If, like me, you find economics a labyrinth, this book is a map. It helps you understand how evolution and innovation have shaped your financial situation.
This book, despite its “shortest history” label, was a surprisingly dense read. Although my core strengths lie in science and the arts, not commerce, I have always understood money on a basic consumer and small-time saver level. This book, however, opened my eyes to how my “economic journey” is part of a much larger cycle of social and environmental norms.
Andrew Leigh, formerly a professor at the Australian National University and currently the Assistant Minister for Competition, Charities, and Treasury in Australia, offers a comprehensive view of economics using a “bird’s-eye view.” He examines the evolution of the world order, the progression of life, and various factors that shape our well-being, painting a macro picture of this complex subject. I would aptly call it a “springboard” into the world of economics.
Let me begin from the end, where the author shares that the book tackles three key objectives, ‘telling the story of capitalism and the market system’s emergence; discussing the key ideas and individuals shaping economics; and outlining how economic forces have influenced world history’. It successfully achieved all three for me, and my “ignorant self” was enlightened by the fortunate reality that I live in an era where most of humanity has access to education, vaccines, and the internet.
Divided into 14 chapters, each chapter highlights a milestone in human evolution and its impact on economic well-being. The author takes us on a journey, starting in prehistoric Africa and traveling to agricultural societies around the globe, including major powers like the US, UK, and Europe. He explains how geographic advantages played a role in Europe’s development into a supportive community, contrasting it with the “vertical continents” of Africa and America, where diverse natural resource distribution initially shaped their economies and led to disparities.
The book, a veritable powerhouse of information, delves into our human journey, starting with short lifespans and nomadic existence, progressing to settled communities, bartering, trade, and the invention of paper money. It also includes fascinating tidbits, demonstrating how even innovations and intangible concepts like beauty influence the economic landscape.
To cite two examples, it was interesting to know how the popular boardgame, Monopoly, was invented as ‘The Landlord’s Game’ by feminist writer Lizzie Maggie in the late 1800s. She designed the game to highlight the power of ‘robber barons’, developed after reading the ideas of economist Henry George.
Another astounding case goes to 2005, when ‘Canadian blogger Kyle Macdonald traded his way from a red paperclip for a house’.
The book’s scope extends beyond traditional economic narratives. It highlights the significant roles of art, sports, games, governments, regimes, world wars, famines, technology, artificial intelligence, human behavior, marketing strategies, and hyperinflation. It provides an accessible introduction to how governments manage recessions and inflation, how geographical and social factors influence our material well-being, and how communities can collaborate for mutual benefit.
Key Takeaways for a Brighter Future
1. Economics is concerned with well-being; money is simply a measuring tool.
2. Economics considers various factors, including organized and unorganized work, behaviors, disparities, and inequities, to create checks and balances.
3. Open democracies and education are fundamental for economic growth.
4. Incentives and specialization can pave the path to advancement.
5. While innovation is crucial, true growth requires balanced supply and demand.
The book is enriched with photographs and informative snippets about individuals of various ages, ideologies, inventions, and historical shifts. The author’s engaging storytelling style transforms what might be perceived as a “dismal subject” into an enlightening experience.
Concise reads like this “Shortest History” series by Pan Macmillan are invaluable tools for anyone seeking to expand their knowledge. Public libraries might face declining footfall, but school, college, and online libraries should certainly stock these books. After all, as the book aptly concludes, “learning to think like an economist can change your life for the better.”
Book Details
Publisher: Picador India (Pan Macmillan India)
Language: English
Paperback: 240 pages
Price: INR 499 (Kindle edition available)
This book was part of the book review programme by Pan Macmillan India. However, the views expressed are under my editorial purview.
Blogaberry Dazzle’ hosted by Cindy D’Silva and Noor Anand Chawla in collaboration with Mads’ Cookhouse.
Queen of Treasures 
I could not make up my mind whether I would like to read this book because Economics and Finance are my Bete Noire but it seems from your review that it is not about economic principles only but rather the scope of economy and how nations and people can advance. Also ‘The engaging storytelling” becomes another brownie point in favor of this book.
LikeLiked by 1 person
Even your rather crisp n interesting review isn’t luring enough for me to read this book Ambica🙈. I remember when I was in class 7, we had to choose a 6th subject and my class teacher chose Economics for me… I attended one class and ran to join Home Science… hahaha. That’s how much I wasn’t interested in the subject. Having said that, because this book encompasses the broader aspects of Economics n not as we know the subject… it must he read worthy. I will recommend it to my husband.
LikeLiked by 1 person
😉
LikeLike
Economics is concerned with well-being wow! I just recall my economics teacher explaining a para in passive voice after we asked her a question when she read from the book in active voice. Maybe she should have read this book to answer our questions properly so we understood the subject at least!
LikeLiked by 1 person
Your review is very insightful and relatable! I appreciate how you described the book as a guiding map through the complexities of economics, a subject many find challenging to navigate. The anecdotes about Monopoly’s origins and Kyle Macdonald’s trading journey were especially intriguing, highlighting the real-world impact of economic concepts.
Overall, your review has sparked my interest in exploring this enlightening read further. Thanks for sharing your thoughts!
