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Adventure Capitalist: The Ultimate Road Trip Review

Jim Rogers may never hit the list of top 10 best selling authors but that's not because his latest book lacks any of the important characteristics of a bestseller. The only disqualifier is self-imposed by the author. The book is designed to blow away many common illusions and prejudices about the world we live in. It is not the stuff popular fiction is made of.
Jim is a former hedge fund manager who retired at 37, following a successful stint on Wall Street alongside George Soros. In the early nineties he published his first book Investment Biker, a story of his round-the-world trip by motorcycle.
His new book called Adventure Capitalist-The Ultimate Road Trip describes his second round-the-world trip, this time by a custom built Mercedes-Benz car. He set out with his wife Paige and a team of two other guys in 1999. The trip took them on a 240,000 kilometer journey through 116 countries and ended three years later.
I believe that this book should be required reading at schools and colleges not just because it beats Phileas Fogg's journey hands down in intellectual stimulation, but because the book is also a compendium of free-market ideas and live comparative social analysis.
Jim's starting point was to search for investment opportunities. He set out with the open mind of a moneymaker on pilgrimage to find the truth about market conditions. He is looking for profitable opportunities, businesses and countries to invest in and is not prepared to accept conventional wisdom, official or ideological distortions. He has equal contempt for the party politics in US as with those of any other country he visits. He lashes out against Turkmenbashi, the dictator in charge of Turkmenistan, for perpetuating his own brand of Stalinist cult of personality and destroying the country in the process. But then shows the same contempt for President Bush for confusing devaluation with depreciation and also with former President Clinton who he blames for failing to observe and react to the creation and bursting of the biggest market bubble in decades. "I would cast a pox on both their houses-the Democrats and the Republicans" he proclaims in exasperation.
Adventure Capitalist exposes some official and popular myths for what they are in a way that made me look at politics and religion from a very different perspective. In China, Jim tells of attending service in a Chinese Christian Church, where the local worshipers, while singing "Onward Christian Soldiers" never realized that in lands as far as North Carolina there are people like Jesse Helms who are frothing at the mouth while bemoaning religious persecution in their country.
Despite not being able to obtain a visa to drive freely though Iran, Jim still admits to holding some small investments in the country and suggests forgetting the official analysis coming from Washington. "...there is a lot of positive change coming from Iran." he claims.
Jim squarely lays the blame on the British for their Imperial invention of the passport and for the subsequent regulation of immigration by Government bureaucrats worldwide. His prediction is that in some parts of the world passports will not manage to stop the changing of borders.
He talks of countries where he likes to invest and economies that he believes are on the verge of collapse. Which ones are those? Well, let's say I don't expect he will be a best selling author in Moscow.
Jim Rogers will probably not be officially proclaimed as prophet any time soon, but I know there will be people who will quote passages of the Adventure Capitalist for the years to come.

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32% Off Discounts: Best Buy for Investment Biker: Around the World with Jim Rogers Review

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Investment Biker: Around the World with Jim Rogers Review

This is a travel book, not a financial book, period. It's 90% travel to 10% international finance/investment 101. And it's interesting because Jim gives us a glimpse of the current, recent and distant-pasts of these exotic and intriguing places he visits on his motorcycle journey which spanned 22 months. He didn't look up influential people in the places he visited. He writes about his conversations and experiences from people he "bumped into" during his trip. That's where one learns what a place is really like. He also "put his bike down" a couple of times, and spent a lot of time wrenching on it. He's no schlep.
A success on Wall Street, he has a lot of knowledge about many different parts of the world in a historical, and "future possiblility" sense in the political, economic, and cultural context. Because his experiences on this journey, which comprise this book were penned in the early 1990s, the reader can: see if Jim was right about his take on the future of these nations. Overall he's on track.
For example, the rise of Islamic extremism in poor Islamic countries that have been left behind in the technological advances and globalization of the planet. Religious resurgences in the former Soviet republics, the lack of common sense and wastefulness of the communistic system, and the then-and-now shrinking of our world via telecommunications, freer international trade, regulations, technology, and business/trade agreements.
For the ten-percent of the book that discusses general international investment, for the layman he discusses U.S. Gold and monetary policy, that are short and easy to read, as well as basic Monetary policy and Macro-economic functions. How does someone buy and sell currency? What do folks look for when the invest in a nation? Why do some countries have currency and foreign exchange controls? And, what are the positives and negatives of these monetary policies?
One historical insight Jim noted on his long trek across Russia and the former Soviet republics on his bike is that communism and Stalin in the Soviet Union were greatly helped by the invasion of Germany in WWII. Hypothetical of course, but what if Germany hadn't attacked the USSR which led to the deaths of 1/6th of the Soviet population? The invasion, loss of life, hardship and subsequent "heroic" victory helped the USSR substantially. In addition to defeating the Germans, the Soviet's victory meant the subjugation of Eastern Europe, which enabled it to extract its resources and industries which the USSR didn't immenselyviously this helped Stalin tyrannical. How long would Stalin's tyannical murder spree, with his own people starving in the 1920s, have lasted with out it? His forever-lasting economic policies were not sound, as we found out in 1991. With the subsequent victory in '45, he was a "hero." The glue that held this multi-ethnic and geographically gargantuan empire together until is collapse in 1991.
Many of his insights about where the U.S. economy and culture are headed are worthy of being considerate of. In the last several decades the U.S. currency has lost a full 1/3 of its value. Why? What is the result, both good and bad? Find out here. Jim also notes, from a rational investor standpoint that the American economy is past its glory days, and like every other nation or culture in history it will diminish in the same likes of the British and Roman Empires as examples. According to Jim, it has already begun. The world changes. Demographics change. Cultures and populations change over time. Our world and its history culturalism and not static.
Multi-cultralism: good, right? Wrong. We simply don't know. It hasn't worked anywhere else in the world. It may very well (or may not) cause a lot of problems in the United States in the future after we're dead. Multi-culturalism is a natural demographic historical process that has affected, Yugoslavia, the Soviet Union, Italy, Rwanda, Switzerland, Nigeria, China, Canada, and Latin America (among many more). Americans are too myopic to realize what ethnic, linguistic, and geographical "nationalism" can become over decades and centuries. He points out correctly the deep similarities of the folks in Alaska, the Yukon Territories, and Pacific Northwest in the U.S. What does the Pacific Northwest and British Columbia have in common with DC and Ottawa? Not much. But they do have much in common with each other.

He explained some international investment and financial models, so the layman can understand what he's saying. It's a presursor to an International finance/investment Intro class. This is why it's not a financial book. Many of his friends at "Worth" and "Money" magazine, and Wall Street (even Peter Lynch), gave a sound-bite for this book. But it won't attract the type of folks who'd read it, because it's a Travel Book and travelers read travel books, not investment books (generally speaking). So, why is Lynch's "Beating the Street" put in the same category as "Investment Biker?" Because the person in charge apparantley hasn't studied much Marketing....
He's gotta a biker-like name, Jim Rogers. He's wearing a leather jacket and chaps and has a smile on his face in the company of a good looking girlfriend. After he returned home from this trip, he drove his motorbike to Alaska. He's a biker at heart and schrewd investor in mind. Jim and Pirsig out to get together. Boy, wouldn't that be a book?

