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1-Page Summary of Naked Economics
Overview
“Naked Economics: Undressing the dismal science” is a book that points out all of the problems and tradeoffs in economics. It offers ideas from top economists on what makes an economy thrive, and it uses morals, ethics, and regulation to help explain why some industries fail or succeed. Economists use tools like indexes to predict how much money people will make. Although most economies around the world seem somewhat miserable these days, we are actually better off than other economic eras because of how globalized our economy has become. For example, if someone earns more money with one choice rather than another then they can give their values more importance over others’. When it comes time to decide how best spend ones’ resources They must understand all variables involved before making any significant decision or trading favors. The author believes there’s something missing in this equation-human emotion; this emotion leaves less room for reflection as well as challenges communication between parties when following standard protocol, which ultimately contributes to miscommunication within an economy when certain individuals know more about their motives so they choose not share them with those around them who may influence their decisions leading toward mismanagement.(excerpts)
Production is important in a business. An agent should be able to provide quality products for the principal, which can be difficult if an agent doesn’t know who the CEO is.
Economic development is a problem because people often don’t consider long-term effects of their actions. This can negatively affect prices and the environment. To improve economic conditions, we need to focus on factors such as skills, education, training and health.
Skills, education and training are important to an individual’s success. These things help them contribute to society in a meaningful way. When people have skills, they can offer those skills as products or services that others need. Education helps one expand on their skill set and learn new ways of using the skills for maximum benefit to themselves and the economy at large. Training is also important because it allows an individual to enhance their existing knowledge base so that they can be more productive members of society. The same goes for health care—it allows people to maintain good physical wellbeing so that they’re capable of working efficiently and contributing positively in society. Governmental policies are also very important because they set the tone for economic growth within a country by controlling inflation rates, interest rates, etc., while still allowing room for companies to grow organically through innovation.
While many complain about the government in the United States, it’s actually one of the best in the world. It offers checks and balances and is open to global trade. Globalization requires a standard monetary value and markets contribute to fair trade. One of the most controversial issues with globalization is outsourcing jobs overseas, but that can be beneficial for a growing economy because displaced workers can find new jobs.
The author thinks that the real problem is not wealth distribution, but rather a lack of it. Protectionism might look good in the short run, since it saves jobs and keeps costs down for consumers, but it will slow economic growth in the long run. The author states that global trade helps the economy by lowering prices for goods and creating new opportunities to export U.S.-made products around the world.
Economics is a tool to help us understand and improve the world. It requires seven issues to be addressed: productivity, the divide between rich and poor, markets, maximizing utility, monetary policies, the future of fiscal house.
