The Economic Naturalist : Why economics explains almost everything by Robert H. Frank

The Economic Naturalist : Why economics explains almost everything

The Economic Naturalist : Why Economics Explains Almost Everything, is the author, Robert H. Frank’s answer to one burning question in his long teaching career – how to make learning economics fun for his students. As a professor teaching economics in Cornell University, he constantly struggles to find better ways to teach the basic principles of economics to his students without relying solely on complex graphs and dry theories.

Robert Frank figures the better way for his students to learn economics is to have them understand the impact economics has on everyday things. To do that, he compiled a list of questions his students have on things in their daily life and he answers those questions in this book using economics principles and theories.

Through his answers, he manages to illustrate the effects of economics on everyday things (from Why is milk sold in rectangular containers? to Why equally talented workers doing the same job aren’t paid the same salary?) using basic economic principles such as Cost-Benefit principles, Economy of Scale, Demand and Supply dynamics and Opportunity Cost.

Although the author lost a bit of focus along the way by including factors other than economics like history, human psychology and governmental rules & regulations, his book delivers its promise to give readers interesting insights on how economics has substantially influences many things in our daily life from the design of products we use to the wages we take home.

The Economic Naturalist is a must read students of economics as it contains tons of examples to supplement those graphs and theories that your lecturer has been trying to drill into your head. For the rest of us, the interesting questions in the book can be a good conversation starter and knowing the answers to those questions (like the one about why there are salary differences amongst equally skilled workers) will certainly help you make better decisions regarding your career & finance.

Review by: Leong Hoe Wah

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