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45% Off Discounts: Special Prices for Globalization: A Very Short Introduction (Very Short Introductions) Review

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Globalization: A Very Short Introduction (Very Short Introductions) Review

This truly is a dazzling brief introduction to a subject that could not be covered even by a very long book. As Steger points out, the fact of globalization is the predominant issue of our time. Far too man, as he points out, tend to treat the subject in monolithic or simplistic fashion, focusing on merely one aspect of globalization, and assuming that that aspect defines all of globalization. Anyone familiar with Thomas Friedman's THE LEXUS AND THE OLIVE TREE (who is frequently described as a "hyper globalizer") will recognize one such very narrow approach. Despite his brief space, Steger wants to do justice to the complexity of the subject. For the past decade, most writers on globalization have focused on economic globalization, but Steger emphasizes that the process has political, economic, religious, cultural, environmental, and ideological conditions.
Many people who tackle the question of globalization seem to want to know, "Is this a good or bad thing?" Steger is anxious to emphasize that this does not admit of an easy answer. Clearly, the massive increase of economic inequality--which occurs both on international and national levels, e.g., wealth has more and more been concentrated in the industrial countries of the northern hemisphere, and within those countries, more and more in the hands of a small economic corporate and investing elite--is not a good thing, but that is not the only aspect of globalization. Steger seems to suggest that there are both significant advantages and some lamentable dangers in globalization.
The one aspect of globalization concerning which Steger is clearly and rightfully concerned is the promotion of globalization in the ideological terms of the Neoliberal project of promoting free markets over all other concerns. The term "Neoliberal" might throw some people, since the leading Neoliberal of recent decades would include Ronald Reagan, Margaret Thatcher, and most members of the George W. Bush administration (though also many in the Clinton administration, including Clinton himself). Too many are unaware that Reagan and Bush are not conservatives by traditional understandings of the label: they both pushed for massive governmental intrusion into the markets, in taking an active role in eliminating regulation, and actively employing the government to control the economy, none of which are conservative projects. One reason that the Progressive movement gained so much steam during the McKinley, Roosevelt, and Wilson years was observing the extraordinary corruption and narrow concentration of wealth (and subsequent economic inequality) that resulted from an unregulated market economy. Steger, along with a host of others, points out that with the unfettered promotion of free market capitalism with little or no governmental regulatory control (Neoliberalism's big project) is once again resulting in extreme economic inequality. Numerous studies, to some of which he refers, have undermined one of the central claims of the Neoliberal project: that expanding world markets spreads wealth throughout the world; in fact, it actually shifts wealth into the hands of a very few, a trend that has been taking place not only on a global scale, but on the national level as well (e.g., according to Federal Reserve statistics, in 1979 1% of the population possessed 20% of the wealth in the U.S., while in 1997 the top 1% held 37%, a percentage that has surely exploded following the two massive Bush tax cuts). What I believe Steger could have emphasized even more is that economic inequality is likely going to be THE world issue in the decades to come, as it is likely to become the major issue in American politics as well (given a thirty year history of a massive shift of wealth from the middle class to a very small number of citizens).
My one complaint with the book is that many of the figures and graphs were close to unintelligible. Also, given the small format, sometimes the text and text boxes were laid out rather awkwardly. I found the annotated bibliography to be of great help in mapping out future reading (I sometimes wish that publishers would require all authors of academic books to provide either an annotated bibliography or a bibliographic essay; over the years I've probably learned of more good books to read in this fashion than in any other).
I have read several of the volumes in the Oxford University Press Very Short Introductions series, and this easily ranks as one of my favorites. I highly recommend it to anyone wanting to gain a handle on one of the crucial issues of our time.

Globalization: A Very Short Introduction (Very Short Introductions) Overview

Globalization has become one of the defining buzzwords of our time--a term that describes a variety of complex economic, political, cultural, ideological, and environmental forces that are rapidly altering our experience of the world. In the years since World War II, we have seen national boundaries fade as financial markets, manufacturing concerns, information services, and cultural products (including movies, music, and television shows) have spread around the earth. Immigration and tourism have exploded, Japanese cars are assembled in the United States and American hamburgers are sold in Toyko. And the Internet connects virtually everyone on the planet who owns a computer. We are indeed now living in a borderless world.In clear, accessible language, Manfred B. Steger goes beyond a narrow economic focus to cover all the major causes and consequences of globalization as well as the hotly contested question of whether globalization is, ultimately, a good or a bad thing. This new edition has been fully updated for 2009 to include recent developments in global politics and the impact of terrorism and it expands the discussion of environmental issues, devoting an entirely new chapter to this key topic. The book also examines political movements both for and against globalization, from WTO protests to the recent rise in global jihadism; considers such concepts as "Americanization" and "McDonaldization"; and explores the role of the media and communication technologies in the process of cultural globalization. Finally, Steger explains in accessible language the connection between economic globalization and multinational corporations, World Bank, International Monetary Fund, and the World Trade Organization.Including maps, diagrams, figures, textboxes, and a timeline, this compact book provides a wealth of information on one of the key new forces in the modern world.About the Series: Combining authority with wit, accessibility, and style, Very Short Introductions offer an introduction to some of life's most interesting topics. Written by experts for the newcomer, they demonstrate the finest contemporary thinking about the central problems and issues in hundreds of key topics, from philosophy to Freud, quantum theory to Islam.

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Best Buy for Texto y vida: Introduccion a la literatura espanola (Spanish Edition) Review

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Texto y vida: Introduccion a la literatura espanola (Spanish Edition) Review

I ordered the book as usual and waited the two weeks and never received it. Emailed the vendor to get a tracking number so that i can track and one was not provided, however I was refunded entirely. Just an incovenience.

Texto y vida: Introduccion a la literatura espanola (Spanish Edition) Overview

This literary anthology provides an overview of the most important movements in Spanish (peninsular) literature from the Middle Ages to the present. The selections, mostly unabridged, are followed by notes and glosses, comprehension questions, literary analysis activities, and questions that relate the readings to everyday life.

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On China Review

Prior to the publication of this book the definitive resource on China was Jonathan Spence's "In Search of Modern China". Spence the Yale Professor, is still indispensible to a modern understanding of this remarkable country. Now there is a second more up to date source and that is Henry Kissinger. The former Secretary of State who is now 88 years fortunately has taken the time to put together this incredible piece of work that only he could have created. The book demonstrates the necessity of having lived a very long productive life and generating wisdom capable of distilling his understanding of a country down to a 530 page volume of work. It is as good as any of his previous works (13 with this one) and for my money I now put this book in Kissinger's top three, along with WHITE HOUSE YEARS and DIPLOMACY. First the MECHANICS of the BookIf you are going to read the hard copy as opposed to digital, you are in for a treat. The font is beautiful, and the paper used to print the volume is delicious. I say this because if you are a heavy reader; you really appreciate turning the pages of beautifully textured pages. I annotate all of my books, writing in margins, in the back on blank pages and just about everywhere, and I love writing on beautiful page that take the ink nicely. This book was crafted professionally as good as it gets. The ORGANIZATION of On ChinaThe Secretary has made 40 trips to China in his lifetime, enough that he should be the Honorary Ambassador to the country. He is thoroughly infused in the history of China, and he certainly does give you the history. There are 18 chapters plus an epilogue spread over 531 pages. There are 36 pages of footnotes and it is obvious that the Secretary had considerable organizational help with the footnotes which is to be expected.
The first three chapters or 91 pages are devoted to the nation's history and Kissinger gets it right. I have made many trips to China, but I still have problems with the language. When you read any book on China, you will have problems with pronunciation. What I do is quickly scan the book writing down 50 or a 100 names or terms I can't pronounce, and then head for the first Chinese restaurant in town, and ask for help with the words. People love to help, especially when you are taking an interest in their culture and language. The guts of the book begins on page 91 or Chapter 4 which is Mao's Continuous Revolution. This chapter is superb and superbly written. If you study American China relations, the question that is always stipulated is whether or not America lost China in 1949. Kissinger correctly reminds us that China might never have been ours to lose, so we asking the wrong question. Mao always believed that the Confucian order had for thousands of years kept China a weak China. Confucius preached HARMONY, and Mao believed that progress could only come from brutal confrontations both in China and with outside adversaries for China to advance. Mao also believed that these confrontations would happen naturally, but if they did not, he was not beyond creating confrontations even if they had to be within the Communist party to kept progress going, as he understood progress.

