Common Sense Economics 2023 Edition - Paperback

by Richard Carmichael (Author)

Common Sense Economics, what does that mean? According to the Merriam-Webster Dictionary common sense is sound and prudent judgment based on a simple perception of the situation or facts. This book explains most of the commonly used economic principles and presents many facts, current and past, so that the reader can make up their own mind. For example, if two identical products are for sale at the same location but the price of one product is lower than the other common sense would dictate that you choose the product with the lower price. That's just common sense and it can be used to solve many economic problems.
The book explains economic theory past and present in numbers, no silly graphs that confuse more than they help. For example, the question of who is responsible for the current inflation is analyzed with actual government numbers showing the reduction of supply of barrels of oil and the corresponding spot prices. Also detailed are the government deficits for fiscal years 2021 and 2022. The answer is simple, too much money deficits, chasing too few goods, production of oil in barrels per thousand that did not keep up with demand. According to the numbers the policies of Biden administration were the major contributors to the current level of inflation. It's not rocket science it's just common sense.