DK-Economics-ajk*$12.64#5
1,6983,718,eco,eng,20210227,20210311,5,DK: Economics Book
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1,2,CONTENTS 
9,2,INTRODUCTION 
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17,1,LET THE TRADING BEGIN 400 BCE–1770 CE 
21,2,Property should be private • 
22,h,Historically, material property has been organized three different ways. First, everything can be held in common and used by everyone as they wish, on the basis of mutual trust and custom. This was the case in tribal economies, and it is still practised by the Huaorani people of the Amazon. Second, property can be held and used collectively; this is the essence of the communist system. Third, property can be held in private, with each person free to do with it as they choose. This is the concept at the heart of capitalism.
28,d,"No man should sell a thing to another man for more than its worth." Thomas Aquinas
33,h,Barter depends on the double coincidence of wants, where not only does the other person happen to have what I want, but I also have what he wants.
34,d,There are two kinds of money: commodity and fiat. Commodity money has intrinsic value besides its specified worth, for example when gold coins are used as currency. Fiat money, first used in China in the 10th century, is money that is simply a token of exchange with no value other than that assigned to it by the government. A paper bank note is fiat money.
31,2,The function of money 
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37,2,Make money from money • 
37,i,Mesopotamia (present-day Iraq)= Virtojen välin! Kaksoisvirranmaa! Deaan kotimaa!
38,i,The word “bank” comes from the Italian word for “bench”, on which the bankers sat to conduct business.
38,h,"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." Mark Twain US author (1835–1910)
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63,31,IN CONTEXT FOCUS Economic methods KEY THINKER William Petty (1623–87) BEFORE 1620 English scientist Francis Bacon argues for a new approach to science, based on the collection of facts. AFTER 1696 English statistician Gregory King writes his great statistical survey of England’s population. 1930s Australian economist Colin Clark invents the idea of gross national product (GNP). 1934 Russian-US economist Simon Kuznets develops modern national income accounting methods. 1950s British economist Richard Stone introduces balanced, double-entry national accounting.
63,h,The idea of measuring the economy dates back to the 1670s and the pioneering work of English scientist William Petty. His insight was to apply the new empirical methods of science to financial and political affairs – to use real world data, rather than relying on logical reasoning. He decided to express himself only “in terms of number, weight, or measure”. This approach helped form the basis of the discipline that would become known as economics. In his 1671–2 book Political Arithmetick, Petty used real data to show that, contrary to popular belief, England was wealthier than ever. One of his ground-breaking decisions was to include the value of labour, as well as land and capital. Although Petty’s figures are open to dispute, there is no doubting the effectiveness of his basic idea. His calculations included population size, personal spending, wages per person, the value of rents, and others. He then multiplied these In his 1671–2 book Political Arithmetick, Petty used real data to show that, contrary to popular belief, England was wealthier than ever. One of his ground-breaking decisions was to include the value of labour, as well as land and capital. Although Petty’s figures are open to dispute, there is no doubting the effectiveness of his basic idea. His calculations included population size, personal spending, wages per person, the value of rents, and others. He then multiplied these figures to give a total figure for the nation’s total wealth, creating accounts for an entire nation.
65,h,Economists have now begun to broaden the measurement of prosperity. They have formulated new measures such as the genuine progress indicator (GPI), which includes adjustments for income distribution, crime, pollution, and the happy planet index (HPI), a measure of human well-being and environmental impact.
80,h,In the 20th century, much of the analysis of macroeconomies has revolved around the Keynesian multiplier. Keynes showed how government spending could stimulate further spending in a “multiplier effect”.
102,d,philosopher David Hume. An earlier French writer, Pierre de Boisguilbert, used the phrase laisse faire la nature (“leave nature alone”), by which he meant “leave business alone”.
105,d,"Consumption is the sole end and purpose of all production." Adam Smith
106,d,Demand in a market can change for many reasons. As it does so, the market responds by altering supply. This happens spontaneously – there is no need for a guiding hand or plan in a market that encourages competition among self-interested people.
107,p,"It is not from the benevolence of the butcher, the brewer or the baker that we expect our dinner, but from their regard to their self-interest." Adam Smith
109,p,"Human society, when we contemplate it in a certain abstract and philosophical light, appears like a great, an immense machine." Adam Smith
113,p,ADAM SMITH The founder of modern economics, Adam Smith was born in Kirkcaldy, Scotland, in 1723, six months after his father’s death. An absent-minded, reclusive scholar, he went to Glasgow University at the age of 14, then studied at Oxford University for six years before returning to Scotland to take up a professorship in logic at Glasgow University. In 1750, he met and became close friends with the philosopher David Hume. In 1764, Smith resigned his post at Glasgow to travel to France as tutor to the Duke of Buccleuch, a Scottish aristocrat. In France, he met the physiocrat group of economists and the philosopher Voltaire, and he began writing The Wealth of Nations. He devoted 10 years to the book before accepting a position as Commissioner of Customs. He died in 1790.
