And Fun Explanation of the Economics You Need For Success in Your Career

This author explains the economics in a simplified form, starting with it's history and quickly brings the reader up to modern day. This is an excellent introduction into economics for people wanting a basic understanding as well as providing references to expand on advanced topics.

We read this book as a family while my daughter was taking an economics class at the local community college. The book simplified many ideas she was being taught. It also exposed some fallacies the economics professor was espousing.

Great Book. Gives an insight into basic economic principles that most people do not think about how they affect their everyday lives. It was very easy to read and presented the subject matter in clear, concise language. Everyone should read this book.
D.Mummert

Absolutely marvelous and clearly explained! I am a science teacher certified to teach all the major science disciplines and have read many books concerning economics. This one trumps them all! Common sense is throughout.

If you have any interest in economics and you want to understand the business cycle or monetary policy or anything like that then this is the book for you. It explains everything simply and how it really is so that you can fully understand it, which is very important in today's world where there are a thousand different economic theories, many of which can sound fine but don't all make complete sense and in the end aren't correct. I highly recommend it.

A worthwhile read to get an understanding of economic terms and principles. It does provide an overly simplistic understanding of the cause of inflation and shows its age (originally written in 1989) in doing so. For example: Many things the government and Fed have done the past few years should have caused dramatic inflation in the USA if the causes for inflation stated in the book really were 100% true all the time. Yet, inflation has remained low the past few years. Thus, the book falls into oversimplification in talking about monetary policy and inflation.
This doesn't mean the book has no value. Far from it. It is at least part right on many issues, which is more than could be said for other books on the subject.
Is this book "overhyped"? Yes...particularly in homeschooling circles (I am a homeschooler). That is not the fault of the author though.

In summary: It's an interesting read that will help one understand principles of economics. Those principles might not always hold as true as the author states....but again he is at worst "part right". Take it for what it is: a well written book which teaches many good principles that is also a bit of an oversimplification. I am reading it with my student and it has been a good springboard for further discussion.

After hearing this book widely recommended in the homeschooling world, I decided to give it a try and am glad I did. This book is aimed at ages 13 to adult and is written in the form of a series of letters from an uncle to a nephew. Each letter is 8 pages or less of relatively large text, so breaks the information into easily digestible chunks. Basic economic terms and concepts are well-explained, and a lot of relevant historical context is shared.

Topics covered include money: coins and paper, no such thing as a free lunch, inflation, legal tender, wages, price controls, recessions, boom & bust cycle, getting rich quick (a caution against this mindset), federal debt, government's influence on the economy and more. These are all explained quite clearly. In the back, there are further appendices with some more advanced information, further graphs, etc. There's also a list of recommended resources. Finally, an index makes it easy to locate a particular topic.

My husband, who is quite knowledgeable on economic matters, found this to be a very good basic primer. I'm less knowledgeable than he and learned quite a bit. My 9-year-old son (advanced reader) enjoyed reading this and learned a lot as well.

I would definitely recommend this as a fast and clear basic introduction to economics for middle school students up through adults.

Richard Maybury's "Whatever Happened to Penny Candy?" is easy to understand, engaging, funny and informative. The book is pitched to students but can be enjoyed by adults as well. I am interested in reading other Maybury books after exploring this one. The companion Bluestocking Guide to Economics is also a good resource and helps to solidify understanding of many of the concepts in "Penny Candy."

The great thing about this book is that it's a great explanation of inflation. The bad thing about this book is it's a great explanation of inflation. Yes, I said the same thing twice.

When it was first written-1978-inflation was the major thing in American economics. Today it is still a major threat-but the social urgency over it has declined as the rate of inflation has waned over the years. Yet, I still give this book a 5 star rating because understanding inflation requires explaining money. This book explains money better than any other book I've read.

Understanding money is VERY important. It is not only the key to explaining inflation, but it is the context in which almost all business activity plays out. A good understanding business requires understanding this context. This book does a great job a laying out that context.

The writing style is down to earth and simple. The book is short, very entertaining (for an economics book), and has clearly defined chapters. The author has some good illustrations. I don't really mean the expected graphical illustrations-although it has some of them too. I mean historical illustrations: stories of how societies have used (and abused) money in the past. These stories not only buttress the author's arguments, but also anchor the lessons in tangible human drama.

I'd recommend this book to anyone interested in learning economics and/or business.

In my 40 years on this earth, I've never understood Economics quite as easily as I did after using this book to teach my homeschooled children. Everyone, adults especially, should read this book. It is for all ages but written in such simple terms that your school age children can understand it. It has a fun format too. If we all understood economics, I think our elections would be so different and we finally turn our country's economy and deficit around. We can't keep making the same mistakes and we've got to learn TANSTAAFL.

