“EveryÂone has quesÂtions about the econÂoÂmy. I startÂed lookÂing for the answers in ecoÂnomÂics. I found enough insights to get me interÂestÂed, but I couldÂn’t seem to make the insights add up. I went back to the origÂiÂnal sources, the great econÂoÂmists, and startÂed to see a big picÂture. And while the whole picÂture was comÂpliÂcatÂed, no one part of it was all that hard to underÂstand. I could see that all this inforÂmaÂtion made a stoÂry. But I couldÂn’t find a book that told the stoÂry in an accesÂsiÂble way. So I decidÂed to write one, in the most accesÂsiÂble form I knew: comics.”
Thus begins Michael GoodÂwin’s new book Economix: How Our EconÂoÂmy Works (and DoesÂn’t Work) in Words and PicÂtures.
The book covÂers two (plus) cenÂturies of ecoÂnomÂic hisÂtoÂry. It starts with the PhysÂiocrats, Adam Smith and theÂoÂretÂiÂcal develÂopÂment of capÂiÂtalÂism, and then steams ahead into the 19th cenÂtuÂry, covÂerÂing the IndusÂtriÂal RevÂoÂluÂtion, the rise of big busiÂness and big finance. Next comes the action packed 20th cenÂtuÂry: the Great DepresÂsion, the New Deal, the threat from ComÂmuÂnism durÂing the Cold War, the tax reforms of the ReaÂgan era, and evenÂtuÂalÂly the crash of 2008 and OccuÂpy Wall Street. Along the way, GoodÂwin and the illusÂtraÂtor Dan E. Burr demysÂtiÂfy the ecoÂnomÂic theÂoÂries of figÂures like RicarÂdo, Marx, Malthus, Keynes, FriedÂman and Hayek — all in a subÂstanÂtive but approachÂable way.
As with most treatÂments of modÂern ecoÂnomÂics, the book starts with Adam Smith. To get a feel for GoodÂwin’s approach, you can dive into the first chapÂter of Economix, which grapÂples with Smith’s theÂoÂries about the free marÂket, diviÂsion of labor and the InvisÂiÂble Hand. Economix can be purÂchased online here.
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RelatÂed ConÂtent:
ReadÂing Marx’s CapÂiÂtal with David HarÂvey (Free Course)