Chapter 6 which deals with China Confronts Both Superpowers is another section that only Kissinger could have written. It is here that China confronts the Soviet Union creating the Sino-Soviet split, and the United States with the Taiwan Strait Crisis. The chapter is riveting, and will affect and change your understanding of history. MY ANALYSIS The book is indispensible. You cannot understand China and modern Asia without having this book under your belt. One would have to be foolish to visit China and not read this book first to truly benefit from such a trip. Mao was famous for the Long March, and this book is a long journey for the reader but it is very rewarding. The Secretary takes us through the Road to Reconciliation in Chapter 8, and then the first encounters with Nixon, himself and the Chinese leadership in Chapter 9. It is a fascinating portrayal of power meeting power head to head, and the respect that even enemies can hold for each other. It is now generally accepted that only Nixon the hardened right winger could have opened the door to China and brought the American people along with him, because he Nixon was viewed as tough. Perhaps in a decade or two, Harvard will accept what most historians have already accepted.

In Chapter 11 we witness the End of the Mao Era. Zhou Enlai falls and Deng's first return to power begins. Kissinger loves writing about Deng and calls him the indestructible Deng throughout chapter 12. Keep in mind that it was Deng who opened up modern China and began the reforms that were necessary for China to assert itself years later internationally and economically. For those readers that know very little of China, this book is a whirlwind tour of a country fast gaining hegemony over Asia. You need to read Chapter 13 on the Third Viet Nam to understand how China is capable of dealing with its neighbors. Had we handled Viet Nam this way, the outcome and history would have been different. CONCLUSION:Henry Kissinger ON CHINA is destined to become a best seller and in the process will greatly help an America that knows very little about China except for newspapers, to understand not just the history of this vital country, but its future and the nexus of that future with America's future. No one can ignore China, so the sooner we as Americans gain the understanding that we need to make intelligent decisions, the better off we will all be. If you have an interest in China whatsoever, run to read this book, and do not put it down until you are finished with it. Good luck and thank you for reading this review. Richard C. Stoyeck ASSIDE: I will share something extraordinary with you. When you read a book like this, you will have a better understanding of China than 98% of the people living in China and 95% of the Chinese people living in America. I am still shocked when I meet Chinese people in this country young and old who have next to no understanding of Chinese history prior to Mao. They do not know the name Sun Yat-sen, or even Zhou Enlai, and forget about the Cultural Revolution unless they lived through it. Even the tragedy of Tiananmen Square is fast fading from memory.

It reminds me of German history in the post Hitler period. Anybody in Germany who was educated post 1950 has very little to no understanding of the Hitler period. It is simply glossed over as a dark period in German history; the teachers do not know what to say. Just amazing.

On China Overview

In this sweeping and insightful history, Henry Kissinger turns for the first time at book-length to a country he has known intimately for decades, and whose modern relations with the West he helped shape. Drawing on historical records as well as his conversations with Chinese leaders over the past forty years, Kissinger examines how China has approached diplomacy, strategy, and negotiation throughout its history, and reflects on the consequences for the global balance of power in the 21st century. Since no other country can claim a more powerful link to its ancient past and classical principles, any attempt to understand China's future world role must begin with an appreciation of its long history. For centuries, China rarely encountered other societies of comparable size and sophistication; it was the "Middle Kingdom," treating the peoples on its periphery as vassal states. At the same time, Chinese statesmen-facing threats of invasion from without, and the contests of competing factions within-developed a canon of strategic thought that prized the virtues of subtlety, patience, and indirection over feats of martial prowess. In On China, Kissinger examines key episodes in Chinese foreign policy from the classical era to the present day, with a particular emphasis on the decades since the rise of Mao Zedong.He illuminates the inner workings of Chinese diplomacy during such pivotal events as the initial encounters between China and modern European powers, the formation and breakdown of the Sino-Soviet alliance, the Korean War, Richard Nixon's historic trip to Beijing, and three crises in the Taiwan Straits.Drawing on his extensive personal experience with four generation of Chinese leaders, he brings to life towering figures such as Mao, Zhou Enlai, and Deng Xiaoping, revealing how their different visions have shaped China's modern destiny. With his singular vantage on U.S.-China relations, Kissinger traces the evolution of this fraught but crucial relationship over the past 60 years, following its dramatic course from estrangement to strategic partnership to economic interdependence, and toward an uncertain future.With a final chapter on the emerging superpower's 21st-century world role, On China provides an intimate historical perspective on Chinese foreign affairs from one of the premier statesmen of the 20th century.

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The World Is Flat 3.0: A Brief History of the Twenty-first Century Review

No doubt, Friedman will get you thinking.
You may end up thinking Friedman has really informed you on what this grand notion of "globalization" is all about. His book has reached millions, including leaders in business government and education, many who now feel fully informed on the subject.
But, just stop to consider his "base assumptions," the 10 so-called flatteners. Most aren't new at all and some fundamental flatteners such as containerized shipping aren't mentioned at all (see The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger). (nevermind the consequences when the end of cheap eneregy flattens the global logistics routes)
So, go ahead and read this book, but when you are finished, and especially if you are awed, I'd suggest you consider reading Aronica and Ramdoo's critical analysis of Friedman's book. It just could make you "think again," even about those so-called 10 flatteners.
The World Is Flat?: A Critical Analysis of New York Times Bestseller by Thomas Friedman
Aronica and Ramdoo will also point you to the true thought leaders on globalization, and summarize their take on Friedman's book: Stiglitz (Nobel Prize in economics), Baghwati(Columbia Professor), Prestowitz (Presidential Trade Advisor), Lemer (UCLA Professor), Ghemawat (Harvard Professor), Roach (Chief Economist at Morgan Stanley), Palast (Investigative Reporter, UK)and others.
So, thank Friedman for an entertaining read, and using his status as a celebrity pundit for making us all aware of the great reorganization the world is going through. But, please don't stop there, for there is far more to the unfolding story of globalization, and all of us are being affected.

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Best Buy for The Marx-Engels Reader (Second Edition) Review

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The Marx-Engels Reader (Second Edition) Review

Marx and Engels wrote so much that getting a handle on their ideas can be difficult. Of course, "The Communist Manifesto" is unbeatable as an introductory text. Indeed, it was their classic work. Not to worry, it's in the reader. So start with that, and if you feel the need to delve deeper into the philosophical underpinnings of Marxism (as Marx and Engels actually formulated it), you will have everything you need in this one book. Compact, representative, and with a good translation - it is the perfect book for those of us who would chose to understand these thinkers, without spending a lifetime in the library.

The Marx-Engels Reader (Second Edition) Overview

This revised and enlarged edition of the leading anthology provides the essential writings of Marx and Engels--those works necessary for an introduction to Marxist thought and ideology.


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Best Buy for Freakonomics Rev Ed: (and Other Riddles of Modern Life) (P.S.) Review

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Freakonomics Rev Ed: (and Other Riddles of Modern Life) (P.S.) Review

