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 and the health conditions of the citizens are key to the success of any economy. An individual will always have something to offer if they are equipped with appropriate skills. Education enhances the skill level of any individual hence improving the quality and quantity of production. The need for even distribution of resources is apparent. Government policies impact on the economy with their ability to have control on the level of economic activity. However, too much control can result to various adverse effects. The author commences with a 1989 story where Coca-Cola decided to issue free soda to people living in the east of Berlin.
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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 society. Some form of incentive drives decisions made by human beings, and these incentives vary among individuals. Human beings always strive to improve their well-being. Every individual has his unique set of preferences. Wheelan in the book discusses that the horns of a rhino not relieve fever but also act as a powerful aphrodisiac. The black market value of the horn of a rhino is close to $30000. This market explains the underlying reason as to why rhinos are hunted continuously making their extinction in the near future a great possibility. Clearly, not all incentives have a good impact, more so, on the animal kingdom. Wheelan finds out that individuals paid by commission are motivated to …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 society. Some form of incentive drives decisions made by human beings, and these incentives vary among individuals. Human beings always strive to improve their well-being. Every individual has his unique set of preferences. Wheelan in the book discusses that the horns of a rhino not relieve fever but also act as a powerful aphrodisiac. The black market value of the horn of a rhino is close to $30000. This market explains the underlying reason as to why rhinos are hunted continuously making their extinction in the near future a great possibility. Clearly, not all incentives have a good impact, more so, on the animal kingdom. Wheelan finds out that individuals paid by commission are motivated to …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