The network economy is represented in electronic commerce transactions, business, finance, communications, and social conditions (Coyne). Due to a line of economic, political, social, and historical factors, developing countries experience many challenges (Howe 208).
The book by Todd G. Buchholz turned out to be more interesting and useful than I expected. This book is a godsend for university teachers whose undergraduate students annoy them for appropriateness in the teaching of economic theory. It will be believed as an essential text, and for many principal directions of theory methods, it must also take its place on the bookshelf of every successful economist.
Buchholz likes risk. He tries to gain popular favor by crude appeals constantly; he never hesitates about making unsuitable declarations that provoke debate. In 300 pages, he falls into the plan of highly influential economic problems from Adam Smith’s discord of work through to monetarism, Rational Expectations, and public choice theory. The book is written in simple words for the profane public, at velocity, and in a delusive lightweight style, without ever introducing error.
Buchholz’s book has three advantages. First, in the origin is veritably deep knowledge of erudition in the history of economics, intentionally underacted by the writer who tends to seem more journalist than a scientist. Second is the audacity and power with which complicated and stimulating theoretical issues are precisely and compactly summed up, often into separate paragraphs. The third is the tranquil, specific style, intended for the young student and profane public, spicy because of witty jokes and economist funny stories.
Only two-thirds of this work of literature is really about dead economists; the last third tells about the second half of the twentieth century and takes notice of economic speculators who are still alive. The final chapter accepts that economics is incomplete, and that all economists heretofore have had certain restrictions, and that the perpetual interaction between the private economy and the government is combined with a common thread that goes through all economic discussions.
Many books spread complicated sources on economics by simplifying it exaggeratedly, or on the foundation of groundless erudition, or by calculating unexpected kicks against certain economists or economic teachings.
Certain parts are represented as a theoretical reason for discounting the public choice school’s gloom about government because the government has no effect anyway. There is perhaps a touch of disingenuousness here (the policy ineffectiveness proposition is related really to macroeconomic policy, whereas the public choice critique, is more focused on micro policy). A more sufficient issue for economists is that Buchholz has also met a more complicated unformulated challenge: to be populist and approachable without losing the essence. It’s the clearest focal point on big economic issues and the clearness with which they have been purified into this book that convinces the professional reader to pardon the provoking secondary action with which Buchholz tempts the profane public into listening to the firm essence (Bertram 1).
“The practice of economics is just beginning to understand the profound implications and diverse problems of technological change. The issue of innovation and intellectual property should receive more attention from economics because the pace of innovation has increased and a larger share of goods is sold with intellectual property rights protection” (Mann 119).
Works Cited
Bertram, Geoff. “New Ideas from Dead Economists, an Introduction to Modern Economic Thought.” Economic Record 76 (2000): 312.
Coyne, Richard. Cornucopia Limited: Design and Dissent on the Internet. MIT Press, 2005.
Howe, M. Brendan. International Studies Primer. Jang-Hee Yoo series on international studies. Ewha Woman’s University Press, 2005.
Mann, Roger. Antimarket economics: blind logic, better science, and the diversity of economic competition. Greenwood Publishing Group, 1996.