Key works 1759 The Theory of Moral Sentiments 1762 Lectures on Jurisprudence 1776 An Inquiry into the Nature and Causes of the Wealth of Nations See also: Economic man • The division of labour • Economic equilibrium • The competitive market • Creative destruction • Economic liberalism • Markets and social outcomes
115,2,The role of technology
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133,p,THOMAS MALTHUS Thomas Robert Malthus was born in Surrey, England, in 1766, and was given a liberal education by his father, a country squire. His godfathers were the philosophers David Hume and Jean-Jacques Rousseau. He was born with a hare lip and cleft palate and suffered a speech defect. At Cambridge University, Malthus was tutuored by a religious dissenter, William Frend, before being ordained into the Church of England in 1788. Like his teacher, he never shied away from controversy. In 1798, he published his Essay on the Principle of Population, the work that would bring him notoriety. In 1805, the new East India College appointed him Professor of Political Economy, a subject not yet taught at universities, which perhaps makes him the first academic economist. Malthus died of heart disease in 1834, aged 68. Key works 1798 An Essay on the Principle of Population 1815 The Nature of Rent 1820 Principles of Political Economy See also: Agriculture in the economy • Diminishing returns • The emergence of modern economies • Economic growth theories
186,d,Many public utilities are natural monopolies, including telephone networks, gas, and water. The fixed cost of setting up a network
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197,d,"The bourgeoisie… compels all nations, on pain of extinction, to adopt the bourgeois mode of production." Karl Marx, Friedrich Engels
198,h,While workers produced goods and services in return for a wage, the owners of capital – the industrialists and factory owners – sold those goods and services for profit. If, as Marx believed, a commodity’s value is based on the labour needed to produce it, capitalists must price the finished goods by first adding the price of labour to the initial commodity cost, then adding profit. In a capitalist system, the worker must produce more value than he receives in wages. In this way, capitalists extract a surplus value from the workers – this is profit.
198,h,To maximize profit, it is clearly in the interests of the capitalist to keep wages at a minimum, but also to introduce technology to improve efficiency, often condemning the workforce to degrading or monotonous work, or even unemployment. This exploitation of the workforce, seen by Marx as a necessary feature of capitalism, denies workers both an adequate financial reward and job satisfaction, alienating them from the process of production. Marx argued that this alienation would inevitably lead to social unrest.
200,h,Georg Hegel, which showed how contradictory notions are resolved in a process of dialectic: every idea or state of affairs (the original “thesis”), contains within it a contradiction (the “antithesis”), and from this conflict, a new, richer notion (the “synthesis”) arises.
203,d,Mixed economies In the decades following World War II, Western Europe developed a “third way” between communism and capitalism. Many European Union states still operate mixed economies with varying degrees of state intervention and ownership, although some, most notably Great Britain, have moved away from mixed economies towards a more laissez-faire
206,d,IN CONTEXT FOCUS Theories of value KEY THINKER Karl Marx (1818–83) BEFORE 1662 English economist William Petty argues that land is a free gift of nature and so all capital is “past labour”.
208,d,"All commodities, as values, are realized human labour." Karl Marx
208,h,Marx did not deny that supply and demand in the marketplace would influence the value or price of goods in the short run, but said that in the long run, the basic structure and dynamics of the value system must come from labour.
209,h,How can an artistic masterpiece be valued from the amount of labour hours used to make it? The defence to this critique is that a great work of art is an exception to the rule because it is a one-off. Therefore, there is no average quantity of labour from which to derive a price.
212,d,Adam Smith and David Ricardo linked the price of a product to the labour required in its production. This is called the classical labour theory of value.
217,d,"When the demand price is equal to the supply price, the amount produced has no tendency either to be increased or to be diminished; it is in equilibrium." Alfred Marshall
238,h,John Maynard Keynes was particularly damning of Walras’s approach, arguing that general equilibrium theory is not a good picture of reality because economies are never in equilibrium.
