The Economist's View of the World

This insightful exploration of economic concepts highlights their relevance through political examples, critiques the focus on self-interest, and emphasizes the importance of relationships for happiness, making it a valuable read today.

The Economist's View of the World by Steven E. Rhoads offers an insightful exploration into fundamental economic concepts and their relevance in contemporary society. Originally published in 1984, this classic work has been updated to reflect significant political and economic changes, including the rise of behaviorism and the impact of the Trump presidency. Rhoads skillfully employs pertinent political examples to illustrate his points, making complex economic ideas accessible to a broader audience.

Rhoads delves into essential topics such as opportunity cost, marginalism, and economic incentives, emphasizing the importance of free markets even among economists who lean left. He critiques the traditional economic focus on narrow self-interest as the primary motivator for human behavior and happiness. Instead, he draws on insights from philosophers and positive psychologists, arguing that true happiness is more closely tied to relationships with friends and family than to financial wealth. This perspective challenges the conventional wisdom within the field of economics and encourages readers to reconsider the factors that contribute to well-being.

This anniversary edition serves as a vital resource for anyone seeking to understand the economic way of thinking. Rhoads presents his ideas in a clear and engaging manner, making the book a thought-provoking read for both novices and those familiar with economic principles. By providing a non-technical insight into how economists think, Rhoads underscores the importance of economics in shaping our understanding of the world and highlights why these concepts should not be overlooked.