Understanding Modern Economy

Story By
Michael Eaton

Two books to explain what’s trending in today’s economy.

Blockchain Revolution
Don Tapscott & Alex Tapscott

There’s a running joke in the Silicon Valley investment community: add the word blockchain to the end of your company’s name and wait for your $10 million-dollar investment cheque to roll in the next day. Cryptocurrency has seized the interest of the public in recent years as the next big thing, but very few of us truly understand it. The Tapscott’s do their best to change that, explaining this profound technological shift in plain terms that anyone can understand.  The blockchain, they argue, will be the technology that will shape the next era of humanity’s existence – providing the safety and trust of a peer-to-peer connection by massively simplifying the entire process. Through useful analogies and expert narratives and opinions, the Tapscott’s provide a comprehensive and detailed encyclopedia of this trendy topic, allowing even the most technologically-challenged an opportunity to learn.

Economism
By James Kwak

Gain an understanding of the economy that goes further than Economics 101 with James Kwak’s new book. Kwak underlies the reasons he believes the fundamental economic models are ill-equipped to explain the modern world, citing rising inequality levels and struggling working families as the chief culprits. He refers to the ongoing minimum-wage discussion that dominates U.S. economic politics today as the perfect example of economism, where blind faith in the basic models leads to poor decision making and difficulties in debate. After all, how can you contend with an emotionless and logic-based model? Kwak boldly attacks the claims of Friedman and thinktanks like Cato and the Manhattan Institute, and suggests that maybe the model isn’t as perfect as it seems. Economics lecturers should take note of this new manifesto and its arguments, lest they are left behind in the continued public debate.