Reviewed by Stefan Vucak for Readers' Favorite
‘Economics’ takes the reader into the curious and perplexing theory of human behavior within the context of a capitalist social matrix. The discussion rages from exploring selfish and selfless behavior, and why the Global Financial Crisis was not all bad, to how McDonald’s cheap meals benefited low-income people, regardless of their dubious nutritional value. This is a book that definitely expands the envelope.
This superbly written work, although not a formal thesis, plunges the reader into a highly technical discussion of economic theory. As a consequence, a professional economist might give it a cursory examination, while the material will be beyond the scope of an average reader. The book is also too short and fails to fully address all the elements of presented concepts. Some of the examples put forward can be argued with vehemently, but that is the nature of economic theory. Not being a formal text, the author should have explored more fully the social/human aspects. This comes out strongly when he discusses the housing bubble that triggered the GFC, forgetting that in their drive for short-term profit, unscrupulous lenders gave loans to unemployed people and those on welfare.
Kersten Kelly opens an intriguing window into everyday economics that definitely challenges, and sometimes outrages, a reader. For those interested in the mysterious aspects of economic theory, this work will definitely stretch their concepts.