What happens in a recession? How does money work? Why do we pay tax? Explaining the key milestones in the field of economics in a clear and simple way, The Economics Book answers these questions and more besides, and is the perfect introduction to the subject. Untangling knotty theories and shedding light on abstract concepts, entries unpack each complex idea with a combination of easy-to-follow explanations, innovative graphics, and intriguing quotes. Discover centuries of economic thought, from the earliest development of private property to the cutting-edge development of modern game theory, and from the “Tragedy of the Commons” to the revolutionary economics of online social networks. And explore the “big ideas” behind the numerous different economic theories and policies used around the world and throughout history. Fully revised and updated with eight brand-new pages of content, The Economics Book is a truly accessible and comprehensive route into a fascinating subject.