How do I learn about economics?

[Elok]

I know it's a rather open-ended question, and that economics encompasses a lot of things. But I've never known a thing about the subject, and indeed it terrifies me, with all the stocks and bonds and options and other speaking in tongues. I know only the very basics (supply and demand, the need for currency and trade specialization, stuff like that). How can I get educated on the subject? I've even tried Simple English Wikipedia, but that's not really a reliable source (BTW, check out http://simple.wikipedia.org/wiki/Quantum_Mechanics for a laugh. Whatever physicist wrote it got about halfway through before he forgot whom he was writing for--or succumbed to temptation--and started using Greek symbols and equations).

Basically, I'm looking for a book that offers a reasonably nonpartisan, simple introduction to economics, assuming such a thing exists. Ideally, I'm thinking something akin to Larry Gonick's Cartoon Guides. More complex than "Pete and Polly spend their first dollar," less complex than "Keynesian implications of current trends in Micronesia." Something that takes it slow, introduces terms one-by-one and explains them fully, and won't put me into the fetal position with a barrage of jargon. Does anyone know of such a book?

[Felch]

Say something stupid where KH will see it. You'll get schooled soon enough.

[Felch]

Seriously though, it's tough to find a simple book on economics that isn't at least a little partisan.

http://books.google.com/books?id=ojk...sult&resnum=11 That's an Austrian school book

[Japher]

stocks and bonds and options and other speaking in tongues

That's finance.

[Adam Smith]

Basically, I'm looking for a book that offers a reasonably nonpartisan, simple introduction to economics, assuming such a thing exists.

Yes, such a book does exist. You, and virtually everybody else on this board, shoud read Hard Heads, Soft Hearts by Alan Blinder.
Blinder is a professor of economics at Princeton who served on President Clinton's Council of Economic Advisors. Blinder has written a short, readable, objective introduction to economics. My only (very minor) criticism of his book is that he does not completely recognize the costs of inflation through its effect on reduced investment.

[KrazyHorse]

I used wikipedia and blog posts to learn most of what I know about econ. I therefore can't recommend you any books, but I will recommend the following subjects:

1) The Federal Reserve. What is an open market operation? How does the Fed affect macroeconomic conditions? How did monetary authority operate before the advent of open market operations (i.e. "the gold standard"). Why is deflation bad? What is meant by "the velocity of money"? What is "aggregate demand"?

2) International trade. What is the difference between competitive and comparative advantage? How can comparative advantage explain how trade can make both participants better off? How well does the analogy of trade between individuals hold up when we generalize to larger agglomerations? What are the differences and similarities between trade and immigration? What happens when a country runs a trade deficit?

3) The supply-demand curve. What do marginal elasticities of supply and demand tell you? Who bears the cost of a tax wedge (producers or consumers)? What does your answer depend on? Who gains from a subsidy? How strongly is behaviour influenced by a subsidy? What effect do price controls have on these curves?

4) Externalities. What are they? How can they lead to inefficient outcomes? What are the steps which can be taken to ameliorate these outcomes? What are the externalities from a new idea (or other intellectual work)? Why do we have a patent system? Are there any alternatives? What is meant by "Coasian equivalence"?

5) Information asymmetry. What is "a market for lemons"? What are the most important applications of this theory today? How can you improve the market for lemons?

6) Macro variables. What are the components of GDP? How can you model output growth? What effect does innovation have on output?

I'd use a combination of wikipedia, google and some blogs to figure these things out. Blogs in particular are good when they aren't overly partisan because the tone is more conversational, with more analogies etc.

[KrazyHorse]

Also, note that my list is almost certainly woefully inadequate. If AS recommends Blinder's book then I suggest you read it.

[Felch]

Don't you dare post links to any of these blogs you speak of. That would be almost helpful.

[KrazyHorse]

stocks and bonds and options and other speaking in tongues

As Japher say, this falls more under the heading of "finance".

[BeBMan]

Also, note that my list is almost certainly woefully inadequate. If AS recommends Blinder's book then I suggest you read it.

Well if you and AS think it's good I recommend it to Elok too

[KrazyHorse]

Don't you dare post links to any of these blogs you speak of. That would be almost helpful.

https://www.marginalrevolution.com

https://www.gregmankiw.blogspot.com

https://www.worthwhile.typepad.com

https://www.stumblingandmumbling.typepad.com

https://www.delong.typepad.com

I used to use delong and mankiw to offset each other, but delong has jumped the shark recently. I just skim his posts now.

[KrazyHorse]

Sadly enough, I have read the archives of all of those blogs. That set me back a good month or so over the last year and a half.

[Felch]

You're a good man

[DrSpike]

The Blinder book is good, as are the earlier Krugman books. The best complete introduction to economics for non-economists in my view though is Charlie Whelan's book 'Naked economics: Undressing the dismal science', which I really really wish I had written first.

The other piece of advice is to disregard almost all posts about economics you read in OT.

[KrazyHorse]

Hah. I'm quite proud of some of mine.