Property rights What is a just price? • 
Markets and morality You don’t need to barter when you have coins • 
Financial services Money causes inflation • 
The quantity theory of money Protect us from foreign goods • 
Protectionism and trade The economy can be counted • 
Measuring wealth Let firms be traded • 
Public companies Wealth comes from the land • 
Agriculture in the economy Money and goods flow between producers and consumers • 
The circular flow of the economy Private individuals never pay for street lights • 
Provision of public goods and services 
89,1,THE AGE OF REASON 1770–1820 Man is a cold, rational calculator • 
Economic man The invisible hand of the market brings order • 
Free-market economics The last worker adds less to output than the first • Diminishing returns Why do diamonds cost more than water? • 
The paradox of value Make taxes fair and efficient • 
The tax burden Divide up pin production, and you get more pins • 
The division of labour Population growth keeps us poor • 
Demographics and economics Meetings of merchants end in conspiracies to raise prices • 
Cartels and collusion Supply creates its own demand • 
Gluts in markets Borrow now, tax later • 
Borrowing and debt The economy is a yo-yo • 
Boom and bust Trade is beneficial for all • 
Comparative advantage 
170,1,INDUSTRIAL AND ECONOMIC REVOLUTIONS 1820–1929 How much should I produce, given the competition? • 
Effects of limited competition Phone calls are dearer without competition • Monopolies Crowds breed collective insanity • 
Economic bubbles Let the ruling classes tremble at a communist revolution • Marxist economics The value of a product comes from the effort needed to make it • 
The labour theory of value Prices come from supply and demand • 
Supply and demand You enjoy the last chocolate less than the first • 
Utility and satisfaction When the price goes up, some people buy more • 
Spending paradoxes A system of free markets is stable • 
Economic equilibrium If you get a pay rise, buy caviar not bread • 
Elasticity of demand Firms are price takers not price makers • 
The competitive market Make one person better off without hurting the others • Efficiency and fairness The bigger the factory, the lower the cost • 
Economies of scale The cost of going to the movies is the fun you’d have had at the ice rink • 
Opportunity cost Workers must improve their lot together • 
Collective bargaining People consume to be noticed • 
Conspicuous consumption Make the polluter pay • 
External costs Protestantism has made us rich • 
Religion and the economy The poor are unlucky, not bad • 
The poverty problem Socialism is the abolition of rational economy • 
Central planning Capitalism destroys the old and creates the new • 
Creative destruction 
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299,1,WAR AND DEPRESSIONS 1929–1945 
300,2,INTRODUCTION
301,h,Keynes himself saw it as part of a British Liberal tradition, in which the hard facts of economics are tempered by social considerations.
303,2,Unemployment is not a choice • 
Depressions and unemployment 
311,h,He famously said that “the treasury could fill old bottles with banknotes and bury them… and leave it to private enterprise on well tried principles of laissez-faire to dig the notes up again”. As long as the government injected demand into the economy, the whole system would start to recover.
319,p,JOHN MAYNARD KEYNES Born in 1883, the year that Karl Marx died, John Maynard Keynes was an unlikely saviour of the working class. Raised in Cambridge, England, by academic parents, he entered a life of privilege. He won a scholarship to Cambridge University, where he studied mathematics, then spent time working for the British government in India, and published his first book: Indian Currency and Finance. Keynes was an adviser at both the Paris Peace Conference after World War I and at the Bretton Woods Conference after World War II. He always did several things at once – while writing The General Theory, he built a theatre, and he counted leading writers and artists among his friends. Keynes made his fortune on the stock market, and used
 much of it to support his artist friends. He died of heart problems in 1946. Key works 1919 The Economic Consequences of the Peace 1930 A Treatise on Money 1936 The General Theory of Employment, Interest and Money See also: Free-market economics • Gluts in markets • The Keynesian multiplier • Inflation and unemployment • Rational expectations • Incentives and wages • Sticky wages
320,2,Some people love risk, others avoid it • Risk and uncertainty 
326,2,Government spending boosts the economy by more than what is spent • The Keynesian multiplier 
327,h,Keynes concluded that the fastest way to help an economy recover was to boost demand through an increase in short-term government spending.
331,2,Economies are embedded in culture • Economics and tradition 
333,h,Home-based economic activities such as cooking, cleaning, and childcare – in both traditional and modern economies – are done for their usefulness rather than for profit. Offer estimates that in late-20th-century Britain, this type of non-market production amounts to 30 per cent of national income.
337,2,Managers go for perks, not their firm’s profits • Corporate governance 
342,2,The economy is a predictable machine • Testing economic theories
342,h,In the 1930s, Norwegian economist Ragnar Frisch developed a new discipline that he called “econometrics”. His aim was to develop methods to explain and predict the movements of the economy.
