SUSAN LEE's ABZs OF ECONOMICS by Susan Lee

SUSAN LEE's ABZs OF ECONOMICS

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KIRKUS REVIEW

A little lexicon that translates some economics lingo into lay language--at a generally low level of sophistication and in hit-or-miss fashion. Lee, a senior editor at Forbes, offers definitions for an arbitrary selection of buzzwords ranging from absolute advantage through zero-sum game. In addition to trendy terms like hot money, Laffer curve, Reagonomics, and stagflation, her 200-odd entires include short-take listings of those who have made substantive contributions to the dismal science--Friedman, Galbraith, Hume, Malthus, Pareto, Ricardo, Schumpeter, Smith, et al. The author provides some first-rate rundowns on such key economic concepts as elasticity, general equilibrium, invisible hand, and monopsony. Unfortunately, she scants as many if not more basic vernacularisms--most notably, perhaps, investment, money, rent, savings, and supply and demand. At best, moreover, the choice of inclusions and exclusions seems capricious. There is, to illustrate, an entry for balance sheet, but not income statement; likewise, socialism gets a call while capitalism and communism are incorporated only by reference. Also among the missing: commodity; corporation; deflator; industrial (incomes) policy; producer price index; and underground economy. In brief, then, a text of marginal utility. There will be 45 line drawings (not seen).

Pub Date: March 19th, 1987
Publisher: Poseidon/Simon & Schuster