This is an excellent, very readable book by a couple of guys who like to go against the grain.
Steven D. Levitt is the economist who teaches at the prestigious University of Chicago school of economics, and Stephen J. Dubner is the talented wordsmith. They come off a little on the self-satisfied side here, but who can blame them? They have a surprise best seller in a new edition.
What really powered this book to national attention was their argument that the sharp nation-wide drop in crime starting in about 1990 was not due so much to having more cops on the beat, or smarter, better policing, or to having so many criminals in prison--as most of us thought--but instead the reason the crime rate dropped is that Roe v. Wade became the law of the land in 1973!
Arguments about this unintended (to say the least) consequence of making abortion legal raged as soon as this book hit the stores (or maybe before) and are raging still. Personally, put me down among those who find the argument persuasive. But I don't want to rehash all that now. Instead let me point to some other topics in the book.
Most interesting is the chapter entitled "Why Do Drug Dealers Still Live with Their Moms?" The authors tell the story of Sudhir Venkatesh who was working on a PhD in sociology at the University of Chicago. He was sent to do some sociology in Chicago's poorest black neighborhoods and ended up spending several years learning about the crack business at the street level complete with--oh, how the economists loved this!--spiral notebooks with four years worth of the crack gang's financial transactions. Venkatesh discovered that the gang worked a lot like "most American businesses, actually, though perhaps none more so than McDonald's." (p. 89) The drug dealers still lived at home with their moms because most of them were making less than minimum wage. Why do a dangerous job for such low pay? Answer: like basketball dreams, the upside potential and the glamour of it! The middle level manager, "J.T.," a university educated dude, was making tax-free about $100,000 a year while the gang board of directors each earned about half a mil per. After J.T. reached his level of incompetence as a member of the board of directors, the gang got busted and he went to jail.
Also fascinating is the information on the socioeconomic and racial status of parents as revealed by their choices in first names for their children. Whitest girls names: Molly, Amy, Claire, Emily... Blackest girls names, Imani, Ebony, Shanice, Aaliyah, Precious... Most common names given to girls of high-education parents: Katherine, Emma, Alexandra, Julia... Boys: Benjamin, Samuel, Alexander, John, William... Low education boys names: Cody, Travis, Brandon, Justin...
But it'll change, as Messrs. Levitt and Dubner explain. Names go in and out of fashion and sometimes come back in. "Susan" was the most popular girls name in 1960. It didn't make the top ten in 2000. "Emily" led the list followed by Hannah, Madison, Sarah...
Interesting is the tale of Robert Lane who named one of his kids "Winner" and another "Loser." Winner Lane went on to become one of life's losers, and Loser Lane (called "Lou" by his friends) graduated from Lafayette College, Pa. and went on to become a police sergeant in New York City. So much for the effect of names--or maybe it's like "a boy named Sue": you overcome your name or you fail to live up to it.
There's a chapter on parenting that also raised some eyebrows, but again I think our clever authors got it right. Basically parenting skills are overrated. What really counts is who your parents are, not so much whether they read a lot to you or bought you Einstein tapes or even if they sent you to Head Start. In the "nature vs. nurture" debate, clearly nature is in the ascendancy.
This, the revised and expanded edition contains a New York Times Magazine article about Levitt written by Dubner before this collaboration, seven columns from the New York Time Magazine, and some entries from the Freakonomics blog on the Web.
Bottom line: an irresistible read and a book biz phenomenon.

Freakonomics Rev Ed: (and Other Riddles of Modern Life) (P.S.) Overview

Which is more dangerous, a gun or a swimming pool? What do schoolteachers and sumo wrestlers have in common? Why do drug dealers still live with their moms? How much do parents really matter? How did the legalization of abortion affect the rate of violent crime?

These may not sound like typical questions for an econo-mist to ask. But Steven D. Levitt is not a typical economist. He is a much-heralded scholar who studies the riddles of everyday life—from cheating and crime to sports and child-rearing—and whose conclusions turn conventional wisdom on its head.

Freakonomics is a groundbreaking collaboration between Levitt and Stephen J. Dubner, an award-winning author and journalist. They usually begin with a mountain of data and a simple question. Some of these questions concern life-and-death issues; others have an admittedly freakish quality. Thus the new field of study contained in this book: freakonomics.

Through forceful storytelling and wry insight, Levitt and Dubner show that economics is, at root, the study of incentives—how people get what they want, or need, especially when other people want or need the same thing. In Freakonomics, they explore the hidden side of . . . well, everything. The inner workings of a crack gang. The truth about real-estate agents. The myths of campaign finance. The telltale marks of a cheating schoolteacher. The secrets of the Klu Klux Klan.

What unites all these stories is a belief that the modern world, despite a great deal of complexity and downright deceit, is not impenetrable, is not unknowable, and—if the right questions are asked—is even more intriguing than we think. All it takes is a new way of looking.

Freakonomics establishes this unconventional premise: If morality represents how we would like the world to work, then economics represents how it actually does work. It is true that readers of this book will be armed with enough riddles and stories to last a thousand cocktail parties. But Freakonomics can provide more than that. It will literally redefine the way we view the modern world.


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Microeconomics Review

Samuel Weber's review implies this book is an excerpt; it's not. Microeconomics and macroeconomics are completely different subjects; the courses share only a few introductory chapters (e.g., supply and demand; production possibilities).
Since they're different subjects, in most universities, they're taught by different professors, and students DON'T have the luxury of buying the big "Economics" book and having it last for two courses. I use K/W for micro; I think only one fellow prof uses K/W for macro.
So Mr. Weber's comment is no more true for this book than any other mainstream text.
Some good features of this book:
(1) a separate chapter on decision-making, differentiating discrete from marginal (yes/no from "how much") choice;
(2)choice under uncertainty, including discussion of risk tolerance and insurance;
(3) situations when buyers know more about the product than sellers, or vice versa (issues: "lemons," supervision of workers, warranties);
(4) a chapter on the economics of technology;
(5) interesting stories to start each chapter (such as London's pre-sewer "Great Stink of 1858")
(6) a mainstream focus in spite of Krugman's role as a political/econ

Microeconomics Overview

The same unique voice that made Paul Krugman a widely read economist is evident on every page of Microeconomics. The product of the partnership of coauthors Krugman and Robin Wells, the book returns in a new edition. The new edition is informed and informative, solidly grounded in economic fundamentals yet focused on the realities of today's world and the lives of students. It maintains the signature Krugman/Wells story-driven approach while incorporating organizational changes, new content and features, and new media and supplements. Watch a video interview of Paul Krugman here.

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42% Off Discounts: Lowest Price The Travels of a T-Shirt in the Global Economy: An Economist Examines the Markets, Power, and Politics of World Trade Review

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The Travels of a T-Shirt in the Global Economy: An Economist Examines the Markets, Power, and Politics of World Trade Review

