Navigate the economy with this insightful new book
The world is awash with economic information. Governments
release reports. Pundits give their interpretation on television.
And the stock market may go its own way, confusing everyone. How
can you better understand what it means for you?
Big Picture Economics, a new book by award-winning
columnist and futurist Joel Naroff and veteran journalist Ron
Scherer, says the thread that ties everything together is
‚context.‘
The authors show how consumers, business, the Federal Reserve,
and government take into account what’s going on around them to
make critical decisions like buying new products, building new
factories, changing interest rates, or setting budget goals. The
book provides a clear roadmap to understanding the whole story
behind the global economy.
Big Picture Economics helps readers understand how
context impacts decisions and decision makers.
– The Federal Reserve and Congress in formulating economic
policy
– Consumers in a shopper nation and what makes us buy or not
buy
– Corporations making decisions on whether to build new factories
and buy other companies
– The federal budget that must deal with complex issues, including
the reduction of health care spending
– A simple test for tax cuts or increases: will they help the
economy grow?
– Where to produce and where to sell in a global economy that is
more like a Mobius strip than a flat world
– International events that can ripple through the economy and
ultimately affect workers in the Midwest
– Technology, such as intelligent drones to wearable computers, are
changing the future
Experts laud the book for its perceptive insights:
‚It all sounds like common sense, but it is actually based on a
close, expert reading of economic history and what that history
implies for the future. Read this book to become a more educated
judge of economic policy.‘
–Robert Moffitt, Krieger-Eisenhower Professor of
Economics at Johns Hopkins University
‚Naroff and Scherer show how seemingly unrelated things like an
upgrade of the Panama Canal, a Tex-Mex restaurant’s menu change, or
how many Americans are overweight turn out to be intricately linked
to our daily experiences. What brings the book to life is the
authors‘ focus on these hidden interconnections.‘
–Brendan Conway, blogger and columnist,
Barron’s
Inhaltsverzeichnis
Preface ix
Acknowledgments xiii
Chapter 1: Introduction to the Economics of Context 1
Chapter 2: The Federal Reserve, Congress, and the Use of Context in Economic Policy 15
Chapter 3: We are All Economists and Don’t Know It 35
Chapter 4: How a Perfect World Would Work 57
Chapter 5: Shopper Nation: Why We Buy or Don’t Buy 79
Chapter 6: How is a Can of Tuna Like a Smartphone? Yes, Context! 101
Chapter 7: When to Spend, When to Cut, and When to Scratch Your Head Over the Federal Budget 123
Chapter 8: Tax Policy: Does Cutting Taxes Cure All Ills? 149
Chapter 9: Monetary Policy: Money, or Maybe the Federal Reserve, Makes the World Go ‚Round 169
Chapter 10: The Panama Canal Widens and the Middle Class Grows in China–How Does That Affect Indiana? 187
Chapter 11: What Do We Do Now? 207
About the Authors 227
Index 229
Über den Autor
JOEL L. NAROFF is a nationally recognized expert and recipient of the Lawrence Klein Award for Blue Chip forecasting excellence and the National Association of Business Economists Outlook Award. Named the Bloomberg Business News 2008 top economic forecaster, Naroff was also named top economic forecaster by MSNBC in 2006. Data compiled by Bloomberg shows Naroff as the top forecaster of the U.S. economy during a period that included the start of the global credit crisis.
RON SCHERER is a veteran journalist who has worked for UPI, U.S. News & World Report, and for The Christian Science Monitor, a prize-winning publication. In his 37 years at the Monitor, he covered Wall Street, economic policy during the Reagan administration, and many of the important news and economic events of the day.
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