“Whatever Happened to Penny Candy?” Makes Economics Understandable

 

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Does economics seem like a distant, difficult-to-grasp subject to you? Do you have a hard time really, I mean really understanding the basics of our American free enterprise system? Do you have a hard time explaining it to children and teens? I did, till I read the book Whatever Happened to Penny Candy? by Richard J. Maybury. It is part of his Uncle Eric series, in which the fictional Uncle Eric explains to his nephew Chris, through a series of letters, all about history, government, justice, and economics.

Whatever Happened to Penny Candy? now in its sixth edition, promises, quote, “a fast, clear, and fun explanation of the economics you need for success in your career, business, and investments.” Is there anybody who doesn’t need to learn about such things? Raise your hand. No one? Well, I recommend this little 160-page, fifteen-chapter volume that is written for tweens through adults.

Sometimes when you’re faced with a little bit of a hazy subject, you just need the right explanation from the right author to clear it up for you, and that’s what Maybury did for me and my high school son who also read it.

For instance, most of us think of inflation as an increase in prices and falling of the value of money. That is actually a result of inflation, the real cause being the printing of more money. It goes like this: Government prints money which is not backed by gold or silver, floods the market with it so that the value of each individual unit goes down, which means you need more of it to buy what you want. Goods don’t cost more because they have more value; they cost more because the units of money used to purchase them are nearly worthless.

Maybury draws extensively from the history of the Roman Empire to show the cycle of money and civilizations and how playing politics so vastly affects the economic core of all nations, past and present. The book speaks to my own motto, “Those who don’t learn from history are doomed to repeat it.” Well, I didn’t originate that; it’s an adopted motto, but a most true one.

Whatever Happened to Penny Candy? includes an extensive appendix of charts and graphs, excerpts and anecdotes, websites, suggestions of films to go along with the subject, and more to really give you a good, basic knowledge of economics.

With its wonderful conversational style, it is not a bit boring. It easily held my interest and I felt the more richly educated because of it.