What exactly is a credit crunch? Why do footballers earn so much more than the rest of us? Which country is likely to be the world's leading economy in 10 years' time? And how does economics affect each one of us, every day? In the seventh volume of the successful 50 Ideas series, Daily Telegraph economics editor Edmund Conway introduces and explains the central ideas of economics in a series of 50 clear and concise essays. Beginning with an exploration of the basic theories, such as Adam Smith's 'invisible hand', and concluding with the latest research into the links between wealth and happiness, he sheds light on all the essential topics needed to understand booms and busts, bulls and bears, and the way the world really works. Packed with real-life examples and quotations from key thinkers, 50 Economics Ideas provides a fascinating overview of how economics influences every aspect of our lives, from buying a house to what we had for breakfast this morning.
Ed Conway is Economics Editor of Sky News and formerly Economics Editor of The Daily Telegraph and Sunday Telegraph. Ed was the first to reveal the Bank of England's plans to create money through quantitative easing and to warn of the funding gap in the banking system which later led to the collapse of Northern Rock. He lives in London.
Introduction. The Basics: The invisible hand; Supply and demand; The Malthusian trap; Opportunity cost; Incentives; Division of labour; Comparative advantage. The Movements: Capitalism; Keynesianism; Monetarism; Communism; Individualism; Supply-side economics; The marginal revolution. How Economies Work: Money; Micro and macro; Gross domestic product; Central banks and interest rates; Inflation; Debt and deflation; Taxes; Unemployment; Currencies and exchange rates; Balance of payments; Trust and the law; Energy and oil. Finance and Markets: Bond markets; Banks; Stocks and shares; Risky business; Boom and bust; Pension and the welfare state; Money markets; Blowing bubbles; Credit crunches. The Issues: Creative destruction; Home-owning and house prices; Government deficits; Inequality; Globalization; Multilateralism; Protectionism; Technological revolution. Alternative Economics: Development economics; Environmental economics; Behavioural economics; Game theory; Criminomics; Happynomics. 21st-century economics. Glossary. Index.