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Posted: August 26th, 2022
Gwartney’s Book Review
Gwartney’s Book Review
Every individual ought to have some knowledge about how the economy works. Many authors have written books trying to explain this concept but none has been found to be much understandable like the Common Sense Economics book. It was composed by economists James Gwartney, Richard L. Stroup, and Dwight R. Lee and was first published in New York: St Martin’s Press in 2005. The authors were dedicated to detailing the basic principles of economics and help readers and other policymakers make purposeful choices which will help improve the economy (Gwartney, 2016). The book is a must-read for every common person living in the ever-changing political and economic environments.
The book explains the components of the economy such as how incentives matter in development of wealth and the factors which determine economic growth. For instance, competition between companies encourages more innovation thus increasing the manufacture of quality goods (Gwartney, 2016). When there is healthy competition in the market, firms will use the available resources to manufacture products which meet the needs of the people. As a result, there will be increased trade in the local markets thus; the economy of the country will grow altogether.
Other ideas presented in the book include the role of the government in a country’s economy and how individuals can manage their finances to enhance the economy. The government has the obligation to regulate business carried out by private sectors by providing public goods so the public sector can stay active (Gwartney, 2016). Individuals should also understand how to plan their finances so that they can make the right decisions. Being able to manage their money will help them in investing at the right time on projects which will give them good returns.
The book has achieved its purpose of minimizing economic illiteracy among people who live in developing countries where the economy is still growing. I can recommend it to every person since it gives a clear explanation of matters which are experienced on a daily basis. Besides, it is educative to the common citizens whose decisions affect the economy of a country. When people understand economy and how it works, they will be able to make better choices which concern their finances thus contributing to its growth.
References
Gwartney, J. D. (2016). Common Sense Economics: What Everyone Should Know About Wealth and Prosperity. New York, NY: St. Martin’s Press.
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