Economic Statistics Guide to Everyday

¶ … Economic Statistics

Guide to Everyday Economic Statistics

By Gary E. Clayton and Martin Gerhard Giesbrecht

Gary Clayton and Martin Giesbrecht's a Guide to Everyday Economic Statistics is a useful addition to one's library due to a multitude of reasons, among which two are the most prominent. First of all, the book offers the reader an insight into the economic mechanisms of important matters such as employment and unemployment, international trade, interest rates, national output, imports and exports, profits, expenditures, expected gains or financial markets. And it does this by revealing real life examples from the American economy which make the issues discussed even more so relevant. A Guide to Everyday Economic Statistics uses information that is otherwise available to the reader on other sources, such as the website of the United States Census Bureau, making as such one more step in bringing the reader closer to the book and the reality and relevance of the information presented.

The second reason which makes the book a valuable addition to the library is given by the style used in its writings. Scholars and academicians in the field of economics often make the mistake of using pompous words and getting lost in the specific terminology. While this reveals thee highly professional levels of preparation of the writer and captures the interest of the experienced reader, it does however fail to attract the novice economist. Clayton and Giesbrecht understood that economic matters often preoccupy the mind of the simple individual or the persons specialized in other fields. As a result then, they wrote their book using a simple and common style, making as such the concepts more comprehensible for the readers.

While the first reason in support of purchasing and reading the book is generally to be praised, the second one could generate controversies. The most prominent con argument of writing a book for inexperienced economists is that it requires the presentation of extensive introductory information. The experienced economists are already familiar with the terminology and the basic concepts and might find the introductory parts rather redundant and useless. The pro argument seems however to weigh more in balance and is based on the idea that the basic economic principles should be understood by all individuals, simply because this knowledge is compulsory in leading an appropriately informed life. This approach to introducing the inexperienced to the art and science of economic principles supports the intellectual development of the contemporaneous society.

The previous lines suggested that reading a Guide to Everyday Economic Statistics would help the average individual gain a better perception of the world and become better informed. This information is necessary for him to properly live his life. To best explain this statement, as well as the utility of the book, take the most simplistic example of a mechanic watching the eight o'clock news. Say that the man is currently employed at Ford Motors Corp and has been their loyal employee for the previous ten years.

The anchor man is discussing the United States trade balance, which reveals a deficit. The viewer might not know what a trade deficit is and how or why would it affect him. Clayton and Giesbrecht explain the concept and make it easy for the reader to understand the implications of a trade deficit. After having read a Guide to Everyday Economic Statistics, the mechanic will be able to understand that a trade deficit occurs whenever the national imports exceed the exports, meaning that the country buys more than it sells. In the future, the politicians could support an agenda promoting the national manufacturers in an attempt to reduce imports and increase exports. The direct impact for the mechanic could be that he might have more work in the future.

Another example of how the book is useful is given by the need or desire to understand the features of the contemporaneous economic crisis. Despite the fact that the media present apocalyptic stories of today's financial challenges, a reading of Clayton and Giesbrecht's book would reveal that the economy has often been confronted with challenging times and that times of economic boom and recession are normal. Otherwise put, a Guide to Everyday Economic Statistics would help the reader understand the cyclic character of an economy and he would as such be less pessimistic. Listening only to the media coverage of one bankruptcy following another would definitely take a negative toll on the individual. But the book will help him understand that it is natural for this to occur and that, in the future, the economy will pick up and once again register growth.

Still related to the contemporaneous economic crisis is the matter of credit situation. The average American hears all the time that the mortgage market collapsed and that the real estate sector is declining rapidly. They do however fail to explain the causes of this collapse. With the end of the world wars, the United States officials proved unable to support an economic growth based on manufacturing. As a result, they stimulated consumption, which meant that the people bought more and generate profits for the sellers. A reading of Clayton and Giesbrecht's work will however reveal that an economy based on consumption is not a sustainable economic model.