343,d,"Intermediate between mathematics, statistics, and economics we find a new discipline which… may be called econometrics." Ragnar Frisch
344,2,Economics is the science of scarce resources • Definitions of economics 
347,2,We wish to preserve a free society • Economic liberalism 
350,h,"The more the state ‘plans’, the more difficult planning becomes for the individual." Friedrich Hayek
354,3,Birth of neoliberalism
355,3,New relevance
358,p,FRIEDRICH HAYEK Friedrich August von Hayek was born in Vienna, Austria, to a family of intellectuals. By the age of 23, he had received doctorates in law and politics, in addition to spending a year in the Italian army during World War I. Initially drawn to socialism, he attended Ludwig von Mises’s seminars while in Vienna, and with von Mises’s support founded the Austrian Institute of Business Cycle Research. In 1923, he travelled to New York for a year, and the accuracy of US newspaper accounts of the war compared to those in Austria led to his deep distrust of governments. In 1931, he moved to London to teach at the London School of Economics, and became embroiled in a very public, two-year argument with John Maynard Keynes. Hayek became a British citizen in 1938, but in 1950 left London for the University of Chicago. He died aged 93 in Freiburg, Germany, in 1992. Key works 1944 The Road to Serfdom 1948 Individualism and Economic Order 1988 The Fatal Conceit See also: Property rights • Economic man • Economic equilibrium • Central planning • The Keynesian multiplier • Shortages in planned economies
357,2,Industrialization creates sustained growth • The emergence of modern economies 
358,3,Industrial Revolution
361,p,SIMON KUZNETS Simon Kuznets was born in Pinsk, in present-day Belarus, in 1901. His involvement with economics began early – he became head of a Ukrainian statistical office while still only a student. After the Russian Revolution, Kuznets’ family left for Turkey, then the USA; he followed them in 1922.
Kuznets enrolled at Columbia University in New York, earning a PhD in 1926. He then worked at the National Bureau of Economic Research, where he developed the modern system of national income accounting used to this day by governments worldwide. In 1947, Kuznets helped set up the International Association for Research in Income and Wealth, advising many governments. He taught widely, and in 1971 won the Nobel Prize for his analysis of Modern Economic Growth. He died in 1985, aged 84. Key works 1941 National Income and Its Composition, 1919–1938 1942 Uses of National Income in Peace and War 1967 Population and Economic Growth 
362,2,Different prices to different people • Price discrimination 
364,3,Discriminatory effects
367,1,POST-WAR ECONOMICS 1945–1970 
368,2,INTRODUCTION
368,3,Post-war Keynesianism
369,3,Free-market revival
371,2,In the wake of war and depression, nations must cooperate • International trade and Bretton Woods 
372,3,Abandoning gold
373,h,In 1947, a General Agreement on Tariffs and Trade (GATT) aimed to rebuild international trade.
374,2,All poor countries need is a big push • Development economics 
378,3,Building simultaneously
379,3,Essential linkages
383,3,Market-friendly policies
384,3,POST-WAR DEVELOPMENT IN LATIN AMERICA
386,2,People are influenced by irrelevant alternatives • Irrational decision-making 
387,3,Irrational choice
390,2,Governments should do nothing but control the money supply • Monetarist policy 
393,3,Theory of consumption
396,3,Natural unemployment
397,h,The conclusion was clear: it is futile for governments to try to stabilize employment through fiscal policy. Increasing the money supply likewise only leads to higher prices. In the long run, the Phillips Curve is a straight vertical line at the natural rate of unemployment.
403,2,The more people in work, the higher their bills • Inflation and unemployment 
404,3,Inflation or employment?
409,2,People smooth consumption over their life spans • Saving to spend 
411,3,Lifetime savings
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414,2,Institutions matter • Institutions in economics 
419,2,People will shirk if they can • Market information and incentives 
425,2,Theories about market efficiency require many assumptions • Markets and social outcomes 
428,h,“Pareto efficiency”. In a Pareto-efficient situation, it is impossible to make one person better off without making another person worse off.
435,2,There is no perfect voting system • Social choice theory 
436,d,"In a capitalist democracy there are essentially two methods by which social choices can be made: voting…and the market mechanism." Kenneth Arrow
440,2,The aim is to maximize happiness, not income • 
451,2,The economics of happiness Policies to correct markets can make things worse • The theory of the second best 
456,2,Make markets fair • The social market economy 
457,h,what Müller-Armack called a social market economy: not just a “mixed economy”, with government providing a bare minimum of necessary public goods, but a middle way between free-market capitalism and socialism that aimed for the best of both worlds. Industry remained in private ownership, and was free to compete, but government provided a range of public goods and services, including a social security system with universal health care, pensions, unemployment benefit, and measures to outlaw monopolies and cartels (agreements between firms). The theory was that this would allow the economic growth of free markets, but at the same time produce low inflation, low unemployment, and a more equitable distribution of wealth.
