An accessible, thoroughly engaging look at how the economy really works and its role in your everyday lifeNot surprisingly, regular people suddenly are paying a lot closer attention to the economy than ever before. But economics, with its weird technical jargon and knotty concepts and formulas can be a very difficult subject to get to grips with on your own. Enter Greg Ip and his Little Book of Economics. Like a patient, good-natured tutor, Greg, one of today's most respected economics journalists, walks you through everything you need to know about how the economy works. Short on technical jargon and long on clear, concise, plain-English explanations of important terms, concepts, events, historical figures and major players, this revised and updated edition of Greg's bestselling guide clues you in on what's really going on, what it means to you and what we should be demanding our policymakers do about the economy going forward.* From inflation to the Federal Reserve, taxes to the budget deficit, you get indispensible insights into everything that really matters about economics and its impact on everyday life* Special sections featuring additional resources of every subject discussed and where to find additional information to help you learn more about an issue and keep track of ongoing developments* Offers priceless insights into the roots of America's economic crisis and its aftermath, especially the role played by excessive greed and risk-taking, and what can be done to avoid another economic cataclysm* Digs into globalization, the roots of the Euro crisis, the sources of China's spectacular growth, and why the gap between the economy's winners and losers keeps widening

Foreword xiiiIntroduction xixChapter One The Secrets of Success 1Chapter Two Economic Bungee Jumping 25Chapter Three In-Flight Monitor 37Chapter Four Labor Pains 53Chapter Five Fire and Ice 71Chapter Six Drop the Puck! 93Chapter Seven All the World's an ATM 111Chapter Eight The Price of Economic Freedom 123Chapter Nine All the President's Men 141Chapter Ten The Buck Starts Here 155Chapter Eleven White Smoke over the Washington Mall 167Chapter Twelve When the World Needs a Fireman 187Chapter Thirteen The Elephant in the Economy 201Chapter Fourteen Good Debt, Bad Debt 219Chapter Fifteen Love-Hate Relationship 237Acknowledgments 257About the Author 259