answers to current economic situations thriving in our …show more content…
However, the book provides a platform to identify and solve life dilemmas. The task of figuring out prevailing politics may be cumbersome, but it is easy to explain how group politics is organized. Despite the fact that politicians seek to make decisions that would have a wider impact and outreach to the citizens, they end up embracing their personal endorsements as a result of personation. Re-election makes politicians’ act in a non-rational way, as any consumer would opt.
Naked economics enables the reader to have a clear understanding of various factors affecting monetary policies and have an understanding of the various duties and responsibilities bestowed on the Federal Reserve. Globalization and trade greatly enhance trading activities. It is clear that the purchase of cheap commodities has a greater cost attached to it; laborers may end up being exploited in terms of poor wages and poor working