The slow growth in the historical Western Europe is due to the absence of capitalism. The essence of understanding the history of capitalism is important in adding to the current knowledge of economics. 2 A capitalist has to invest in the production process to ensure that goods meet the satisfaction requirements of any given population.Ĭhang advocates a market capitalist system because it attracts more competition as compared to the socialist system that is dominated by a closed market economy, which leaves no room for competition. Most people invest their time in education to achieve higher incomes. Capitalism is the situation where a given economy is organized to pursue profit motives. Capitalism takes preeminence in the first chapters of the book. Main arguments in the book CapitalismĬapitalism is one of the dominant arguments put forward by Chang in this economics book. The chapters are arranged in a sequence for the audience to comprehend the various arguments that the author endeavors to communicate. He uses a comprehensive theoretical framework to communicate the various viewpoints. In comparison to other authors in the economic field, Chang deviates from using formulas and equation. Additionally, the paper compares and contrasts various points postulated by the author to the opinions forwarded by other authors in the field of economics.Ĭhang puts across a variety of arguments, which are outlined precisely in the twelve chapters of the book. The paper explores the book’s main arguments. This paper is an appraisal of the book, “Economics: The User’s Guide” by Ha-Joon Chang. On the other side, macroeconomics gives a critical analysis of how various countries that have different industries and consumers conduct their functions. Microeconomics deals with establishing how buyers and sellers exchange their various goods and services.

Economics the users guide