The Econosphere What Makes the Economy Really Work How to Protect It and Maximize Your Opportunity for Financial Prosperity (Audible Audio Edition) Craig Thomas Ken Kliban Audible Studios Books
Download As PDF : The Econosphere What Makes the Economy Really Work How to Protect It and Maximize Your Opportunity for Financial Prosperity (Audible Audio Edition) Craig Thomas Ken Kliban Audible Studios Books
What Makes the Economy Really Work, How to Protect It, and Maximize Your Opportunity for Financial Prosperity
How the world really works and how to make it start working again! Discover the immutable laws of nature that govern all your financial decisions and put them to work for you. Here are 10 ways to maximize wealth and happiness for everyone. How not to fix a broken economy stupid policy tricks and why they just make things worse.
We all live inside the Econosphere a living, breathing, global organism that choreographs billions of performers with breathtaking precision and can make life better for everyone. But the Econosphere works best if we understand what nurtures it and what poisons it. In The Econosphere, leading economist Craig Thomas reveals the amazing economic organism were all part of, explains how it really works, and shows how to make it start working again for everyone. Thomas illuminates the laws that govern every economic decision you make and shows how to use that information to make better decisions, achieve greater success, and maximize your happiness.
The Econosphere What Makes the Economy Really Work How to Protect It and Maximize Your Opportunity for Financial Prosperity (Audible Audio Edition) Craig Thomas Ken Kliban Audible Studios Books
I must admit that I received my copy of Craig Thomas's, The Econosphere, with a belief that I would enjoy and appreciate the book; after all, its synopsis did seem to resonate with my oft-stated thesis that, "You are the market, the market is you."A belief I thought vindicated as I began the book... until I grew concerned I was reading some sort of religious tract, more akin to the Gaia Hypothesis. Even Thomas himself acknowledges that effect, calling his thesis somewhat hippie-ish.
But I stayed with the book, and am glad I did. Chapter 3 is exhilarating; Thomas takes the often arcane and confusing world of economic precepts and tenets, and renders them sensible for even the lay-reader (especially the lay-reader) in the most easily digestible method, by telling a tale that embeds those concepts within the tale:
"Imperfect information, in fact, is the chief factor that keeps us from maximizing our utility at any one time. You go to where you think you will find the greatest success and happiness, given all the information that you have, but on occasion, when you get there, you find that your treasure map was either incomplete or just plain wrong."
Thomas repeatedly alludes to the sentiment above as "perfect markets; imperfect information" -- the perfectly pithy analysis of investors in public securities markets.
I came to really like this book as I continued; this is no turgid economics treatise on some new concept, but a living, breathing organism. Which is only fitting, when the reader remembers Thomas's concept of the Econosphere. Too, Thomas considers all inputs in an economic system, including the biggest player, the government:
"In this sense, we must conclude that government does help the cause of the wealthy. Furthermore, our usually smoothly operating central banking apparatus and, thus far, its good track record in managing our currency is a benefit to all of us operating in the marketplace. We all benefit from the knowledge that we can trade labor for currency, and turn around and buy goods and services of equal value with that currency. That is a good thing. However, given the massive and well-paying occupations that have flourished within our increasingly complex financial markets, we also cannot help but wonder whether the beneficial fiscal situation created and maintained by our government does not benefit some more than others."
Do not let the snippet I quote above confuse you, for I believe Thomas to be an economist of the Austrian School; a suggestion that slips out between the cracks of his text. Whether or not I am correct, Thomas stands apart from his economist peers -- followers of the Austrian School, or no -- for Thomas is not rigid in his stance and perspective, which I believe makes his analysis that much more valuable.
"Brands are great. Firms are great. But people are what matters. It is the human life span that creates value. Sure, great brands and the firms that own them are a big part of harvesting that value. But when those brands are no longer great, they play a much smaller role in adding to aggregate wealth. We should not worship firms or brands as permanent deities; rather we should view them as great accomplishments in human cooperation and entrepreneurship, and realize that often when these firms fail, it means that others are succeeding.
"A firm is a moment in time; the Econosphere is forever. We need to feel more passionately about the Econosphere than we do about any particular firm, whether we love it or hate it. The firm exists because the Econosphere provided the incentives to bring ideas and capital and labor all together. The firm exists because of the Econosphere, and it cannot exist without it. Remember, the Econosphere is our social environment, and if our environment wants to impose extinction on something, such as the dinosaurs or AIG, we should not question it."
