Most economic issues are timeless.
There have always been expansions and contractions and bubbles that pop. We always seem to be debating government spending, economic growth, taxes, and regulation.
How can we understand all of this?
Because economics is about people and what they have done, we can start by meeting the first real economist, Adam Smith, and then continue onward to other economic thinkers. Through these thinkers and stories from our own economic history, we can grasp how we got to where we are. By seeing where our economy has been, we can understand where we want it to go.
Elaine Schwartz, founder of econlife, masterfully teaches core economic concepts through everyday life and U.S. history in her new book, Econ 101 ½: The Foundation. The first in a series, the book explores the pioneering thinkers and events that have shaped the economic history of the United States. Combining historic reference points, people, and a circular flow model, it conveys the power of the market.
The trade-offs that drive the players in the circular flow model are basic to Schwartz’s economic explanations. The book also returns consistently to a list of Current Connections at the end of each chapter. Linked to articles from Elaine’s daily blog on econlife.com, these Connections frame the timeless economic concepts explained in the book within the context of modern-day events. Throughout, readers are treated to marvelous illustrations by American cartoonist, Ted Goff.