459,h,The so-called Nordic model is characterized by generous welfare systems and a commitment to fair distribution of wealth, achieved through high taxes and public spending. These countries have enjoyed high living standards and strong economic growth, helped by having small populations with strong manufacturing industries and, in the case of Norway, oil.
460,2,Over time, all countries will be rich • Economic growth theories 
464,2,Globalization is not inevitable • Market integration 
467,h,Christopher Columbus stumbled across the Americas on an expedition intended to find a new trade route to China. Such efforts to globalize trade have taken place for centuries.
468,i,stymie trade=
474,2,Socialism leads to empty shops • Shortages in planned economies 
477,i,Bailouts=
480,2,What does the other man think I am going to do? • Game theory 
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486,d,"Game theory is rational behaviour in social situations." John Harsanyi US economist (1920–2000)
494,2,Rich countries impoverish the poor • Dependency theory 
499,2,You can’t fool the people • Rational expectations 
508,2,People don’t care about probability when they choose • Paradoxes in decision-making 
513,2,Similar economies can benefit from a single currency • Exchange rates and currencies 
515,h,different currency for every postcode in a city would be very inefficient. On the other hand, one currency for the entire world would be an undesirable straitjacket on so many diverse economies.
522,2,Famine can happen in good harvests • Entitlement theory 
527,2,CONTEMPORARY ECONOMICS 1970–PRESENT 
528,h,The social policies of so-called Reaganomics and Thatcherism were influenced by the Austrian-born economist Friedrich Hayek, who put the individual, not the state, at the heart of economic thinking, and by economists who saw tax cuts as a means of increasing tax revenue.
529,d,BRIC nations (Brazil, Russia, India, and China).
530,2,It is possible to invest without risk • Financial engineering 
540,2,People are not 100 per cent rational • Behavioural economics 
550,2,Tax cuts can increase the tax take • Taxation and economic incentives 
556,2,Prices tell you everything • Efficient markets 
558,2,Over time, even the selfish cooperate with others • Competition and cooperation 
561,2,Most cars traded will be lemons • Market uncertainty 
566,2,The government’s promises are incredible • Independent central banks 
572,2,The economy is chaotic even when individuals are not • Complexity and chaos 
577,2,Social networks are a kind of capital • Social capital 
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579,2,Education is only a signal of ability • Signalling and screening 
582,2,The East Asian state governs the market • Asian Tiger economies 
594,2,Beliefs can trigger currency crises • Speculation and currency devaluation 
604,2,Auction winners pay over the odds • The winner’s curse 
609,2,Stable economies contain the seeds of instability • Financial crises 
622,2,Businesses pay more than the market wage • Incentives and wages 
625,2,Real wages rise during a recession • Sticky wages 
627,2,Finding a job is like finding a partner or a house • Searching and matching 
631,h,US economist Edmund Phelps argues that globalization is a big factor in this, as jobs created in richer countries tend to be in “non-tradable” sectors such as government and healthcare, while tradable jobs (such as phone-making) have moved to countries such as China and the Philippines, where wages are generally low. Resolving problems like these is one of the chief concerns for economists today.
632,2,The biggest challenge for collective action is climate change • Economics and the environment 
635,h,There are strong arguments for government intervention: the atmosphere can be considered in economic terms as a public good, which tends to be under-supplied by markets; pollution can be seen as an externality where the social costs of an action are not reflected in prices and so are not fully borne by the person taking it. For these reasons Stern described climate change as the greatest market failure ever experienced.
641,2,GDP ignores women • Gender and economics 
642,h,For example, an environmentalist would say that GDP does not allow for the depletion of natural resources. Deforestation generally adds to GDP, assuming the timber is sold. But a potentially irreplaceable natural resource is being consumed, and GDP gives no indication of this. Similarly, if an economic activity produces pollution, GDP would count only the products sold, and ignore the undesirable undesirable side effects, such as loss of biodiversity or worsened public health.
644,i,United Nations System of National Accounts (UNSNA),
646,2,Comparative advantage is an accident • Trade and geography 
648,2,Like steam, computers have revolutionized economies • Technological leaps 
651,2,We can kick-start poor economies by writing off debt • International debt relief 
656,2,Pessimism can destroy healthy banks • Bank runs 
666,2,Savings gluts abroad fuel speculation at home • Global savings imbalances 
668,h,Saving seems, at first sight, a prudent thing to do, a safeguarding of the future. However, savings in the global capitalist world are a mixed blessing. Any money that goes into savings is money lost to direct investment or consumer spending, but it doesn’t just vanish.