The Econosphere is not perfect, but my quibbles fall under the general rubric of seemingly no blue-penciling (by a qualified editor); too many dangling participles, split infinitives, and typos. But those all are quibbles, as I noted, and do not harm the reader's enjoyment or interest.
Craig Thomas offers his readers an extraordinarily positive perspective, never Pollyannish, and I am very glad I read his book. I also appreciate his 10 suggestions that close the book, which are more than mere summation. With my expectations more than fulfilled, I can state flatly that The Econosphere deserves your attention and interest. (Which recommendation, btw, just happens to fulfill one of those 10 suggestions... Deservedly so.)
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The Econosphere What Makes the Economy Really Work How to Protect It and Maximize Your Opportunity for Financial Prosperity (Audible Audio Edition) Craig Thomas Ken Kliban Audible Studios Books Reviews
others have written quite a bit about craig's book. as a disclaimer, i know craig personally but that doesn't mean i would contribute my positive review just because of that. this is a good book. it's well thought out and it's something that gets you thinking. i highly recommend it. period.
As someone who has read his share of economics books, I can tell you that its seldom if ever you can find a book on the subject as well written and entertaining as the Econosphere. Even more rare is a book that can be enjoyed by professional economists and economic newbies alike, but this is it. Craig has a natural gift for explaining complex issues in a clear, concise and engaging manner. Well done!!!
As someone who easily gets lost when it comes to economic talk, Craig Thomas helped me to FINALLY 'get it'!!!
Looking at the economy as a living breathing organism with real life examples helped me to grasp this complex issue better than ever before.
We all have our own part to play and are each responsible for our own production, work, money, play etc. If everyone does their part to work hard and provide for themselves the Econosphere would be a much better place. I highly recommend reading this book and sharing with others.
A lot of people are feeling steamrolled by the course of economic events lately. They feel increasingly isolated in their niche in life, are concerned about a widening disparity in income, a balkanized society, and a loss of perceived economic opportunity. Adding it all up, a lot of Americans feel that they are increasingly helpless to influence the outcome of their own lives.
In the aftermath of the financial crisis, we are even debating the relative merits of our economic system, and asking ourselves whether capitalism failed.
Well, Craig Thomas steps back from the volatility of the economic chaos, and offers us a valuable conversation on the economics of the individual, and their role within the broader structure of firms, global markets and government policy. Craig's great gift is to communicate complicated economic concepts regarding marginal utility and costs, inequality, economic stress and the economics of success, failure and happiness in an accessible conversational prose.
This book is a conversation about what motivates us to get up in the morning. Why some of us succeed more than others, and why one person's definition of success might not be the same as another's. Craig's dialogue with his reader illustrates the interacting components of the economy--individuals, firms, the government--and how they form a dynamic, vibrant "econosphere" in which we live, make decisions, and (hopefully) prosper. Craig's stories of individuals and firms making decisions together emphasizes the importance of information as a critical ingredient in the recipe of a successful economy, and how the lack of information imperils all of us, and contributes to economic crises.
In the arena of public policy, Craig proscribes a healthy skepticism of government as a critical ingredient to making us all better off. Not because government is inherently evil, as some angry pundits would have us think, but because the government is composed of individuals who are seeking, like the rest of us, to maximize their own utility within their perceived mission. Moreover, government is not constrained by the same rules as firms and individuals within the private sector. Thus, the government's actions are not constrained by the rational use of information that balances costs and benefits. Thus, monetary and fiscal policies do not necessarily reflect the best interests of individuals within "the econosphere."
Towards this end, Craig exhorts us to think globally and act locally as a means of solving society's problems by advocating that, "...many brains working on small problems beats few brains working on big problems." This is sage advice. A more robust involvement by all of us in our communities--a grass roots revival to problem solving, rather than simply complaining about our town's, school district's, or state's problems--will both improve our local economy, and crowd out the need for a government solution that might backfire and create still more problems to complain about. In this regard, Craig offers a positive, optimistic, prescription for improving the economy rather than a skeptical rant against government that only contributes to society's perception of disenfranchisement.
