Can’t we just print more money - The Bank of England
How I discovered it
It was one of Waterstone’s weekly highlits. It was just after I finished I will teach you to be rich by Ramit Sethi and wanted to get deeper knowledge of the economic system. I am a firm believer that with knowing more than just the average information about the economic system we can turn things on our side where possible.
Who should read it?
I would say it’s the best book as a beginner in economics but it should not be limited to beginners only. When I started to read many of the answers were already familar, however I still learnt plenty.
How I discovered it
It was one of Waterstone’s weekly highlits. It was just after I finished I will teach you to be rich by Ramit Sethi and wanted to get deeper knowledge of the economic system. I am a firm believer that with knowing more than just the average information about the economic system we can turn things on our side where possible.
Who should read it?
I would say it’s the best book as a beginner in economics but it should not be limited to beginners only. When I started to read many of the answers were already familar, however I still learnt plenty.
Summary and impact on me
The book answer 10 basic questions about economy and they are explained in a basic way. There is a vast amount of topics covered in this book from Economic growth to where does our breakfast come from.
Where does my breakfast come from? 🥐 From all over the world. This chaper shwocases the connection of all acountries, products and everything around us.
Can economic solve climate change? 🌎 No. But… not alone. Climate change it’s a deep subject and it can affect every aspect of our lives. There are many factros which involved climate change and even more which involve reverting it. Economics is one of them, but many more hold power.
How do I get a pay rise? 💰 This talks about Universities, Masters and PHd and how each of them as a different impact into finding jobs. Qualified people are paid more on average, but over qualified lack of jobs.
Why am I richer than my great-great-grandma? 🤑 In simple worlds is that all world is growing economically and we are all becoming reacher. Also, inflation plays an important role. More in the book.
Why are so many clothes made in Asia?👗 From the same reason as why most powertools are made in Germany. It’s all about the comfort & costs of making a specific product.
Why aren’t Freddos 10p any more? 🍫 The short answer would be inflation. But it goes deeper than this.
What actually is money? 💵 It was one of the best explanations on what actually is money. From the beginnings people used to exchange grains, and slowly slowly this value exchange has manifested into money.
Why shouldn’t I hoard all my money under the mattress? 🫣 This is a common mistake and habit seen especially at the older generations. Luckily we live in times where the economy has drastically improved and we can afford to invest. Not using money it crease recessions and blocks the flux of money.
Why did no one see the crash coming? 📉 Economists are not fortune tellers, human behavious is at the base of economy. The book explains in detail the connection in between.
Can’t we just print more money? 💵💵💵 Essentially printing money leads to inflation which means all costs will increase. It’s a chain of actions and reactions just like a snowball effect.
How the book changed me
I found it a very interesting read and enjoyed how each questions was answered. It made me realise how important and deep the economy moves, but most importantly the main factor of change is human behaviour.
I certainly see a different side of each business, product and service.
Conclusion
This book is an excellent introduction to economics. It covers great examples, stories and they consequences on our lives.
