Subject: Re: Recommendations for Basic Economics Guide.
From: "Karsten M. Self" <>
Date: Sun, 20 Oct 2002 20:08:24 -0700
Sun, 20 Oct 2002 20:08:24 -0700
on Wed, Oct 16, 2002, Ralph Corderoy ( wrote:
> Hi Russ,
> > Ralph Corderoy writes:
> >  > Having lurked on this list for a while it's clear that a big
> >  > shortfall in my knowledge is that of economics.  Putting aside the
> >  > jokes about three economists and four opinions has anyone got any
> >  > suggestions for books covering the topic?
> > 
> > Economics or accounting?  As a generality, economists don't care about
> > a single business.
> I think I'm OK on the basics of accounting;  balance sheets, profit
> and loss, etc., and have done the paperwork side of a Limited company
> in the UK including payroll for the last six years.
> It's more the national or international effects of interest rates,
> inflation/deflation, strength of local currency, imports/exports,
> balance of payments, devaluation (I didn't live through Callaghan's
> devaluation of sterling by about 14% in 1967), etc., that I'd like to
> get a handle on.

Typically covered under the rhubric of "macroeconomics".  This is what
the lay public typically thinks of as economics, though the discipline
is generally split into macro (national economics, money supply, fiscal
policy, imports/exports) and micro (economics of the firm, competitive
markets, oligopoloy, monopoly).

For specifics of software, I'd also recommend  Information Rules .  For
a decent college micro text, Hal Varian (one of the authors of IR) also
has a microecon text.  Macro's a nuttier fish, in large part because the
science tends to get obscured by politics.

> Take this short article from  The Times  as an example.
>     Cut rates to prevent deflation, says Julius
> I'd like the few bits it mentions to be second nature instead of having
> to re-read a paragraph a few times.

That's macro.  Incidentally, The Economist is a pretty good news source
for this type of information, and occasionally provides pointers on
further information.


Karsten M. Self <>
 What Part of "Gestalt" don't you understand?
    Microsoft offers them the one thing most business people will pay
    any price for - the ability to say "we had no choice - everyone's
    doing it that way."
     -- Andrew Grygus

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