An economics primer for those who feel the gibe â€œit’s the economy, stupid” is aimed at them.
Kaddoura writes that vibrant economies may not guarantee peace, love, growth and strength, but they go a long way toward facilitating such a state. Strong economies are imperative to improving living standards and achieving happiness. Here, Kaddoura contends that a basic understanding of economics is not rocket science. Instead, he says the economy is a structure, like an automobile with components that work together to make it run, then he continues to break down each component into a question-and-answer format. What is money for? What are the duties of the treasury? What are loans? What role does minimum wage play? Is a high minimum wage better than a low one? How do public works differ from government projects, and why might they be the source of contention? Although Kaddoura doesn’t delve into capitalism’s many potential pitfalls–for example, the radical uneven distribution of wealth–he does highlight the critical importance of a government with a sense of national well-being. In what is otherwise a fairly clear exposition, he occasionally makes puzzling comments, addressing questions such as how money can be taken from those with nothing to sell. (The answer: loans.) He also tends to oversimplify, especially in his assertion that a society offering equal rights means everyone is entitled to an equal share of wealth. History and human nature often derail that ideal notion.
Kaddoura fails to address economics more complex theories, but still offers a decent understanding of how money works for those who need a basic course.