Naked Economics

Naked Economics: Undressing the Dismal Science – Charles Wheelan

1. Full Citation

Wheelan, C. (2002, revised 2010) Naked Economics: Undressing the Dismal Science. New York: W.W. Norton & Company.

2. Introduction

Naked Economics provides a clear, engaging introduction to economics without technical jargon or equations. Charles Wheelan explains fundamental economic principles through real-world examples and accessible language, aiming to demystify the subject for general readers. The book covers a wide range of topics, including markets, incentives, globalization, and policy challenges, highlighting how economics impacts daily life and societal well-being.

3. Author Background and Credentials

Charles Wheelan is an economist, journalist, and professor known for his ability to communicate complex economic ideas to broad audiences. He has written extensively on economics and public policy and teaches at Dartmouth College.

4. Summary of Contents

Key topics include:

  1. Supply and Demand
    • Basics of markets and price mechanisms.
  2. Incentives and Behaviour
    • How incentives influence individual and collective choices.
  3. Market Failures and Government
    • Discusses externalities, public goods, and regulation.
  4. Globalization and Trade
    • Benefits and challenges of economic integration.
  5. Economic Growth and Development
    • Factors influencing prosperity and poverty.
  6. Money and Banking
    • Role of financial institutions and monetary policy.

5. Critical Evaluation

a. Coherence and Argumentation

Wheelan presents economic concepts logically and cohesively, with illustrative examples.

b. Originality and Intellectual Contribution

While introductory, the book’s engaging style and breadth make it a popular economics primer.

c. Evidence, Sources, and Method

Relies on contemporary case studies, historical anecdotes, and data to support explanations.

d. Style and Accessibility

Highly accessible and entertaining, suitable for novices and non-specialists.

e. Limitations and Critiques

Some advanced topics are simplified; readers seeking depth may need supplementary materials.

6. Comparative Context

Compared with:

  • Thomas Sowell’s Basic Economics – Both are accessible primers; Wheelan’s is more conversational
  • Steven Levitt’s Freakonomics – More comprehensive; Freakonomics is more thematic and anecdotal
  • Paul Krugman’s Economics – More academic and technical

7. Thematic or Disciplinary Relevance

Relevant to:

  • Economic education and literacy
  • Public policy and economic decision-making
  • Introductory micro and macroeconomics
  • Global economic issues

8. Reflection or Practical Application

The book empowers readers to understand and critically assess economic issues affecting individuals and societies.

9. Conclusion

Naked Economics is an effective and enjoyable introduction to economics, breaking down complex ideas into digestible narratives.

Recommended for: Students, educators, general readers, and anyone new to economics.

10. Other Works by the Same Author

  • The Centrist Manifesto (2013)
  • 10½ Things No Commencement Speaker Has Ever Said (2015)

11. Similar Books by Other Authors

  • Thomas Sowell – Basic Economics
  • Henry Hazlitt – Economics in One Lesson
  • Greg Mankiw – Principles of Economics
  • Steven D. Levitt & Stephen J. Dubner – Freakonomics

12. References (only if external works are cited)

  • Wheelan, C. (2010) Naked Economics
  • Sowell, T. (2014) Basic Economics
  • Hazlitt, H. (1946) Economics in One Lesson
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