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In Search of Explanations for Everyday Enigmas
Basic Books
June 2007
On Sale: May 21, 2007
226 pages
ISBN: 046500217X
EAN: 9780465002177
Hardcover
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Non-Fiction
The fascinating and playful guide to how economics explains
the simple but profound ideas that govern our world. Why do the keypads on drive-up cash machines have Braille
dots? Why are round-trip fares from Orlando to Kansas City
higher than those from Kansas City to Orlando? For decades, Robert Frank has been asking his economics
students to pose and answer questions like these as a way of
learning how economic principles operate in the real
world--which they do everywhere, all the time. Once you learn to think like an economist, all kinds of
puzzling observations start to make sense. Drive-up ATM
keypads have Braille dots because it's cheaper to make the
same machine for both drive-up and walk-up locations.
Travelers from Kansas City to Orlando pay less because they
are usually price-sensitive tourists with many choices of
destination, whereas travelers originating from Orlando
typically choose Kansas City for specific family or business
reasons. The Economic Naturalist employs basic economic principles to
answer scores of intriguing questions from everyday life,
and, along the way, introduces key ideas such as the cost
benefit principle, the "no cash left on the table"
principle, and the law of one price. There is no more
delightful and painless way of learning these fundamental
principles.
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