- Thomas M.
- Friday, October 13, 2023
The Financial Literacy book review series #FinLit recommends thought-provoking books about money, investing, and personal finance. This post is about Understandable Economics by Howard Yaruss.
Author Howard Yaruss was originally going to title this book Economics For Activists. Instead, he kept the subject matter broad because the coronavirus shutdown showed him how economic systems need more than just activists to improve outcomes for everybody. The subtitle gives it away: Because Understanding Our Economy Is Easier Than You Think and More Important Than You Know.
What are the economics Yaruss wants us to understand? He starts off with some pretty accessible building blocks like defining money and GDP (Gross Domestic Product). Then there are the power players of the economy, like large corporations, Congress (often paid by the large corporations), and the benefits of competition versus constraints of monopolies. The tail end has a lot to do with the Federal Reserve, interest rates, and national debt. The word “should” shows up more near the end of the book, where equity, wealth gaps, and modern monetary theory are addressed. Most importantly, though, Yaruss asks readers to reach their own opinions, and urges us all to “always question” the costs carried by taxpayers, and why. Examples and stories help the reader understand, which is important because an informed public is the best cure for dishonesty, bribery, and cover-ups.
Thomas M. is a Certified Financial Education Instructor℠ (CFEI®) and has previously blogged about Financial Lessons That Can Backfire, Talking To Kids About Money, and Online Financial Literacy Library Resources.