The Uncle Eric Series books are books that our family has come to really like. We love how well the books explain and teach the harder topic of economics and government. These excellent books are written in the form of letters from Uncle Eric to his neice or nephew, Chris.
My eldest student has explained topics in economics to me than I never grasped in my high school economics class. She likes "Whatever Happened to Penny Candy?" so well that she asked me to order more books in the series for government and economics.
Our family highly recommends them.

This is one of our children's home school curriculum books. The author wrote this book about economics and inflation for teenagers, but I heartily endorse it for adults as well. I've never read such a simplified version of what is normally considered a dry topic and complex. The book is also endorsed by a former U.S. Secretary of Treasury and others. While I don't agree with everything the author states, his material is 99% accurate. I've read a lot of books and papers on economics, inflation and capitalism in the past and this is one of the best.

As a home schooling mom of seven, it was recommended I purchase this book for my high school student to use for economics. To my surprise my third, fifth and sixth grade students are enjoying our read-aloud session. Who would have thought that elementary students would cheer for economics!?! Well Done Uncle Eric!

This treasure of a book rises to the top amongst the scant Economics courses available for home education. Along with the Bluestocking Guide available to accompany it, Penny Candy provides all that is needed in a high school economics course and spares the reader the unnecessary fillers. Written in the creative format of correspondence letters, all the meaty issues are presented in a highly understandable writing style.

The Bluestocking Guide gives additional writings to amplify the chapters. Questions, essay assignments, and a list of supplemental movies and books make this a thorough and well-rounded course.

After having suffered through four college econ courses (Principles and Intermediate) I have come to the conclusion that most professional economists are nearly worthless ivory-tower eggheads whose theories are almost completely disconnected from the real world, and that "Ph.d" truly does mean "Piles high and deep." It is truly a shame that a reader can learn more from this marvelous little book than from getting a degree in economics. This book should be taught starting in junior high. It's clearly and simply written and very few of the concepts require a great deal of thought. After understanding it, you'll trust your own judgement over the babblers on tv and in the universities.

This book is written very clearly and simply, and it states what seems to be too simple so that those who want to disagree (for personal reasons) have to make it more complicated. Too bad this book isn't required reading for all students!

I am using this book and associated workbook to teach economics to high school students as part of a home school co-op.

IT IS FANTASTIC and clearly written. Every politician running for office should be required to read this book.

In our currrent economic crisis... reading this book and then watching the news is like watching a train head for the bridge that's out and no one knows about the problem but you.....

Read the book and be prepared.

I used Penny Candy, along with the Bluestocking Guide, to teach economics to my kids (ages 6 to 14). Going through this very readable, very interesting book sparked lots of terrific discussions about money, politics, and planning for the future. My kids can now discuss the money supply, inflation, Gresham's law and the detrimental effects of debasing currency.

The book is okay, and it's very quick and easy to read. But it does oversimplify matters and it is a bit out of date.

As an example of oversimplification, according to this book, there is exactly one cause of inflation, and it is "politicians". As an example of being out of date, this book (which was written while Ronald Reagan was wrapping up his presidency) names Alan Greenspan as a major proponent of the Austrian economic theory it presents. This was even true back then (more than 20 years ago). It's not any more. Among many public statements, Greenspan testified to Congress in 2008 that significant aspects of that economic theory, and especially how they applied it, were wrong. But you wouldn't know that from this book, because the third edition was printed 15 years before that happened. (It also presents the Chicago school of monetary policy, a la Milton Friedman.)

But what bothers me about the "inflation is the evil product of big government" theme is that he gives short shrift to the serious dangers of deflation and none to the idea that productivity produces actual wealth. He favors a fixed money supply of the sort that you get from having a fixed gold or silver supply. Here's the problem with that:

Imagine a village of two families. One family is led by a farmer. The other family is led by a baker. After harvest each year, the farmer takes all his grain to the baker to sell it. The baker says, "This is jut what I need. This is enough grain to feed my whole family and keep us busy baking bread all year. I'll give you all my money for all your grain. If you want, you can use the money to buy bread from me later." The baker has 12 silver coins. The farmer agrees, and now the farmer has 12 silver coins and the baker has none.

Every month, the farmer buys bread from the baker. Every month, the farmer pays one silver coin for the bread he bought. At the end of the year, the farmer has no money. The baker has 12 silver coins and has used up all the grain. But it is harvest time again, so the farmer has more grain and he sells the new grain to the baker for the same 12 silver coins.

This cycle repeats for years. There is no inflation, so the same 12 silver coins trade hands over and over.

One day the farmer and the baker die. Their children divide the family businesses. Now there are two farmers and two bakers and four families in the village. But there are still only 12 silver coins.

The first farmer goes to the first baker at harvest time to sell it. The baker says, "This is jut what I need. This is enough grain to feed my whole family and keep us busy baking bread all year. I'll give you all my money for all your grain. If you want, you can use the money to buy bread from me later."

