Economics: Taking the Mystery Out of Money

One of the greatest economic crises in history, the Great Depression of the 1930s caused much hardship both in the United States and throughout the world. The economic impact of this difficult period was reflected not only in the job market of the era but in its art, society, and politics as well. Illuminating information allows readers to examine the economic causes and effects of the Great Depression, as well as the federal and global responses to the crisis, and gives an in-depth look at how literature, theater, film, and more began to reflect the new social realities of the time.

In many ways, modern economics can be seen as the sum total of the works of leading thinkers in the field. Including Adam Smith with his groundbreaking study of capitalism and Paul Krugman's study of international trade patterns, economists have continued to increase our understanding of the principles of the world's economic systems. Engaging profiles of the most notable contributors to economic thought are provided and the impact they continue to have throughout the world today is examined.

Banks and businesses today often deal with so many different operations, it may be seem difficult to see the purpose of each and how they relate to each other or how they relate to our daily lives. Like individuals, businesses rely on banks, and when banks are not practical, they find other means for financing, or raising and managing funds. Readers examine the role of banks and the process of business financing as insightful text breaks down such terms as interest rate, capital, dividend, and much more.

Money can be paper or metal, can come in dollars, euros, pesos, or one of many other forms of currency, and can be used to pay for goods and services. Explanations of topics such as how we determine value, what exactly capital is and how it relates to money, and more are examined through accessible text. The gold standard, various currencies from around the world, and interest theory are also covered.

Although individuals and countries, for centuries, have exchanged goods and services for money, the formal field of economics-the study of wealth and how it is produced and distributed-is relatively young. Since Adam Smith's pioneering work in the 18th century, economics has developed a great deal, and with it, so has our understanding of market systems, such as capitalism and centrally planned systems. A detailed explanation of the scope of economics, historical development, and the strengths and weaknesses of various economic systems is provided.