Spurred by a Georgetown student anti-sweatshop protest, Pietra Rivoli took up the task of tracing the life of a (tacky souvenir) t-shirt she buys in Florida, to examine the economics and politics of this non-trivial segment of the apparel industry. Why she buys the t-shirt in the first place remains a mystery. Why she needs one from Florida that she will likely discard is even more of a mystery. She made me think about studying the American practice of souvenir shopping and excess consumption. But her t-shirt has a story worth telling.
Rivoli first adeptly traces the history of cotton as a critical world commodity, including the struggles in England two hundred fifty years ago by the wool industry to combat the comfort of cotton, going so far as to prohibit the use of calico and the requirement that people be buried in wool. The questionable economics of slavery moved cotton production to the United States, but it was and still is the intervention of technology, research and financial capital that made cotton farming so much more productive today. Nonetheless, the ability of Texas farmers to market "low quality" cotton can best be attributed to both technology and federal price supports, up to 19 cents on a 59 cent pound of cotton. Cotton, while still a major commodity in global trade, has probably declined in relative value and share of the world economy. What we may be seeing is more of the slow death of the importance a dated commodity and less of a "race to the bottom" that she suggests.
She then takes us to t-shirt and apparel manufacturing and employment, now on the wane in North Carolina, South Carolina and Georgia. People mistakenly think that these jobs are being sent to China. They're not. In fact, they're just disappearing. Rivoli notes that China, between 1995 and 2003, lost ten times the numbers of textiles manufacturing jobs as did the United States (p. 142), and Chinese workers have little or no safety net or alternative employment, unlike their displaced American brethren. In the ill-fated "race to the bottom," it should be clear that this fate seems to await any industry that is unable to maintain a long-term competitive advantage, and the only way to do that seems to be through protectionism. While t-shirts are cheap, saving textile jobs is not cheap. Saving American textile jobs costs between $135,000 and $180,000 per job saved, according to best estimates (p. 144), costing American taxpayers and consumers billions of dollars. Where jobs are being created is in the lobbying and trade association industry. This section (Part III) is an overwhelming alphabet-soup of acronyms - WTO, AGOA, NAFTA, CBTPA, ADTPA, ATC, MFA, ACMI, LTA, ATMI, and ITCB -- for trade agreements, trade associations, trade and lobbying groups, and other defenders of (primarily) protectionism. The complexity of the letters is exceeded by the complexity of the trade agreements they promulgate. It takes a lot of honest, well-intentioned effort and dollars to disrupt the free flow of trade.
As noted above, Rivoli generally passes over the details of the American retail trade for apparel, other than minimal attention to the hated global icon Wal-mart. She observes the expensive foreign vehicles and SUVs in the American shopping mall parking lot, lined up to drop off used clothing at the Salvation Army van in anticipation of going inside and buying up more equally recyclable apparel. I doubt that those malls contain a Wal-mart, and that there is likely a big difference between those who shop at Wal-mart and those who re-cycle clothes before shopping at Lord & Taylor.
This recycled donation sets the stage for the best example of free trade in the book - the used clothing stalls in Tanzania, where savvy shoppers brand shop at rock bottom prices, haggling and playing the market from dawn to dusk. Discriminating, well-informed, fashion-conscious shoppers happily haggle, engaged in one of Tanzania's functioning markets. She is careful not to buy the `humiliation' argument, the one that says that Africans should be ashamed to wear second-hand clothes. As she notes, some of the used stuff dropped off at the American mall never makes it to Africa; it gets picked off along the way as "vintage clothing" and worn by Americans and Japanese willing to pay "hundreds of dollars" for used jeans. As she notes, while much has remained the same in impoverished Africa, most Africans do dress better today, thanks to this free market.
She offers a short conclusion (pp. 211-215) and analysis. She does see some hope: "Cutting agricultural subsidies, democratization, and giving poor countries a place at the table at trade negotiations are all steps in the right direction." She notes Cordell Hull's view, that global commerce may be the best prevention for war.
The book is relatively short (215 pages), well-written, engaging, and, despite the need to use acronyms, very clear and readable. It is an excellent primer on the problems of protectionism and the intricacies of delivering on truly free trade, while noting that many who espouse free trade really don't want to practice it or, more commonly, be subjected to the competition from free trade.
Three minor quibbles.
She writes deferentially about Tom Friedman, his lions and gazelles metaphors, hardware and software analogies, but forgets that he also says that the world is flat. This book shows that the world markets for t-shirts is not free, fair or flat. And the playing field is not level. It is full of lumps, dips, and massive mountains. And, as Rivoli notes, it was not made or kept this way other than by "snarling dogs", not lions, not gazelles. Friedman has popularized interest in globalization but he has shed little light on its understanding or analysis.
With two or three almost casual asides, she seems intent on laying this travesty of fair or free markets at the feet of George Bush, if only because west Texas cotton farmers are such beneficiaries of federal subsidies. A fairer view would recognize that people of the same political and social demeanor who now fight against globalization once fought --- and still do fight -- for crop price protection for farmers.
Rivoli claims that economists everywhere around the globe appear to have universally adopted, recommended and embraced free trade ("virtually unanimous support among professional economists, a group almost without exception who scorn protectionism in general" p. 148). I am not willing to go that far. But you should go so far as to read this good book.

The Travels of a T-Shirt in the Global Economy: An Economist Examines the Markets, Power, and Politics of World Trade Overview

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40% Off Discounts: Purchase Cheap This Time Is Different: Eight Centuries of Financial Folly Review

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This Time Is Different: Eight Centuries of Financial Folly Review

Reinhart and Rogoff's book provides a quantitative history of financial crises derived from over 600 years and 66 nations. The basic message from all their data is that there are remarkable similarities in today's financial crises with experience from other countries and nations. The common theme is that excessive debt accumulation by government, banks, corporations, or consumers often brings great risk. It makes government look like it is providing greater growth than it is, inflates housing and stock prices beyond sustainable levels, and makes banks seem more stable and profitable than they really are. Large-scale debt buildups make an economy vulnerable to crises of confidence - especially when the debt is short-term and needs to be refinanced (the usual case).

Reinhart and Rogoff go on to conclude that most of these booms end badly. Outcomes include sovereign defaults (government fails to meet payments on its debt), banking crises (heavy investment losses, banking panics), exchange rate crises (Asia, Europe, Latin America in the 1990s), high inflation (a de facto default), and combinations of the preceding (1930s, today).

What did the authors learn from their data digging? Severe financial crises share three characteristics: 1)Declines in real housing prices average 35%, stretched out over six years, while equity prices fall an average 56% over 3.5 years. 2)The unemployment rate rises an average of 7 percentage points during the down phase (average length = four years). Output falls more than 9% over a two-year period. 3)Government debt tends to explode, an average 86% in real terms. The biggest driver of this debt explosion is the collapse in tax revenues; counter-cyclical fiscal policy efforts also contribute, as well as spiking interest rates.

Reinhart and Rogoff also identify what they find to be the best and worst (pronouncements from the Federal Reserve, U.S. Treasury heads, and more than a few 'successful' academics and stock-pickers) early warning indicators of crises. Finally, the authors warn that premature self-congratulations on early successes in correcting a banking crisis may lead to complacency and an even worse state of affairs.

The 'good news' is that Reinhart and Rogoff have provided a detailed and credible accounting of past experiences. The 'bad news' is that despite the authors' scholarly and intense efforts, "This Time is Different" is not likely to sway many minds for two reasons. 1)The book is too much of a scholarly tome to become widely read, and there are too many self-serving 'think-tanks' offering contrarian opinions. Others, more data-driven, will point out that most of "This Time Is Different" is drawn from earlier days and non-U.S. nations, and thus of limited applicability to the U.S. today. 2)Despite recent disproof of claims that government has mastered the economic cycle via Federal Reserve fine-tuning and counter-cyclical government spending, and that 'the old rules of valuation no longer apply,' we're back blowing bubbles. Today's MSNBC headline reads 'New Market Bubble May be Brewing,' the 'Greenspan Put' (government will bail out falling markets, while allowing soaring ones) continues, no action has been taken to rein in Wall Street gambling and unwarranted bonuses, financial institutions believed 'too big to fail' are bigger than ever, and 2010 election pressures will undoubtedly auger for continued easy money, inflating ourselves out of debt, and increased debt at all levels.

This Time Is Different: Eight Centuries of Financial Folly Overview

Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, "this time is different"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes--from medieval currency debasements to today's subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much--or how little--we have learned.

Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts--as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur.

An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps.


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32% Off Discounts: Special Prices for Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem--and Themselves Review

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Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem--and Themselves Review

This is an excellent book that reads like something that Dan Brown might have written. But its real. The part that amazed me was the level of detail Sorkin was able to get about behind the scenes conversations that took place. Stuff about how people such as Dick Fuld of Lehman reacted to the problems when it was becoming clear that the company was going down and he was in denial. How Paulson was reacting to things when there were no rules about what to do.
But probably the most interesting parts were how the different personalities were reacting while the ground was shifting under them. At the peak, many of the people involved were literally working 24 hours a day highlighted by a phone call made to Vikram Pandit, CEO of Citibank at 3 am telling how a deal he made at midnight for Wachovia had instead been trumped by another and that that deal had already been signed and blessed by the government. How major decisions were being made on the run and how solid institutions became institutions on the brink in a matter of hours.
The book also explains how companies like Barclays and China Investment Corporation were working behind the scenes as well how Paulson, Geithener and others in the government were scrambling to keep things from collapsing. There is a lot of Monday Morning Quarterbacking going on and some of the things these people did may not have been the best, but they pulled it off and we should all be grateful.
But there some bad guys, namely the short sellers and as usual some in congress. The book makes clear that out of control short selling added fuel to the flames that were occurring and that when we were facing this emergency some members of Congress were focused on their own butt instead of doing what was needed.
There is a huge cast in this book and its is sometimes hard to keep the people and their roles straight, but make the effort. You will be rewarded.

Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem--and Themselves Overview

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Macroeconomics Review

If you're confused about all of Dr. Mankiw's different macroeconomics texts floating about out there, lemme try to set you straight.
The one you see on this page: "Macroeconomics" is usually used in 2nd or 3rd year macroeconomics courses in college. This is because the exercises at the end of each chapter can be a little equation-intensive, and some of the exercises, such as the proper derivation of the IS-LM curve, require differentiation. The text of each chapter itself is not so vicious, so a energetic instructor could conceivably use this book in a lower-level course, if you were willing replace the book's exercises with easier ones.
Anyhow, the seventh edition has just come out: this has a bluish abstract geometric-type design on a tan background. The ISBN-13 is 9781429238120. The sixth edition had a blue cover; the fifth edition had an orange cover. The publisher, Palgrave-MacMillan, claims that the seventh edition balances "short-run and long-run issues in a way that emphasizes the relevance of Keynesian and classical ideas to current practice. Featuring the latest data and extensive coverage of the current financial crisis, the text has also been revised with the addition of new case studies on real-world issues such as President Obama's stimulus plan and a study of hyperinflation in Zimbabwe."
Mankiw is also well-known as the author of "Principles of Macroeconomics," currently in its fifth edition (ISBN-10: 0324589972; ISBN-13: 978-0324589979), at least as of my writing. This text is more appropriate for freshman-level, non-major survey courses, or for high-school courses provided that they're honors courses, such as AP courses. The exercises at the end of each chapter require only arithmetic and the most rudimentary algebra.
Note that "Macroeconomics" is not just a gratuitous ratcheting up of "Principles of Macroeconomics:" they're two fundamentally different books, arranged differently, and with completely different publishers. There are even massive concepts in "Macroeconomics" (IS-LM model, Solow steady state, the Keynesian consumption function, etc.) which don't warrant a mention in the much more watered-down "Principles of Macroeconomics."
The publisher of Mankiw's "Principles of Macroeconomics," Thomson South-Western also puts out an even simpler version of that text called "Essentials of Economics" (currently ISBN-10: 0324590024; ISBN-13: 978-0324590029). This book is quite obviously intended for use in normal high-school settings: it's just a watered down version of "Principles of Economics." Whatever edition "Principles of Macroeconomics" is in, that's the edition that "Essentials of Economics" will be in, since they come out in tandem.
Believe it or not, we ain't finished yet. Whenever Thomson South-Western comes out with a new "Principles of Economics," they also come out with a new "Brief Principles of Economics," which is a shorter -- but not watered-down -- version of "Principles of Economics." The level of this is the same as that of "Principles of Economics" (i.e., freshman surveys or honors high school), it's just that many discussions have been given short shrift, should that meet your needs. Like "Essentials of Economics," this will always have the same latest edition as "Principles of Economics." Currently, "Brief Principles of Macroeconomics" is ISBN-10: 0324590377 and ISBN-13: 9780324590371.
As far as I know, Dr. Mankiw is not the author of an intermediate-level microeconomics text similar to the "Macroeconomics" text I discussed first.
Hope all this helps. For what it's worth, Dr. Mankiw looked through this review.

Macroeconomics Overview

Mankiw's masterful text covers the field as accessibly and concisely as possible, in a way that emphasizes the relevance of macroeconomics's classical roots and its current practice. Featuring the latest data, new case studies focused on recent events, and a number of significant content updates, the Seventh Edition takes the Mankiw legacy even further. It offers the clearest, most up-to-date, most accessible course in macroeconomics in the most concise presentation possible.

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32% Off Discounts: Buy Cheap Nickel and Dimed: On (Not) Getting By in America Review

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Nickel and Dimed: On (Not) Getting By in America Review

Nickeled and Dimed has an interesting premise: an upper middle class woman tries to live on wages of an unskilled jobs in three different locations in the US. Here Ehrenreich describes her experiences doing just that and tries to relate these experiences to a larger frame of reference by laying out statistics about the US.
From having done this and that over the summers while in college and having spent the past year earning 3.85/hour plus room and board I can sort of compare my experiences in accessing Ehrenreich's book. Two things that made Ehrenreich's experiences harder than they probably would be for a person who was living the life that she was trying to visit are that she moved around frequently and she wasn't as frugal a shopper as she could have been. The moving around means that she was always starting fresh. From my experience after about 2 months in a city I know where to go for this and that and my expenses drop. Also she wasn't the most frugal person. When she had to get khaki pants on short notice for a waitressing job, she spent 40$ on pants with a stain from a discount store. In Florida (the same state) at about the same time I had to get khaki pants on short notice and found them for 15$. I'm kind if fat and so there was less of a selection for me than for someone in a more common size. I doubt that normal people in such jobs would spend 40$ on pants. 15$ felt like alot to me. From Ehrenreich's description she didn't bat an eye at 40$
Ehrenrich's descriptions of co-worker's plights are more realistic. While it isn't so hard to get by at poverty level (unless you get sick like missing work sick) I have trouble imagining how to raise a family on minimum wage. Descriptions of co-workers whose food budget was tiny are common. I kind of wonder how these people felt about being quizzed. I feel that there was too much focus on rent and food. These are big expenses but they are predictable. Once one finds a way to make ends meet that's stable at least.
One aspect of being poor that I feel was neglected was the lack of medical care. Insurance coverage is expensive and if it doesn't come with the job then that is a big budgeting item. Also jobs without benefits are the one that pay less. Also the difficulty in getting sit down work if one gets injured is a huge issue. Ehrenreich kind of touches on these with statistics and concern for a co-worker with a sprained ankle respectively, but she spends most of her time discussing how the nations poor can't buy food or make rent and trying to make poverty an immediate life or death issue. For me poverty is about not having a safety net.
When I was working for 3.85 and room and board (no benefits at all) I had a co-worker with higher pay use this book to explain how easy I had it. At the time I was trying to scrape together enough for a dental visit and pay some work related expenses. (I had switched jobs and underestimated the fees for work related training and equipment.) She was angry that I was having trouble getting cash together because that reflected badly on the company. Which brings me to a point: Everyday you are in contact with someone who is living at poverty level. Because they shower and know how to get by you may not realize this. The starving limping people Ehrenreich describes aren't common, but that shouldn't be used to undercut the problems faced by poor people who are not in an emergency state right now. It seems to me that many of the people I know who have read this book have strange ideas about the poor to begin with. So if you haven't been poor for a while then don't make this your only source for info about it.
I reccommend Nikeled and Dimed, but take it with a grain of salt. Ehrenreich is a tourist of poverty and has a shallow impression not a deep understanding of the issues.

Nickel and Dimed: On (Not) Getting By in America Overview

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Macroeconomics Review

THIS BOOK DOES NOT COME WITH A CONNECT PLUS ACCESS CODE. IF YOU NEED IT, PLEASE LOOK FOR ANOTHER THAT SAYS IT COMES WITH IT.

