*Disclaimer: The following is a summary and/or review based on the authors understanding of the book. Also, any possible references should be by default cited to the book under discussion.
As reading economics is the best way to understand the mechanics of the world, reading these books early on helps develop intuition – which is the best possible way to imbibe economics – as compared to mastering the logic of graphs and equations described in economics textbooks. And this book is another such book that conveys the principles of economics using narratives from events in human history, making it easier to understand and imbibe.
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Although this is not as dense as a textbook, the narrative, perspective, and coverage is better than most social sciences textbooks that I read in school. And this book should be a recommended read, if not a part of social sciences curriculum, in high school or college.
History is difficult to narrate, as you are trying to convey events over thousands of years within a short time frame. Hence, most events are conveyed as mere snapshots weighed by their relative significance. Using such a collection of snapshots, the author has brilliantly built the momentum while weaving a seamless narrative and consistently maintaining the economic lens.
Starting from the time when our civilisation was limited to hunting tribes – all the way until post-COVID, the narrative conveys the principles of economics underpinning our evolution; including the impact of inventions such as agriculture, shipping and ports, mirror, light bulb, steam engines, etc.. as well as events such as the Tulip Boom, World Wars, Economic Crisis, and Housing Crisis. While making history as the centrepiece of the narrative, the author highlights and explains the economic principles as well as the developments in economics that followed.
And finally, arriving at economics! Given the historical narratives, substantial portion conveys the principles of macroeconomics; however, wherever possible, there are explanations for essential microeconomic concepts such as supply & demand, pricing, and game theory. But there are far more macro-economic concepts including inflation, money supply, interest rates, banking, trade, fiat currency, specialisation and tariffs, etc.., making the coverage as good as a macro textbook.
For those who have not read any macro-economic textbook, this book will be a brief summary of any such textbook; and for those who have endured through ISLM curves, this will be a good refresher and might rekindle their love for economics.
Overall this is a fun and easy read; and frankly speaking, I had to ration it as I feared finishing it way too early. In my opinion, this is a good read to tickle your brain along with your morning caffeine. And you can also carry this on a long flight as the narratives will poke your curiosity, keeping you hooked until the end. And yes, you can gift it to children in their late teens.
Feature Image Photo by Jezael Melgoza on Unsplash
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