But the baker has only six silver coins, because his sister has the other half of their father's money. "What?!" says the farmer. "I worked hard all year for this grain. It is as much grain as my father ever brought to your father. Why are you only paying me half as much money for it? How will I bring you one silver piece every month to pay for bread, if you only pay me six silver pieces for the whole year?"

"I don't know," says the baker. "But I only have six silver pieces. I can't pay you twelve because I only have six."

The second farmer likewise goes the second baker and has the same conversation. Eventually, the farmers decide that they have no choice but to sell the grain despite the deep price reduction.

Then the two farmers go to buy bread. "A month's worth of bread for one family is just one silver piece," say each of the bakers. "That's what our father charged your father, and we are doing the same. You should be glad there is no inflation." But the farmers refuse: they cannot afford to spend an entire year's worth of income on only half a year's worth of bread.

Eventually, the bakers decide that they have no choice but to sell the bread at a deep price reduction.

Thus we have two hard-working farmers growing enough grain for twice as many families, and two hard-working bakers making bread for twice as many families, but they are each paid half as much as their parents were paid to feed only half as many families.

What you see in this little story is a doubling of economic productivity -- twice as much grain and twice as much bread -- in the village (and therefore of real income in the village) without a matching doubling of the monetary supply. The net result in this simplified story is only hurt feelings. But in more complex situations, such as when your home mortgage for "three years' income" turns into an unaffordable "six years' income" millstone, or when our two farmers take their grain to the next town, where it sells for the customary 12 silver coins, and leave the bakers' families to starve, it's a nightmare.

That kind of realistic thinking about true income and true productivity is why we abandoned the silver and gold standards decades ago, although you wouldn't know from this book that there were sound reasons for that change. Money needs to reflect the actual amount of productive work happening in the society, not the amount of shiny metal found at one fixed point in history.

(Also, silver and gold have significant industrial uses now, which means that they need to be treated as proper commodities, just like iron. Back when silver and gold were just money, iron was not useful for money because it was useful for making plows and swords and steam engines, not merely because plain iron (but not forms of iron like stainless steel) tended to corrode more quickly than silver or gold. Now, gold and silver are used for computer components. That wasn't such a major use back in the late 1980s when this book was originally written. The technology has changed; it's not surprising that the ideal medium for exchanging value has also changed.

So my advice is a healthy dose of skepticism. This might make a good first book for someone to read about economic issues. It is, however, filled with what's known as "lies to children" (oversimplifications and omissions to make the material comprehensible to a beginner), so don't let it be your last.

I'm embarrassed to say that I learned more about our economy in this half-inch book than I ever did attending college (which included several econ and management science courses, some of which were pretty high level).
Maybury is to economics, what Luther was to the papacy, and Paine was to the political elite.
Bravo.
Maybury for President!
If you want to understand money and the economy, this is a great place to start. Enjoyable reading as well.
I plan to read the entire Uncle Eric series.
Buy it, you won't regret it.

This book is just what we were looking for. I have shared it with other moms who want to teach economics and they too have found it helpful and interesting for themselves. The book explains things simply and gives good examples for teaching. One of my students remarked,"I never knew that about our money," because of doing one of the hands-on activities.
The book is student/teacher friendly and is great for opening discussions about economics, budgeting, and government.

This is an awesome book on economics. It is a fun and easy way to learn about WHY and HOW our economy works..I learned so much......my father gave me this book and I have not stopped raving about it...FIVE STARS!

This book has been perfect for me to understand the current financial situation of the US and nationally. It is easy to understand at all ages and levels of interest. I would recommend everyone read it to prepare for the future.

Sorry for the taking so long. I am extremely satisfied with the condition of the book. The shipping took longer than I expected it should have but never the less I am happy with my purchase. This is a great book also!

As a Monarchist, I found this book rather biased toward the Natural Law/Ron Paul-ism sweeping America.
The writer failed to realize the founder of Roman Law (ie the Roman Empire) laster for almost 2000 years! If Roman Law is so bad, and destabilizing, then how is that possible.
He contradicts himself, at first blaming ethics for inflation, then bringing in the Natural/Roman Law Dynamic, and blaming Roman Law for inflation because it lacks "ethics".
Tell that to the Byzantine Roman Empire with almost 1000 years of existence after the sack of Rome. Tell that to the Germanic Holy Roman Empire with another 1000 years under its belt. Heck, the Holy Roman Empire collapsed only 200 years ago. The Roman Empire has been around since 32BC!

I found that this book oversimplified a complex subject. The author speaks domgatically about economic matters when there is a lot of room for debate. Some of what he claims to be true seems silly. For example, that every dollar taxed is a dollar not used by private enterprise to create good jobs. Based on his numbers there would be no good jobs in America!

It is SAD!!! what has happened to the value of our money. Why can the lowest denomination monetary unit - One Cent US - not buy anything??? This implies USELESSNESS!!! I remember when a penny could buy SOMETHING, dammit! Thank you, Mr. Maybury for your clear thinking on this issue. Oh, to return to dignity, to value!