Economics: The User's Guide

This is my 3rd read for Ha Joon Chang, highly recommend his books, especially this one in case you want to learn how to navigate economics, while maintaining a balanced and nuanced approach

Being a fan of his prior work, I was excited to see that Dr. Chang has written a book on general economics. For better or for worse, the book lived up to its name. This book initially felt to me like the manual that comes with a new gadget that you should really read before using it, but you put it away because the manual has way too many steps and words. The book begins with a detailed discussion on basic concepts like capitalism, money, monopoly, and proceeds to cover different schools of economic thought. Unlike his prior books, it did feel like I really needed to take notes along the way to keep up with the broad scope and depth of the book. I probably got on and off the book several times before I got into it enough to actually finish the book. But just like reading a manual is often times worth the effort and gives you a better sense of how to property use your gadget, the broad and detailed discussions of the book are definitely worth the read. In ways that perhaps only he can provide, Dr. Chang gives readers an alternative take on many of the concepts that mainstream economics or the media doesn’t talk much about, even in mundane subject like the definition of GDP. Perhaps it shouldn’t be too surprising given his background and his prior works that Dr. Chang would provide a different view on things than mainstream economists. However, it did feel like in many parts of the book that things were a bit biased and unjust in that alternative views and interpretation of the evidence was not provided enough, especially in discussing things outside his area of expertise. For example, in discussing ow the “unholy alliance” between short-term investors and professional managers have reduced the ability of corporations to make long-term investment, Dr. Chang cites evidence that the largest US companies now payout 94% of their profits to shareholders compared to 35 to 45% in the decades past. While this is true, the book fails to mention that the percentage of publicly traded firms distributing their profits via dividends or share repurchases has actually gone down over the years. So in recent decades, the payouts are more concentrated in the largest and most mature firms while other firms are more likely to retain profits. One could argue that this is exactly what you would want in an efficient economy where the profits of the old and mature companies to get redistributed to younger firms with more potential, and may have nothing to do with the markets becomes more short-term oriented. This is one of many places in the book where more balanced view would have helped the “users” to see a broader picture. But ultimately, the biases in the book is what makes this an interesting read, and I would not hesitate to recommend this book to anyone interested in delving a little bit deeper into some of the common issues in economics.

I bought a used good copy of this book. It arrived in way better condition then I thought pages were good condition, and only minor smudging on the surface

Ha-Joon Chang's "User Guide" is an accessible, engaging resource for anyone wanting to see the big picture in the complicated universe of economics. Also, the book layout, notes, and index make it an essential addition to any personal reference library. I share with some of the other comments from other readers that I wish I had read this as an undergraduate Econ major forty-plus years ago. The author analyzes vital concepts and the ABCs of economic theories, their strengths, and weaknesses in real-world settings. Chang also addresses the inseparability of economics and policy with their profound social implications, for example, the Pareto criterion about the "greater good." For a comprehensive understanding of the subject, this book is a must-read. However, a baseline of economic coursework (which everyone should have!) will be helpful for a greater appreciation. It is an excellent starting point for individuals seeking to broaden their understanding of the massive field of economics and its relevance to our lives.

I cannot praise Mr. Chang's latest work enough to show how much I appreciate his work in explaining today's economics and how it is ruining this country. I found chapter 8, so far, to the most succinct and lucid explanation of why this USA is failing most of the people. Chapter 8 draws together so many similar but condensed revelations on how the financial portion of the US has failed us all. I especially appreciate his bringing to the fore one of the reasons why the US is failing in the STEM disciplines. Too many very intelligent people have been lured into the world of high finance because of unjustifiable payments. I appreciate Mr. Chang's book so much that I am purchasing a copy for each of my five adult children. Since they all had the good sense and fortune to stay out of that world of financial gimmickry, the book should serve them well.

Solid choice for beginning/intermediate students and people that are interested in economics. The book is wide-ranging and very complete and written in a readable style, for an economics book. The author is very well versed in many topics and he does a great job of incorporating pop culture references with these classic economics topics.

In a footnote, Chang calls Herbert A. Simon "the last Renaissance Man," and this suggests some comparisons between Chang and Simon. In particular, they are both empiricists who believe in looking at human behavior via a heterogeneous array of local models, rather than a grand unified theory. Chang goes as far, in this book, as saying that Economics is not a science and cannot be separated from politics and history. He presents thumb-nail sketches of the major theories, their assumptions, their political and moral commitments, and their strengths and weaknesses with respect to specific economic issues. He offers plenty of snarky comments about economists' pretensions and shortcomings (quoting Galbraith, for example, to the effect that economic forecasts make astrology look respectable), but the overall effect is far from dismissive of Economics as a discipline. Instead, the reader can be expected to come away with deeper insights into economic issues and greater respect for leading thinkers in this field. The most refreshing aspect of the book, to me, is the continual return to "real-world data." It's odd to notice that mainstream Economics often seems to decouple its scientific pretensions from any concern for real-world data (a point that Herb Simon was fond of making).

This is a very good book for people that know nothing about economics … I highly recommend

Ha Joon Chang is the man. There's no doubt about that, and he speaks with a unadorned clarity that is a breathe of fresh air in this age of verbal shenanigans. I recommend this to any fledgeling economist, a layman who wants to know more about the economy, econ majors, really anyone who likes to spend or earn money or create value.

Una explicacion muy interesante y muy critica de los concepto economicos mas importantes. Ilustrados con muchos datos

I bought this book after I read about it on a economics-blog (Makronom.de).I am studying economics in the university but I'm always missing a general view about economics. This issue could be solved bei Ha-Joon Changs book. It starts with an abstract overview about economics. Later he focuses on more sprecific topics like inequality and poverty. I liked the structure of the users guide and the narrative skills of the author. Its interesting and well written.

Ha-joon Changs "Economics: The User's Guide" is the first title in the newly resurrected Pelican imprint. Chang himself is best described as a heterodox economist, firmly outside the mainstream where neoclassical economics (not to mention neoliberalism) is the reigning creed. But given the multiple failings of orthodox economics the heterodox Chang with his cheerful style, wide learning and a clear and concise authorial voice make him the ideal candidate for writing an introductory book on economics. He doesn't dissapoint. The book itself is divided into twelve chapters exploring a range of economic issues including asking what exactly economics is, exploring the role of the state, inequality and poverty, work and unemployment, finance and production. Sixty odd pages are devoted a brief history of capitalism, giving the reader a pretty good understanding of two and a half centuries of capitalisms global progress. It's a brilliant introduction for those who have encountered the economy watching the news, through history or political books, and want to find out what this vitaly important aspect of our lives is about. The further reading guides at the end of each chapter are a valuable resource for those whose interests have been aroused. More seasoned students of economics should find the scope of the book (both intellectually and geographically), and it's easy and succinct style ample reward for the effort spent reading. One quibble I have: important terms (privitisation, capital controls, etc) are printed in bold at the point in the text where they are explained, but the index of the defined terms that ought to be there, allowing easy reference to the definitions, is absent. This is a book which along with his 23 Things They Don't Tell You About Capitalism and Bad Samaritans I'd strongly recommend reading, not least because (as Chang himself notes) a widespread knowledge of economics is essential to understanding our societies and democraticising our political life.