Understandable Economics: Because Understanding Our Economy is Easier Than You Think And More Important Than You Know is a 2022 release written by Howard Yaruss. The book is broken into five sections. Each part provides valuable examples to how the overall economy works.
A key tenet in Understandable Economics is inequality. The author explores the challenges and dangers surrounding a society where incomes are out of equilibrium. Yaruss does a good job of balancing the discussion between the need for financial incentives and disproportionate incomes.
I found his explanation of minimum wages particularly comprehensible. The juxtaposition between the need for a living wage and the expense of labor on business-keying on small businesses-was well explained. Much better than most text books.
This theme continues throughout the book. Since, the final chapters focus on redistribution of income, the reader can expect a thorough discussion of taxes. Yaruss explains the different types of taxes and how they impact societal incomes.
Boom and Bust
The chapter titled Boom or Bust tackles the current market moves toward recession. Since this chapter begins the section on The Economic Cycle, readers benefit from an explanation of what defines a recession and how recessions differ from depressions. Furthermore, this segment of Understandable Economics explores both monetary and fiscal policy. And the book explains the powers and limitations of the U.S. Government and The Federal Reserve.
Recommendation for Understandable Economics
Howard Yaruss expresses his belief that a society needs to possess an understanding of economics to continue growth and prosperity. Thus, his approach to explaining basic economics without a semester long course is welcomed. However, success depends on a culture motivated by self-learning versus “selfies.”
I encourage the gift giving of this book as the holidays are just around the corner. Understandable Economics is well written. It deserves to be well read.