[Review] Economics 101


Economics 101 by Alfred Mill is an introduction to the study of economics without the heavy jargon and confusing terminology of traditional economics textbooks.

I had tried multiple times before to gain an understanding of economics such as demand and supply, and how monetary policies affects the economy but could never get past the first two or three chapters. Economics 101 caught my eye at the local library with its promise to "cut out the boring explanations" and help the reader "master the major principles of finance". I am glad to say that it delivered on its promise, at least in my opinion.

Alfred Mill wrote Economics 101 in a friendly and personal way, with many applicable examples to illustrate economics concepts. For example, Alfred provides the following example to show how free trade creates wealth in the opening for the chapter on International Trade and Trade Barriers:
"Wealth is nothing more than the collective value of all you own. In an interesting experiment from the Foundation for Teaching Economics, a group of participants were each given a random object to which they assigned a value. Then the group traded their objects freely. Soon after, participants were again asked to assign a value to the object in their possession. The sum of the second set of values was greater than the first. Without anything new being added, wealth was (and is) created through the simple act of voluntary free trade."
The copy I picked up was the hardcover edition which was slightly smaller than A5 size. The book itself is not too thick or heavy which makes it convenient to carry and read while commuting on the train. The font type and size were well spaced and sufficiently large so no complaints there as well.

Overall a highly recommended read if you are looking to understand the basic principles of economics and finance, and how it affects our daily lives.

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