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Finally got a book

December 22, 2010

I’ve plumped for Sloman and Wride’s Economics, second edition.  Just finished the first chapter, reading about how all real world economies are mixed compromises from the government control of a command economy and the laissez-faire attitude of a free-market.  Clearly this balance is necessary as command economies are inefficient at adapting to changes in supply and demand and yet free-market economies can have socially undesirable side-effects and are vulnerable to monopolies among other things.

Mind you, this was just the introductory chapter — we begin on microeconomics (the study of how individual resources get allocated etc. vs. macroeconomics which is monetary policy and stuff.)   I’ll hop through that over the next few days and write something about what I can glean from it.

Other things gleaned from this chapter (1) , economics is all about scarcity (the fact that there’s only so much to go round) and the study of the interaction between supply and demand and how one can influence it (if given sufficient control.)


From → Economics

One Comment
  1. Haven’t read much of it yet. 😉

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