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An insightful account of the remarkable transition of the Chinese economy from impoverished backwater to economic powerhouse.

Presents a simplified explanation of basic economics, using examples that relate economic concepts to daily life, discussing the laws of supply and demand, gross domestic product, inflation, money and banking, and other topics.

Two of America's most respected economists clarify the basics of economics for everyone who wants to understand the nature of the economic forces that seem to rule our lives. "Clarity triumphant, whether the topic is inflation or government, markets or Marx".--Newsday.

This is an applications-oriented text that demystifies the linkages between monetary and fiscal policies and key macroeconomic variables such as income, unemployment, inflation and interest rates. Specially written "newspaper" articles simulate current macroeconomic news on asset-price bubbles, exchange rates, hyperinflation and more. Exercises and diagrams, and a global perspective – incorporating both developed and emerging economies - make this a broadly useful, real-world oriented text on a complex and shifting subject.