674,2,More equal societies grow faster • Inequality and growth 
679,2,Even beneficial economic reforms can fail • Resisting economic change 
684,2,The housing market mirrors boom and bust • Housing and the economic cycle 
686,h,Economists have analysed the relationship between the housing market and the overall economy, and believe that by studying the levels of investment in housing, it is possible to accurately forecast recessions and recoveries. In their 2006 book Housing Prices and the Macroeconomy,
Kishtainy, Niall. The Economics Book (Big Ideas) (p. 687). Dorling Kindersley Ltd. Kindle Edition. 
689,1,DIRECTORY 
GLOSSARY 
706,d,Capitalism An economic system in which the means of production are privately owned, firms compete to sell goods for a profit, and workers exchange their labour for a wage.
708,d,Factors of production The inputs used to make products or services: land, labour, capital, and enterprise.
CONTRIBUTORS 
ACKNOWLEDGMENTS 
COPYRIGHT
Kishtainy, Niall. The Economics Book (Big Ideas) (pp. 1-7). Dorling Kindersley Ltd. Kindle Edition. 
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#eng DK-Ecomomics - another Giant of Knowledge
Happy to have found DK, this fantastic source of knowlwdge, after having perused Philosophy and Politics, I grabbed my own speciality Economics, and, indeed, was not disappointed! As retired professor of economics I expected to find a repeating course of everything I had learned and lectured, written during my career. And I really found it, but not only that, but a giant wide background of it, of course the nucleus of my knowledge but also a thick layer around it, up to thick but not dense layer of unknown but interesting items.
Everything here is presented in the new revolutionary DK-way completely permeated by dense internal linkage to such an extent that it can without the least exaggeration be named a new genre, new at least to me, although I have read only ebooks already during the last five years and can consider myself a specialist in textbooks having myself published 27 editions of mainly textbooks, all in paper format. Now fingers are itching to get at least one of my obliterate, because of their strong fresh econometric foundation, texts transformed to this DK format. The same concerning my two present translations from Russian to English and Finnish, both two being particularly suitable for rich internal linking, one of them already having that to large extent as well as the discoursive spirit of the text being lented to this easy-learning way. Good bye thick hand-written notes for exam preparation tags. Of course, own hand-written has its advantages compared with ready-made author-prepared, but so have the latter, too, like automobiles over horsebuggies.
What is then particular in this DK Economics? Absolutely the topmost is the feature that every time a person, an authority is mentioned, the name is made a link to he or she being mentied elsewhere in this book, to peronal profile or to contribution to the topic now in question. You can, according to need and interest, look up or pass this link. Anyway, you cannot avoid paying notice to the frequency of a name in the text. It soon becomes clear that Adam Smith and Keynes are the real heroes of this book, quite rightly so, also in my opinion. It seems to me that in addition to all the real classics, almost all Economics Nobel Price winners get this honorifying link treatment. Except, to my astonishment, my favorite econometrician L.R. Klein. Why my favorite? Because my personal contact with him.  Even if by a few hanshakes, but two terms of listening his lectures in Penn Uni and reading his widely popular book of The Keynesian Revolution and most importantof all having learned through his famous Klein's Kit booklet the main tool for my life's work, te Iterative Solution of a Macroeconomic Models. Indeed, Klein would have deserved being mentioned in this DK Economics along with Tinbergen and Frish, especially as econometrics as such gets a fair attention, for its significance in general, although none of its core principles, also a small disappointment. But all main doctrines and connections of economics as science and economic policies are profoundly treated in logical as well as their intuitive origins by personal flying wordings of the authors.
When reading about the myriades of the more dimmed stars, I come to the idea that this is even too much, a whole encyclopedia even for serious professionals. Something thinner, perhaps a half or even a third of the present would be needed for newcomers, studying youth as well as interested amateurs or practical representatives of business and administration. Therefore suggestion to publishers: Why not edit a shorter version before somebody else does it? I am convinced that the loss in pages brings a gain in readers and would not disappoint in sales either.
Anyway: full five stars assessment with laurel wreath!