LikeLiked by 1 person
Seeing money as a whole new thing with this book. Did not explore this genre of books anytime before. I guess I want to give it a try, but not sure I might as well like it
LikeLiked by 1 person
I have never studied economics and I can’t even imagine myself reading a book on the history of economics. But as you mentioned, even I’m sure this book will be a great addition to the school and college libraries.
LikeLiked by 1 person
Economics from how things evolved starting from nomadic life this must be a great read. I like the way you mentioned takeaways. A well thaught review. 😊
LikeLiked by 1 person
Not exactly up my alley, in fact I wouldn’t even give such a book a second glance at a bookstore. But your detailed review and the key takeaways made me look it up on Amazon, which is a direct reflection on how well you’ve talked about the book and your experience of reading it. Might skip reading it as is the norm with me, but at least I know something about the book and the author because of you. So thank you for that 🙂
LikeLike
I saw this book at Amazon when I was checking out your other recommendation, The Shortest History of Israel and Palestine. Not a kind of book I would generally pick. But after reading your review, it has definitely piqued my interest. Got to check it out. Thanks for such unique recommendations, Ambica.
LikeLiked by 1 person
I genuinely enjoyed Economics until Class 12. Somehow, taking up a graduate degree course in it (as I did) was a bit much, I feel 😛
LikeLiked by 1 person
Economics has never been my subject but I had a wonderful professor to teach me in University who used to urge me to start reading it when I’m older and have the time and patience for it. I now think the time has come. I’m adding this book to my TBR and from your review I feel that this is a must-read for me. Thank you Ambica.
LikeLiked by 1 person
That’s wonderful news! I was actually studying economics myself. I completely agree with your point about the book being a valuable addition to school and college libraries. Having resources like this accessible to students is really important as it helps them improve their learning and deepen their understanding of the subject.
LikeLiked by 1 person
the key takeaways you mentioned sound like valuable nuggets of wisdom for navigating not just the economic landscape, but life in general. Understanding economics as a tool for well-being rather than just money management is a powerful perspective shift.
LikeLiked by 1 person
Ambica Finance is my area of expertise and when you are studying Finance you have to learn Economics to understand the demand and supply curves and various other aspects that connect Finance with economics. So Yes, I am inclined towards these two subjects and strongly believe that they are the base subjects in today’s time which gives wings to other branches of studies to expand. In short this is definitely will be a great read for me and I am glad you recommended it. The way you describe the key takeaways of the book is really interesting and overall review gives a clear indication what we as a reader will gain as knowledge from this book. Thanks a lot for this outstanding Ambica. I can see the 50 shades of grey in your knowledge hut. You are impressing me every day.
LikeLiked by 1 person
I am.glad to have found a reader!
LikeLike
Very interesting! My background is economics and this book sounds like a compelling read! Loved reading about Monopoly’s history and the case of Kyle McDonald. Will definitely look him up!
LikeLiked by 1 person
Happy.Reading
LikeLike
I completely agree with you about how great short books like this series can be. Andrew Leigh’s way of explaining economics is really easy to understand, especially when he looks at the big picture. It’s cool how he shows how economics connects to other important stuff like society and the environment. These books help us understand things that might seem hard at first. They show us that economics isn’t just about money—it’s also about how people act and how societies work together.
LikeLiked by 1 person
True, he connects it so well and makes it so easy to understand.
LikeLike
I had economics in my college studies. I know how I learnt that all theories. Now this historical economic Book no way .. though your review is captivating but I don’t like to read such book.🤯 Still I shared with economic Honor friends.
LikeLike
I’ve never read economics not even in school or college. So reading about a new subject might definitely seem interesting to me. I will check this out thanks for the recommendation
LikeLiked by 1 person
It was a new subject for me as well.
LikeLike
I like the approach of this book, it’s quite similar to Sapiens which uses history and geography from years ago to understand our change in behaviour. Only, here it’s about economics. Sounds like a good read and will surely be a value-addition in terms of financial knowledge.
LikeLiked by 1 person
Economics used to be really boring for me when I was in college though it is a very important subject, but books like these can develop an interest therefore I feel they should also be introduced in colleges just to feel good about the subject and develop interest especially something which is extremely important.
LikeLiked by 1 person
Yes. I feel the same. I picked up a book on economics for the first time !
LikeLike
Ordering the book right away. I am a big sucker for economics (thanks to Bitcoin) but I have always been afraid of picking one due to the fear of technicalities. This review has given me some confidence.
LikeLiked by 1 person
It’s a simple read, easy to understand like a dummies guide. It was a new subject for me as well, so I enjoyed it.
LikeLike
I enjoyed reading your review of the book. Economics is a subject that i have been wanting to read to gain a basic understanding, but when i see the tombs i tend to not pick it up – just because its too much theory and hours. i will check out this book for the information i am looking for.
LikeLiked by 1 person
Firstly Kudos for your book recommendations! I am a die hard fiction fan and books such as what you’ve reviewed are not exactly my reading genre. But I am super impressed by your reading choice.
LikeLiked by 1 person
I love to read economical, historical books and for some reason the name ” the shortest history of economics’ take the attention. I would love to read this book and will update you my opinion.
LikeLiked by 1 person
Looking forward to.your opinion
LikeLike
Economics was never my likeable subject so never try reading those. But I like your way of depicting these books as interesting and engrossing.
LikeLike
I completely agree with you on the importance of financial education. The book seems very insightful.
LikeLiked by 1 person