Tuesday, April 17, 2012
Economics: A Simple Twist on Normalcy
Using examples such as online dating, Deal or No Deal, and the price of gas, Ms. Kelly explains such economic concepts as elasticity versus inelasticity, framing, and dynamic inconsistency. Milk is an elastic product--gas is not. Curious as to why? Well, I won't spill the beans here. Psychology gets its very own shout out in this book as well. Economics and psychology are intricately intertwined--we are always trying to get the better deal in life due to both areas of our lives holding sway.
I enjoyed the mix of psychology with economics in describing how and why we pick the way we do. The refresher on elastic and inelastic goods was also quite nice as I often forget how dependent I am on certain goods and believe myself to be dependent on others. I also thoroughly enjoyed the section on online dating in an economic capacity having done it myself many, many times. There were a few times where I felt this book fell back into jargon which, as someone who is not an economist shut my me out a bit, but for the most part it's easy to look past.
Need a refresher on basic economics? This is well-worth the Amazon asking price of $3.99. Done and done. Also, head over to Kersten's website and peruse: http://theeconomicsbook.com/.