50 Economics Ideas You Really Need to Know

Title: 50 Economics Ideas You Really Need to Know

Author: Edmund Conway 

Recommendation: ★★★★★

Amazon link: http://www.amazon.co.uk/Economics-Ideas-Really-Need-Know/dp/1848660103

Main points:
50 economics ideas
#1 The invisible hand: The role of self-interest The ‘invisible hand’ is shorthand for the law of supply and demand. Greed is good.

#2 Supply and demand: Whether it be the Ecuadorian stallholder, the Wall Street banker or anyone else, the primary force behind economic decisions is always the interplay between prices and the buyers and sellers who determine them; in other words, supply and demand.

#3 The Malthusian trap: Look out for the continuous growth of the world population.

#4 Opportunity cost: The cost are the thing you sacrifice to get them. Time is money. 

#5 Incentives: People react to stimulants. 

#6 Division of labour: Focus on your specialties. 

#7 Comparative advantage: Specialty + free market = win - win.

#8 Capitalism: The least worse way to keep the economic going.

#9 Keynesianism: The government should spend, to prevent a deep recession.

#10 Monetarism: Regulate the money growth.

#11 Communism: A state run by the society.

#12 Individualism: Individual choices are the most important.

#13 Supply-side economics: Higher taxes means less growth.

#14 The marginal revolution: Rational people think about margins.

#15 Money: Money is a sign of trust.

#16 Micro and macro: Micro is for companies, macro are for countries.

#17 Gross domestic product: Gross domestic product is the most essential benchmark for the economic presentation of a country.

#18 Central banks and interest rates: Central banks lead the economics away from the high- and low conjecture. 

#19 Inflation: Make sure the prices are growing slow but steady.

#20 Debt and deflation: Decreasing prices can paralyze the economy.

#21 Taxes: Taxes are as inevitable as dead.

#22 Unemployment: Unemployment is always present. 

#23 Currencies and exchange rates: This is like a barometer to see how a country stands financially. 

#24 Balance of payments: The handbook of international economic relations.

#25 Trust and the law: The fundamental base of our society.

#26 Energy and oil: $$$$$$$$$$

#27 Bond markets: Bonds are the fundamental of the government financing. 

#28 Banks: Banks bring loaners with lenders.

#29 Stocks and shares: Stocks is located in the heart of capitalism. 

#30 Risky business: Let the risk to those who are more willing to engage in it.

#31 Boom and bust: Inevitable.

#32 Pensions and the welfare state: Beware that you do not promise any money that you can not give.

#33 Money markets: Money markets keep the world running.

#34 Blowing bubbles: People are addicted to bubbles.

#35 Credit crunches: Economies are running stuck when the credit dries.

#36 Creative destruction: Companies need to adapt or they will fail.

#37 Home-owning and house prices: House prices rise and fall.

#38 Government deficits: Governments are addicted to deficits.

#39 Inequality: The poverty gap will destabilize nations.

#40 Globalization: Globalizing is the adrenaline of capitalism. 

#41 Multilateralism: Nations can reach further when they work together.

#42 Protectionism: The world biggest threat for the wealth and world peace. 

#43 Technological revolutions: Technology is the economic full.

#44 Development economics: The aim is to draw the bottom billion out of poverty. 

#45 Environmental economics: Handle now to prevent high cost for later.

#46 Behavioural economics: People are predictable irrational.

#47 Game theory: People act different in games.

#48 Criminomics: Economy can be used anytime for anything.

#49 Happynomics: Economy is not only about money.

#50 21st-century economics: Act when people are not rational.