Macroeconomics Overview

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29% Off Discounts: Buy Cheap Principles of Economics Review

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Principles of Economics Review

I have taught intro-level econ courses for 17 years, both at a large state university and a small liberal arts college. I have used 6 or 7 different books, and read many others (in search of the best examples and the best ways of explaining concepts to students). Mankiw's book is the one I like best, and the one my students like best: Every time I try a different book, I have my students fill out a survey about the book at the end of the semester, and I urge them to be brutally honest. They consistently give Mankiw the highest marks.
The writing in Mankiw is very clear. Economics can be an intimidating subject, both to 18-year-olds just out of high school who haven't learned good study habits yet, and to adult learners coming back to college for the first time in many years. Mankiw is gifted at explaining complex concepts in ways that are easy to understand, though he never talks down to his reader.
He uses lots of examples that are easy to relate to. For example, take comparative advantage, one of the most fundamental, important, and non-controversial lessons of economics. Mankiw introduces this concept by asking the question "Should Tom Brady mow his own lawn?" One of the best football players in the history of the game probably could mow his lawn more quickly than just about anyone, but it's obvious that he has far more lucrative ways of spending his time, so it is mutually beneficial for him to hire someone to cut his lawn - even if the person he hires isn't absolutely as efficient at lawn-cutting. This is exactly the idea of comparative advantage, and students "get it" so much better when they read Mankiw's explanation of it. Mankiw explains many other complicated concepts using simple, easy to understand parables and examples.
Mankiw also brings the concepts to life using tons of compelling real-world examples. For instance, the chapter "The Monetary System" explains bank balance sheets and the concept of leverage, and then uses these concepts to give the reader insight into the recent financial crisis: the defaults that started occurring when the housing bubble burst in 2007 had a much more devastating impact on the banking system precisely because banks were so highly leveraged; this also helps the reader understand the infamous "TARP" and Federal Reserve / Treasury Department efforts to inject capital into the banking system, and the debate over financial reform leading to the Dodd-Frank financial reform act.
The chapters are short enough to be read in one sitting. College students have many demands on their time. They are much more likely to read a chapter if it is 20 pages long and can be read in an hour than if it is 30 or 40 pages long and requires two hours. Mankiw achieves this partly with good, concise writing, and partly by limiting the topics he covers to what's essential, and cutting out the filler. He is a very good judge of picking just the right content to cover in each chapter to keep the chapters short and not overwhelming, and he's much better than most textbook authors at expressing concepts concisely.
An often-overlooked quality of textbooks is the design, layout, and use of color. The layout of Mankiw's book is clean and simple, with an effective use of color. Even the typeface and quality of the paper is better than many other books. Pick any 5 econ textbooks and open them, and Mankiw, to a random page. The difference is very clear - Mankiw's design and layout is calming, clean, and effective, while other books are cluttered and over-use different colors, which contributes to a sense of confusion and being overwhelming.
I know the book is expensive - most textbooks are. But I know this publisher and many of the people who work on this book. The publisher spares no expense in hiring the best people, from editors to layout design to accuracy checkers. They also invest massive resources into gathering highly detailed feedback from hundreds of users - professors and students; the author and editor and others spend very many hours pouring over this feedback and other information to continually improve the book. Yes, they are doing this because it is very lucrative. But they are also quite sincerely dedicated to making the best possible textbook they can.
Still not convinced? If you live near a major university and have some time, visit its bookstore and find the shelf with the economics textbooks. Chances are good that Mankiw is on the shelf (it is the #1 selling principles book). Pick up a copy, and a copy of a few other econ textbooks. Scan the contents for some topic you think is important - maybe supply and demand, or monetary policy and inflation, or whatever. Spend 5 minutes comparing Mankiw's discussion of that topic with other books' coverage of the same topic. Or, just trust me, I have done these comparisons before, on many topics, and I can tell you, Mankiw is the best book.

Principles of Economics Overview

With its clear and engaging writing style, Principles of Economics (Sixth Edition) continues to be one of the most popular books on economics available today. Mankiw emphasizes material that you are likely to find interesting about the economy (particularly if you are studying economics for the first time), including real-life scenarios, useful facts, and the many ways economic concepts play a role in the decisions you make every day.
About This Edition
Principles of Economics (Sixth Edition) became a bestseller after its introduction and continues to be the most popular and widely used text in the economics classroom. Instructors found it the perfect complement to their teaching. A text by a superb writer and economist that stressed the most important concepts without overwhelming students with an excess of detail was a formula that was quickly imitated, but has yet to be matched. The sixth edition features a strong revision of content in all thirty-six chapters. Dozens of new applications emphasize the real-world relevance of economics for today's students through interesting news articles, realistic case studies, and engaging problems. The premier ancillary package is the most extensive in the industry, using a team of instructors and preparers who have been with the project since the first edition. The text material is again fully integrated into Aplia, the best-selling online homework solution.

"I have tried to put myself in the position of someone seeing economics for the first time. My goal is to emphasize the material that students should--and do--find interesting about the study of the economy."- N. Gregory Mankiw

New Features
The new, sixth edition of Principles of Economics contains extensively updated coverage of areas impacted by the financial crisis.
The sixth edition will be available with the most advanced new products for student and instructor choice, engagement, and outcomes.
New "Problems and Applications" appear throughout the sixth edition, providing an effective, integrated way for students to assess their mastery of the material and to review more efficiently for assignments and exams.

Additional Features
Created by economist Ron Cronovich of Carthage College, Premium PowerPoint® Presentations feature chapter-by-chapter slides designed to ease educators' course preparation time while increasing student involvement in the classroom. The presentations organize lecture points into sections that students can easily digest, animate graphs the way instructors might draw them, and include "Student Note Prompt" handouts to facilitate effective note taking without distracting students from active participation in class.
"In the News" boxes include excerpts from many newspaper articles and encourage students to apply basic economic theory to discover how economics can provide an illuminating new perspective and enable greater understanding of world events.
"FYI" boxes provide additional material to expand key concepts and discussions by offering a glimpse into the history of economic thought, clarifying technical issues, and exploring supplementary topics you might choose to complement your core lectures.
Economic theory is most useful and interesting when applied to actual events and policies, which is why the text contains numerous Case Studies to vividly illustrate the real-world applications and consequences of key principles.
"Quick Quizzes" follow each major section to help students check their comprehension of what they just learned and to focus their review when preparing for exams.
Each chapter contains a variety of problems and applications that encourage students to apply the material they have learned. These practical, interesting activities serve equally well as homework assignments and starting points for lively classroom discussions.

Explore this title's supplements:
Study Guide for Mankiw's "Principles of Economics" (Sixth Edition)

Principles of Microeconomics (Sixth Edition)

Principles of Macroeconomics (Sixth Edition)

Economics for Life: 101 Lessons You Can Use Every Day (Third Edition)


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41% Off Discounts: Best Buy for The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. A. Hayek, Volume 2) Review

Are you looking to buy The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. A. Hayek, Volume 2)? here is the right place to find the great deals. we can offer discounts of up to 90% on The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. A. Hayek, Volume 2). check out the link below:

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The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. A. Hayek, Volume 2) Review

