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Hidden Order: The Economics of Everyday Life ReviewEconomics for the laypersons has become the topic "du jour." This book written nearly a decade ago before economics became hot far surpasses its successors such as "Freakonomics." David Friedman does not dumb down economics like the others. Other reviewers who had at least a rudimentary interest in economics really enjoyed it. A few others who confused economics with their own political views predictably got frustrated with it. Economics is not always intuitive. As a result, several reviewers thought the author made mistakes regarding the graphs on page 29, or the example on housing on page 35. I reread these passages carefully. The author is accurate, it is just that these economics concepts are counter-intuitive. And, contrary to Steve Levitt in "Freakonomics" David Friedman did not shy away from tackling the inherent complexity in economics.The book gives you a good foundation in both macro and microeconomics. Very early in the book he introduces and graphs demand and supply curves, marginal costs and revenue curves, utility functions. His coverage of international trade, taxation, subsidies, rent control is excellent. Along the way, you will also learn about investment theory and corporate finance. Friedman explains how the Efficient Market Hypothesis applies not only to stocks but freeway traffic and supermarket lines.
Friedman also gives full credit and fleshes out the ideas from the founders of modern economics, including Adam Smith, David Ricardo, and Alfred Marshall. This is unlike Steve Levitt in "Freakonomics" who truly believed he was the first economist to tackle every day issues forgetting that economics is the science of understanding everyday behavior to begin with.
For further reading, if you want to pursue an econ refresher I recommend an actual textbook: "Principles of Economics" by Gregory Mankiw. This is a textbook with a hip and humorous attitude. The Economist, the British magazine, raved about it when it came out. I also recommend Gary Becker's "The Economics of Life", and Steve Landsburg's "The Armchair Economist."Hidden Order: The Economics of Everyday Life Overview
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