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Naked Economics

Naked Economics is a science topic covered in the lgStudy science library. This page brings together a partial reference excerpt, illustrations, worked examples, real-world applications and a short study plan, so you can understand Naked Economics rather than just read about it. In short: Naked Economics: Undressing the Dismal Science is a book by Charles Wheelan that seeks to translate basic economic issues into a format that can be easily read by people with little or no previous knowledge of economics. The Chicago Tribune described the book as "Translat[ing] the arcane and often inscrutable jargon of the professional economist into language accessible to the inquiring but frustrated layman." A ful…

Naked Economics — main illustration
Naked Economics — illustration

Key takeaways

  • Naked Economics belongs to science; place it in that map before memorising details.
  • Learn the definition first, then one example that makes the definition concrete.
  • Connect Naked Economics to a quantity you can measure, compute or draw — that is where exam questions come from.
  • Reproduce the core statement of Naked Economics from memory before moving on to harder problems.

Reference excerpt

Naked Economics: Undressing the Dismal Science is a book by Charles Wheelan that seeks to translate basic economic issues into a format that can be easily read by people with little or no previous knowledge of economics. The Chicago Tribune described the book as "Translat[ing] the arcane and often inscrutable jargon of the professional economist into language accessible to the inquiring but frustrated layman." A fully revised and updated version of the book with a foreword by Burton Malkiel was published in 2010. It has been translated into eleven languages.

References

Worked examples

Example 1 — a first encounter with Naked Economics

Start with the simplest possible case. Write down what Naked Economics claims or describes in one sentence, then invent the smallest concrete situation in which that sentence is true. In science, the smallest case is usually a single object, a single equation or a single measurement. Check that every symbol or term in your sentence has a meaning in that case.

Example 2 — changing one variable

Take the situation from Example 1 and change exactly one quantity: double it, halve it, or set it to zero. Predict what should happen to Naked Economics before you calculate. Comparing your prediction with the result is the fastest way to find out whether you understand the idea or only the words.

Example 3 — an exam-style question

Typical questions about Naked Economics ask you to (a) state it precisely, (b) apply it to given data, and (c) explain a limitation. Practise writing all three answers in under five minutes; the third part is what separates a full-mark answer from an average one.

Applications of Naked Economics

In research
Naked Economics appears in science research whenever the underlying quantities have to be modelled precisely. Papers usually cite it as a starting assumption and then explore where it breaks down.
In technology and industry
Engineering practice reuses Naked Economics in design rules, simulations and safety margins. Knowing the idea lets you read a specification sheet and understand why the numbers look the way they do.
In the classroom
Naked Economics is common in secondary-school and first-year university syllabi. It links to neighbouring topics 2002 English-language non-fiction books, 2002 non-fiction books, Economics and finance book stubs, so understanding it makes those chapters shorter.
In everyday life
Look for Naked Economics outside the textbook — in sport, cooking, traffic, electronics or the sky above you. An example you found yourself is remembered far longer than one you were given.
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How to study Naked Economics in 20 minutes

  1. Read the reference excerpt below once, without taking notes.
  2. Close the page and write down what Naked Economics means in your own words.
  3. Compare your version with the excerpt and mark what you missed.
  4. Work through the three examples above with pen and paper.
  5. Explain Naked Economics out loud to somebody else — or to Teacher Smith in the lgStudy chat.

Frequently asked questions

What is Naked Economics in simple terms?

Naked Economics: Undressing the Dismal Science is a book by Charles Wheelan that seeks to translate basic economic issues into a format that can be easily read by people with little or no previous knowledge of economics. The Chicago Tribune described the book as "Translat[ing] the arcane and often…

Why does Naked Economics matter?

Because it connects several science ideas at once: it gives you a definition you can apply, a quantity you can calculate, and a way to check whether a result is plausible.

How should I study Naked Economics?

Read the excerpt, restate it from memory, then work through the examples and applications listed on this page. The five-step study plan above takes about twenty minutes.

What does this page cover?

It gives you a compact reference excerpt plus original lgStudy explanations, examples, applications and study material on Naked Economics.

Tags

  • 2002 English-language non-fiction books
  • 2002 non-fiction books
  • Economics and finance book stubs
  • Economics books
  • W. W. Norton & Company books

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