This new edition of the RTS is worth buying even if you already own an earlier edition. The editor has included important material on how this book was developed and interpreted.
As for the book itself, the Road to Serfdom explains the rise of totalitarianism in twentieth century Europe. Yet it also made a more general argument concerning the incompatibility of democracy and comprehensive central planning. Hayek argues that the pursuit of socialist ideals leads to totalitarianism. While socialist ideals seem noble to many, those who persist in realizing these ideals will find it necessary to adopt coercive methods that are incompatible with freedom. Thus socialists must choose between their egalitarian goals and the preservation of individual liberty.
Hayek describes how Europeans came to expect progress, and became impatient for faster progress. The liberal reforms of the 19th century delivered unprecedented economic progress. Much of this was directly due to scientific discovery. The role of free competition in promoting scientific discovery was less obvious. Europeans increasingly came to believe that scientific planning of society itself could accelerate greater progress.
Europeans also changed how they thought about equality and freedom. Insistence upon freedom from want displaced the yearning for freedom from coercion. Democracy came to be seen as a means of realizing an increasing number of social goals, rather than as a means of preserving freedom. To Hayek, these were dangerous errors. Democracy could only work effectively in areas where agreement upon ultimate ends could be attained with little difficulty. A democratic government could enforce general rules of conduct that applied to all equally (i.e. free speech and free association). Democracy can never produce agreement over policies that affect specific economic results. One always gains at the expense of others in such matters. Such Economic planning places impossible demands upon democracy. This is because pursuit of specific ends requires timely and decisive action. Democracies move too slowly to attain specific ends, so arbitrary powers of government will grow. A planned economy will ultimately require acceptance of dictatorship. This is a dire consequence, as it is the worst sort of tyrants who are most adept at wielding dictatorial powers.
Some might say that these arguments are unduly pessimistic. Hayek points to the examples of Hitler and Stalin to support his case. Of course, these are worst case scenarios. Have not England, Sweden, and the US adopted large welfare-regulatory states without such tyranny? This is a fair point, yet we should remember two things. First, Hayek claimed that centralized control of the economy would destroy freedom ultimately, but gradually. Second, Western nations have not yet gone as far in planning their economies as did Russia and Germany in the 1930's. The fact that we have yet realized the horrible results of Stalinism implies neither that were are safe from despotism in the future, nor that our present situation is entirely satisfactory. One can easily argue that we have already started on the wrong path. For instance, Hayek's chapter on `The End of Truth' applies to modern political correctness.
Hayek wrote this book not only to warn people about the limits of democracy and the incompatibility of planning and freedom. This was the start of his project concerning the abuse of reason. His warning is also about the tendency to overestimate the abilities of even the best and brightest individuals. Not even the best and brightest can comprehend modern societies. Socialists who favor comprehensive planning, and even modern liberals and conservatives who want to plan part of society, proceed on a false assumption concerning human reason. Ultimately, Hayek makes a strong case for limited constitutional government. To expect more of democracy than what Madison and Jefferson intended invites disaster.
The Road to Serfdom is a profound defense of commercial society and limited government. The RTS also is where Hayek started his 'abuse of reason' project. To fully appreciate Hayek's genius in the RTS, one should read his subsequent books in this project- The Constitution of Liberty and Law Liberty and Legislation V1-3.
The RTS has its critics, mainly on the left. Due to its insightful nature the Road to Serfdom has produced hysterical responses from the left. Leftists despise the RTS simply because it strikes at the core of both democratic-socialist or Marxist beliefs. Some serious scholars have attacked the RTS (i.e. Farrant and Levy) but their objections are misguided. The Road to Serfdom stands out as a true classic, as timeless as it is insightful. It offers insights that are relevant to our current problems with growing Federal spending and regulation. Read it completely and repeatedly.

The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. A. Hayek, Volume 2) Overview

An unimpeachable classic work in political philosophy, intellectual and cultural history, and economics, The Road to Serfdom has inspired and infuriated politicians, scholars, and general readers for half a century. Originally published in 1944—when Eleanor Roosevelt supported the efforts of Stalin, and Albert Einstein subscribed lock, stock, and barrel to the socialist program—The Road to Serfdom was seen as heretical for its passionate warning against the dangers of state control over the means of production. For F. A. Hayek, the collectivist idea of empowering government with increasing economic control would lead not to a utopia but to the horrors of Nazi Germany and Fascist Italy.First published by the University of Chicago Press on September 18, 1944, The Road to Serfdom garnered immediate, widespread attention. The first printing of 2,000 copies was exhausted instantly, and within six months more than 30,000 books were sold. In April 1945, Reader's Digest published a condensed version of the book, and soon thereafter the Book-of-the-Month Club distributed this edition to more than 600,000 readers. A perennial best seller, the book has sold 400,000 copies in the United States alone and has been translated into more than twenty languages, along the way becoming one of the most important and influential books of the century.With this new edition, The Road to Serfdom takes its place in the series The Collected Works of F. A. Hayek. The volume includes a foreword by series editor and leading Hayek scholar Bruce Caldwell explaining the book's origins and publishing history and assessing common misinterpretations of Hayek's thought. Caldwell has also standardized and corrected Hayek's references and added helpful new explanatory notes. Supplemented with an appendix of related materials ranging from prepublication reports on the initial manuscript to forewords to earlier editions by John Chamberlain, Milton Friedman, and Hayek himself, this new edition of The Road to Serfdom will be the definitive version of Hayek's enduring masterwork.

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27% Off Discounts: Lowest Price Microeconomics (7th Edition) Review

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Microeconomics (7th Edition) Review

I've used this book in an intermediate micro course at Berkeley, and I have to say that this is one of the best written economics books I've read. One of its greatest advantages is the clarity of explanation and abundance of visual aid such as graphs and tables throughout the book to support the material. The graphs get a bit complicated towards the last chapters, but that's only because the material that needs to be illustrated through those graphs gets complicated as well.
Second, even though I've had extensive economics background, the book could be suitable for beginners. The first two chapters give a concise overview of a basic Econ 1 course, explaining the basics of supply and demand, market structure, etc. - everything a person with little economics background needs to know to be able to understand this book. However, if you find this book to simple for you, keep in mind that Prentice Hall publishes it as "Intermediate Economics" - for use in 2nd or 3rd year in an undergraduate economics program.
Unlike many other econ textbooks I've encountered, this book is neither math-heavy nor theory-heavy - it has a good balance of theoretical information coupled with enough mathematical examples to get the message across. However, many students (and some reviewers on this website) find that there aren't enough examples and exercises (with answers) in the book - for that I'd HIGHLY recommend getting the Student Study Guide. It quickly summarizes each chapter (good for emergency test/quiz studying) and provides plenty of sample problems as it summarizes the concepts. It also includes a quick chapter quiz and gives the solutions to all problems found in the Study Guide.
Also unlike most outdated econ textbooks today, this one includes excellent chapters on Game Theory and pricing strategies. I've heard from a few business majors here at Berkeley that they're encouraged to read those two chapters as good examples of how these concepts apply to business and economics. The book features many "Sample Boxes" - small paragraphs on how the current topic of discussion has been applied in the real world. This helps understand that economics is a real science (in a sense that it can produce theories that are testable in the real world) and has some useful applications.
Overall, this is a very good economics textbook for intermediate microeconomics. The book alone deserves 4 stars, but coupled with the study guide, it's definitely a 5.

Microeconomics (7th Edition) Overview

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38% Off Discounts: Best Price Freakonomics: A Rogue Economist Explores the Hidden Side of Everything (P.S.) Review

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Freakonomics: A Rogue Economist Explores the Hidden Side of Everything (P.S.) Review

Steven Levitt, an economist at U Chicago, is less interested in numbers and more interested in why people turn out the way they do. He examines the influence of incentive, heredity, the neighborhood you grew up in, etc.
Some of his conclusions are less than earth-shattering. For example, African-American names (DeShawn, Latanya) don't influence African-American test performance. As a second example, Levitt compiled data regarding online dating websites and concluded that bald men and overweight women fared badly. Not rocket science.
However, Levitt livens up the book with some controversial discussions. He believes that the dramatic drop in crime in the 1990s can be traced to Roe v. Wade. He thinks that the children who would have committed crimes (due to being brought up by impoverished, teenage, single mothers) are simply not being born as often.
He also writes about the man who more or less singlehandedly contributed to the KKK's demise by infiltrating their group and leaking their secret passwords and rituals to the people behind the Superman comic book (Superman needed a new enemy).
Interestingly, he also discusses how overbearing parents don't contribute to a child's success. For example, having a lot of books in the house has a positive influence on children's test scores, but reading to a child a lot has no effect. Highly educated parents are also a plus, while limiting children's television time is irrelevant. Similarly, political candidates who have a lot of money to finance their campaigns are still out of luck if no one likes them.
In the chapter entitled "Why Drug Dealers Live With Their Mothers," Levitt explores the economics of drug dealing. An Indian, Harvard-affiliated scholar decided to get up close and personal with crack gangs and got some notebooks documenting their finances. Levitt concludes that drug dealers' empires are a lot like McDonald's or the publishing industry in Manhattan - only the people on the very top of the pyramid do well financially, while the burger flippers, editorial assistants, and low-level drug runners don't (indeed, some of them work for free, or in return for protection!)
Overall, this is a lively read, with some obvious conclusions and some not so obvious.

Freakonomics: A Rogue Economist Explores the Hidden Side of Everything (P.S.) Overview

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