The Little Book Of Economics, Revised And Updated: How The Economy Works In The Real World

An accessible, thoroughly engaging look at how the economy really works and its role in your everyday life
Not surprisingly, regular people suddenly are paying a lot closer attention to the economy than ever before. But economics, with its weird technical jargon and knotty concepts and formulas can be a very difficult subject to get to grips with on your own. Enter Greg Ip and his Little Book of Economics. Like a patient, good-natured tutor, Greg, one of today's most respected economics journalists, walks you through everything you need to know about how the economy works. Short on technical jargon and long on clear, concise, plain-English explanations of important terms, concepts, events, historical figures and major players, this revised and updated edition of Greg's bestselling guide clues you in on what's really going on, what it means to you and what we should be demanding our policymakers do about the economy going forward.

•From inflation to the Federal Reserve, taxes to the budget deficit, you get indispensible insights into everything that really matters about economics and its impact on everyday life
•Special sections featuring additional resources of every subject discussed and where to find additional information to help you learn more about an issue and keep track of ongoing developments
•Offers priceless insights into the roots of America's economic crisis and its aftermath, especially the role played by excessive greed and risk-taking, and what can be done to avoid another economic cataclysm
•Digs into globalization, the roots of the Euro crisis, the sources of China's spectacular growth, and why the gap between the economy's winners and losers keeps widening

GREG IP is an award-winning journalist and the U.S. Economics Editor for The Economist magazine, based in Washington, DC. He's spent two decades in financial and economic journalism, including eleven years at the Wall Street Journal in both New York and Washington, DC, and before that, stints at the Financial Post and the Globe and Mail in Canada. He appears frequently on television and radio, including National Public Radio, PBS, and MSNBC and is a regular on-air contributor to CNBC. Greg attended Carleton University in Ottawa, Canada, where he earned a degree in economics and journalism. He lives in Bethesda, Maryland.

Foreword xiii

Introduction xix

Chapter One

The Secrets of Success 1

Chapter Two

Economic Bungee Jumping 25

Chapter Three

In-Flight Monitor 37

Chapter Four

Labor Pains 53

Chapter Five

Fire and Ice 71

Chapter Six

Drop the Puck! 93

Chapter Seven

All the World’s an ATM 111

Chapter Eight

The Price of Economic Freedom 123

Chapter Nine

All the President’s Men 141

Chapter Ten

The Buck Starts Here 155

Chapter Eleven

White Smoke over the Washington Mall 167

Chapter Twelve

When the World Needs a Fireman 187

Chapter Thirteen

The Elephant in the Economy 201

Chapter Fourteen

Good Debt, Bad Debt 219

Chapter Fifteen

Love-Hate Relationship 237

Acknowledgments 257

About the Author 259