#rus DK-Ecomomics - еще один гигант знаний
Счастлив, что нашел DK, этот фантастический источник знаний, после ознакомления с DK Philosophy и DK Politics, я взял свою специальность «Экономика» и, действительно, не был разочарован! Как профессор экономики на пенсии, я ожидал найти повторяющийся курс всего, чему я научился и читал лекции, написал в течение моей карьеры. И я действительно нашел это, но не только это, но и гигантский широкий фон этого, конечно, ядро ​​моих знаний, но также и толстый слой вокруг него, вплоть до толстого, но не плотного слоя неизвестных, но интересных предметов.
Здесь все представлено в новом революционном DK-образе, полностью пронизанном плотной внутренней связью до такой степени, что его можно без малейшего преувеличения назвать новым жанром, новым по крайней мере для меня, хотя я читал уже только электронные книги в последние годы, пять лет и могу считать себя специалистом по учебникам, опубликовав 27 выпусков, в основном учебников, все в бумажном формате. Теперь пальцы жаждут стереть хотя бы один из моих текстов, преобразовать в этот DK-формат, хотя устаел благодаря их свежей и прочной эконометрической основе. То же самое и с двумя моими нынешними переводами с русского на английский и финский, оба из которых особенно подходят для богатых внутренних ссылок, один из них уже имеет это в значительной степени, а также дискурсивный дух текста, перенесенного на этот легкий для изучения способ. До свидания толстые рукописные заметки для тегов подготовки к экзаменам. Конечно, собственноручная рукопись имеет свои преимущества по сравнению с готовой авторской, но и последняя тоже имеет свои преимущества, как автомобили перед лошадьми.
Что же тогда особенного в этой DK Economics? Абсолютно самая важная особенность заключается в том, что каждый раз, когда упоминается человек, авторитет, имя становится ссылкой на его или ее упоминание в другом месте этой книги, на личный профиль или на участие в обсуждаемой теме. Вы можете, в зависимости от ваших потребностей и интересов, просмотреть или передать эту ссылку. В любом случае, вы не можете не обращать внимания на частоту упоминания имени в тексте. Вскоре становится ясно, что Адам Смит и Кейнс - настоящие герои этой книги, и я считаю, что это совершенно справедливо. Мне кажется, что в дополнение ко всей настоящей классике почти все лауреаты Нобелевской премии по экономике получают эту почетную ссылку. За исключением того, что, к моему удивлению, мой любимый эконометрист Л. Кляйн. Почему мой любимый? Потому что мой личный контакт с ним. Пусть даже несколько рукопожатий, но два срока - прослушивание его лекций в Пенсильванском университете и чтение его широко популярной книги Кейнсианской революции и, что наиболее важно, из всего, что из его знаменитого буклета «Комплект Кляйна» выучили главный инструмент в работе моей жизни, итеративмое решение макроэкономических моделей. В самом деле, Кляйн заслужил упоминание в этой DK Economics вместе с Тинбергеном и Фришем, тем более что эконометрика как таковая получает должное внимание из-за ее значения в целом, хотя ни один из ее основных принципов не вызывает большого разочарования. Но все основные доктрины и связи экономики как науки и экономической политики глубоко трактуются как с логической, так и с интуитивной точки зрения в личных летучих формулировках авторов.
Читая о мириадах более тусклых звезд, я прихожу к мысли, что это даже чересчур, целая энциклопедия даже для серьезных профессионалов. Что-то более тонкое, может быть, половина или даже треть нынешнего понадобится новичкам, учащейся молодежи, а также заинтересованным любителям или практичным представителям бизнеса и администрации. Поэтому предложение издателям: почему бы не отредактировать более короткую версию, прежде чем это сделает кто-то другой? Я убежден, что потеря страниц приносит пользу читателям и не разочарует в продажах.
В любом случае: полная оценка в пять звезд с лавровым венком!
#fin DK-Ecomomics - taas yksi tiedon jättiläinen
Onneksi olen löytänyt DK:n, tämän upean tietolähteen, tutustuessani filosofiaan ja politiikkaan, tartuin omaan aiheeseeni taloustieteeseen enkä todellakaan pettynyt! Eläkkeellä olevana taloustieteen professorina odotin löytäväni kertauskurssin kaikesta, mitä olen oppinut ja luennoinut, kirjoittanut urani aikana. Ja löysin sen todella, mutta ei vain sen, vaan jättimäisen laajan taustan, tietysti tietämykseni ytimen, mutta myös paksun kerroksen sen ympärillä, aina paksuun, mutta ei tiheään tuntemattomien mutta mielenkiintoisten asioiden kerrokseen.