Above all, Craig's message is an upbeat, optimistic one about the importance of the our most valuable asset--our own human capital, and the awe-inspiring ability of collections of individuals, firms, and clear price signals to organize society in such a way as to yield the best possible outcome.
This is a timeless message that often is lost amid an economic crisis. When fear about being laid off, or paying the mortgage, or even putting food on the table dominates our outlook, it is often all too easy to mistake a failure of free individuals interacting in free markets for a failure of corrupted markets due to bad information and/or bad policy.
Craig reminds us that free markets, clear information and complete price signals that reflect the true costs and benefits of consuming and producing are our best allies in realizing our full potential and achieving our goals and dreams. These are lessons worth taking to heart.
I must admit that I received my copy of Craig Thomas's, The Econosphere, with a belief that I would enjoy and appreciate the book; after all, its synopsis did seem to resonate with my oft-stated thesis that, "You are the market, the market is you."
A belief I thought vindicated as I began the book... until I grew concerned I was reading some sort of religious tract, more akin to the Gaia Hypothesis. Even Thomas himself acknowledges that effect, calling his thesis somewhat hippie-ish.
But I stayed with the book, and am glad I did. Chapter 3 is exhilarating; Thomas takes the often arcane and confusing world of economic precepts and tenets, and renders them sensible for even the lay-reader (especially the lay-reader) in the most easily digestible method, by telling a tale that embeds those concepts within the tale
"Imperfect information, in fact, is the chief factor that keeps us from maximizing our utility at any one time. You go to where you think you will find the greatest success and happiness, given all the information that you have, but on occasion, when you get there, you find that your treasure map was either incomplete or just plain wrong."
Thomas repeatedly alludes to the sentiment above as "perfect markets; imperfect information" -- the perfectly pithy analysis of investors in public securities markets.
I came to really like this book as I continued; this is no turgid economics treatise on some new concept, but a living, breathing organism. Which is only fitting, when the reader remembers Thomas's concept of the Econosphere. Too, Thomas considers all inputs in an economic system, including the biggest player, the government
"In this sense, we must conclude that government does help the cause of the wealthy. Furthermore, our usually smoothly operating central banking apparatus and, thus far, its good track record in managing our currency is a benefit to all of us operating in the marketplace. We all benefit from the knowledge that we can trade labor for currency, and turn around and buy goods and services of equal value with that currency. That is a good thing. However, given the massive and well-paying occupations that have flourished within our increasingly complex financial markets, we also cannot help but wonder whether the beneficial fiscal situation created and maintained by our government does not benefit some more than others."
Do not let the snippet I quote above confuse you, for I believe Thomas to be an economist of the Austrian School; a suggestion that slips out between the cracks of his text. Whether or not I am correct, Thomas stands apart from his economist peers -- followers of the Austrian School, or no -- for Thomas is not rigid in his stance and perspective, which I believe makes his analysis that much more valuable.
"Brands are great. Firms are great. But people are what matters. It is the human life span that creates value. Sure, great brands and the firms that own them are a big part of harvesting that value. But when those brands are no longer great, they play a much smaller role in adding to aggregate wealth. We should not worship firms or brands as permanent deities; rather we should view them as great accomplishments in human cooperation and entrepreneurship, and realize that often when these firms fail, it means that others are succeeding.
"A firm is a moment in time; the Econosphere is forever. We need to feel more passionately about the Econosphere than we do about any particular firm, whether we love it or hate it. The firm exists because the Econosphere provided the incentives to bring ideas and capital and labor all together. The firm exists because of the Econosphere, and it cannot exist without it. Remember, the Econosphere is our social environment, and if our environment wants to impose extinction on something, such as the dinosaurs or AIG, we should not question it."
The Econosphere is not perfect, but my quibbles fall under the general rubric of seemingly no blue-penciling (by a qualified editor); too many dangling participles, split infinitives, and typos. But those all are quibbles, as I noted, and do not harm the reader's enjoyment or interest.
Craig Thomas offers his readers an extraordinarily positive perspective, never Pollyannish, and I am very glad I read his book. I also appreciate his 10 suggestions that close the book, which are more than mere summation. With my expectations more than fulfilled, I can state flatly that The Econosphere deserves your attention and interest. (Which recommendation, btw, just happens to fulfill one of those 10 suggestions... Deservedly so.)
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