Understandable Economics

Howard Yaruss is an economist, professor, attorney, businessman, expert witness and activist who greatly enjoys explaining complex issues in a clear, interesting and easily accessible way. He has taught a variety of courses on economics and business and currently teaches at New York University. Prior to teaching, he served as Executive Vice President and General Counsel of Radian Group, one of the largest guarantors of debt in the world. He has also served on the Boards of organizations that advocate for safer streets, help the homeless and support the arts. Yaruss graduated from Brown University, studied at the London School of Economics and earned a law degree from the University of Pennsylvania. He lives in Manhattan and serves on his local community board.

Preface
Introduction to the Updated Edition

PART I: THE ECONOMIC SYSTEM
1 Capitalism: What Gets Made, and Who Gets What?
2 The Changing Economy: Why Are Some People Losing Faith in Our Economic System?
3 Money: What Do Gold, Dollars, and Cryptocurrencies Have in Common?

PART II: PEOPLE
4 Spending, Production, and Income: How Big Is Our Economy, and Why Does It Matter?
5 Work Income, Investment Income, and Wealth: How Is Income Divided between Labor and Capital?
6 The (Mostly) Open Economy: What Are the Consequences of International Trade?

PART III: BUSINESS
7 The Private Sector and the Stock Market: How Is Business Organized, Owned, and Valued?
8 Corporate Behavior: What Drives Corporations, and How Can They Be Influenced?
9 Business Consolidation and Reduced Competition: Why Are More Industries Being Dominated by Fewer Companies?

PART IV: THE ECONOMIC CYCLE
10 Boom and Bust: Must What Goes Up Come Down?
11 The Federal Reserve System and Banking: What Is the Fed’s Role, and How Is New Money Created?
12 Monetary Policy: How Does the Fed Fight Economic Downturns?
13 Fiscal Policy: How Can Government Spending and Tax Policies Fight Downturns?

PART V: THE GOVERNMENT
14 The National Debt: What Is the Cost of the Government’s Unbalanced Budget?
15 Government Policy and Earnings: How Can Our Economy Become More Equitable and Productive?
16 Taxes, Spending, and Income Distribution: What Is the Government’s Role in the Distribution of Income?

Epilogue
Notes
Acknowledgments
Index