Kaikki täällä on esitetty uudella vallankumouksellisella DK-tavalla, joka on tiheän sisäisten linkkien verkoston avulla kauttaaltaan katettu siinä määrin, että sitä voidaan vähääkään liioittelematta kutsua uudeksi tyylilajiksi, ainakin minulle uudeksi, vaikka olen lukenut vain e-kirjoja jo viimeisen viiden vuoden ajan ja voin pitää itseäni oppikirjojen asiantuntijana, koska olen julkaissut 27 painosta pääasiassa oppikirjoja, kaikki paperimuodossa. Nyt sormet kutisevat saadakseen laatia ainakin yhden jo vanhentuneen tekstin, vahvan tuoreen ekonometrisen perustan vuoksi tähän DK-muotoon. Sama koskee kahta nykyistä käännöstäni venäjästä englanniksi ja suomeksi, jotka molemmat sopivat erityisen hyvin rikkaaseen sisäiseen linkittämiseen, toisella niistä on se jo suuressa määrin olemassa samoin kuin tekstin diskursiivinen henki valmiina tälle helposti opittavalle tavalle. Hyvästi paksut käsin kirjoitetut muistiinpanot tenttiin valmistautuvalle. Tietysti omalla käsinkirjoitetulla on etuja verrattuna valmiisiin kirjoittajien valmistamiin, mutta niin on myös tekijän laatimilla, kuten autolla hevoskärryyn verrattuna. 
Mitä sitten on tässä DK Economicsissa erityistä? Ehdottomasti ylin on se piirre, että joka kerta kun joku henkilö, auktoriteetti mainitaan, nimestä tehdään linkki mainitaan hänestä muualla tässä kirjassa, henkilöprofiiliin tai panokseen nyt kyseessä olevaan aiheeseen. Voit katsoa tai jättää väliin tämän linkin tarpeen ja kiinnostuksen mukaan. Joka tapauksessa et voi välttää huomaamasta nimen esiintymistiheyttä tekstissä. Pian käy selväksi, että Adam Smith ja Keynes ovat tämän kirjan todelliset sankarit, aivan oikein, myös mielestäni. Minusta tuntuu, että kaikkien todellisten klassikoiden lisäksi melkein kaikki Economics Nobel Price -voittajat saavat tämän kunnianosoituslinkkikäsittelyn. Paitsi hämmästyksekseni minun suosikkini ekonometrikko L.R. Klein. Miksi suosikkini? Koska minulla on henkilökohtainen yhteyteni häneen. Vaikka vain muutama kädenpuristus, mutta kaksi lukukautta kuuntelemalla hänen luentojaan Penn Unissa ja tenttimällä hänen laajalti suosittu kirjansa The Keynesian Revolution, ja mikä tärkeintä, olen oppinut kuuluisan Klein's Kit -kirjasen kautta elämäntyöni päätyökalun, makrotaloudellisisten mallien iteratiivisen ratkaisumenetelmän. Klein olisi ehdottomasti ansainnut mainitsemisensa tässä DK Economicsissa yhdessä Tinbergenin ja Frishin kanssa, varsinkin kun ekonometriaan sinänsä kiinnitetään huomiota sen merkityksseen yleensä, vaikka mitään sen perusperiaatteita ei olekaan mainittu, mikä kyllä on myös pieni pettymys. Mutta kaikkia taloustieteen, kuten tieteen ja talouspolitiikan, tärkeimpiä oppeja ja yhteyksiä käsitellään syvällisesti sekä loogisessa että intuitiivisessa mielessä, alkuperäisin kirjoittajien henkilökohtaisin siteerauksin. 
Kun luen lukemattomista himmeämmistä tähdistä, tulen ajatelleeksi, että tämä on jopa liikaa, koko tietosanakirja jopa vakaville ammattilaisille. Jotain ohuempaa, ehkä puolta tai jopa kolmasosaa nykyisestä tarvittaisiin tulokkaille, opiskeleville nuorille sekä kiinnostuneille harrastajille tai liike-elämän ja hallinnon edustajille. Siksi ehdotus kustantajille: Miksei muokata lyhyempää versiota ennen kuin joku muu tekee sen? Olen vakuuttunut siitä, että sivujen häviäminen tuo voittoa lukijoihin eikä tuota pettymyksiä myynnissäkään.
Joka tapauksessa: täyden viiden tähden arvio laakeriseppeleellä!
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DK-Economics-ajk*,$12.64#enfi,loca
1,718,718,eco,eng,20210227,20210311,5,DK: Ecoomics Book
ama,https://www.amazon.com/s?k=DK+Economics&rh=n%3A154606011&ref=nb_sb_noss
eng,
Kishtainy, Niall. The Economics Book (Big Ideas) (pp. 1-7). Dorling Kindersley Ltd. Kindle Edition.