The Wealth of Choices: How the New Economy Puts Power in Your Hands and Money in Your Pocket

by Alan Murray

Book Overview

It's Not Your Father's Economy . . . If Adam Smith were to visit the United States today, he would be a very happy man. That invisible hand he made famous in The Wealth of Nations two centuries ago is... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 0812932668
• ISBN13: 9780812932669
• Release Date: June 2000
• Publisher: Crown Business
• Length: 264 Pages
• Weight: 1.24 lbs.
• Dimensions: 1.0" x 6.4" x 9.6"

Customer Reviews

Economic History, Buying Guide, and Assumption Changer!

"It's a great moment to be alive. Make the most of it."The book's basic premise is that the economy has changed so much that you have to change your assumptions in order to prosper in terms of your health and money. The first chapter, Not My Father's Economy, sets this up by sharing the advice his father always gave him and suggesting that these rules no longer apply. The second chapter is a quiz that lets you test how well you have adapted to the new economic realities. The quiz is on the main points in the rest of the book, so if you do well in any part of that section, you can skip the material on that subject when you get to it later on. A strength of this structure is that it customizes the book for each reader, regardless of how savvy or out of it they are about the new economy. Then, he shares hiw own experiences in how the new economy has changed for him in chapter 3. You will meet many famous and fascinating figures, such as the Gardner brothers of Motley Fool fame. Chapters 4-12 are devoted to shopping, health care, education, work, how to spend your time and attention, investing, starting a business, retirement, and privacy (one per chapter). In these chapters, he gives you tips for each area, on-line sources you can access to keep up-to-date, and suggests key operating principles.Here's a summary of his perspective on the economy: "Today, the basic market principles of competition and choice have swept into every aspect of American life." "The world has gotten smaller; competition has gotten more intense; choices have become more plentiful." "Globalization, deregulation, and digitalization are turning the entire world into a modern version of the Istanbul bazaar." " . . . The power balance, for the first time in the history of capitalism, has shifted in the consumer's favor." He has trouble defining the new economy, and does so with a series of negatives. It isn't very effective, but a definition probably isn't very important for achieving the book's purposes.For those who like their economics in a qualitative form and in an abbreviated journalistic style, this book will be an excellent source of why the economy has and is changing.For those who want to know how to get the best deal, this book is invaluable. While all of the other books about the Internet primarily focus on building a business or investing, this one shows how to use the Internet for everyday benefits for everyone. I am sure that many books will follow in this vein, but this is the first one I have seen done from this perspective. He also offers a web site where you can keep up-to-date on on-line sources. But the real benefit is in helping you see where you may have stalled thinking about what you should be focusing on. The book is highly effective in showing you where to look and what questions to ask. For example, if 88 percent of mutual funds underperform the market averages, why do you own one that is no

Our guru for the new world of economics

As someone who already is fluent in the Internet but not flush with cash to invest in it, I approached this book with a measure of skepticism. Would Murray really be able to tell me anything that I could put to use? To my surprise and pleasure, the answer was a resounding yes. And - don't be scared by this - he also manages to deliver a gentle history of economic theory. Honestly, he's not a policy wonk (at least not here anyway!). Instead, he blends the history in so well with the rest of his message that you find yourself learning how the world's economy evolved almost without meaning to. As interesting as that all is, though, Murray's book is most useful in telling the reader how he or she can benefit from the new economy. And it's not by investing in IPO's or AOL. Rather, he shows how the vast array of information available on the Internet has given power back to ordinary consumers (like me), who are trying to scrape up the cash to buy a digital camera or a car. This is more self-help than it is history and it's provided not just by Murray's personal experiences but by a range of colleagues at the Wall Street Journal and friends in both high and low places. Murray's final line says, "It's a great time to be alive." His book shows you how to make it better.

A Survivors Guide to the New Economy

If you haven't already buried your millennium time capsule, you will want to make room for Alan Murray's latest book, The Wealth of Choices. But you would be wise to read it first...or buy another copy for the shelf. And, if Murray is right, you shouldn't have to pay full price. What Murray, the Wall Street Journal's designated Washington insider, presents is a personal and social history of the cultural transformation of the past few decades -- the "New Economy" that he has tracked so well as a trained economist and a seasoned journalist. Those familiar with Murray's journalistic fingerprint will recognize his ability to make a complicated story finally make sense. This is the first book about the New Economy that you don't have to be a cyber-surfing-web-head to understand. At the same time it will provide that long-awaited on-ramp to the economic fast lane to those who've been more comfortable crawling along on the surface streets.The book's blend of anecdote, expert opinion, and a uniquely clear explanation of economic theory may be the features that make it a college standard or even a classic. But for those who feel that they may be slipping hopeless behind the accelerating pace of the New Economy, the book's most valuable asset (figuratively and perhaps literally) is that it also doubles as a practical guidebook. Unlike other works on neighboring shelves (a concept that only bibliophiles may appreciate in the future), The Wealth of Choices doesn't promise riches, but does promise to make you a better consumer by providing a checklist of the questions that you should be asking yourself before you shop, before you invest in the stock market (or start a business), before you sign a consent form for a major medical procedure, before you make a college tuition payment, before you consider a new job, or before you retire -- not necessarily in that order. For those who may never have to face any of these decisions, this book may be less valuable. For the rest, this book is likely to become as essential as a compass and a map are to the navigator. It is both a "survival guide" for newcomers and a functioning "tool kit" for those who haven't had the time to do the research that Murray did to put this one together.Perhaps the only thing that would make this book a better representative of the New Economy it describes is if you downloaded it from Napster and read it on your Palm Pilot. The only downside to the book is that, like all printed works, once the type was set and the ink dried, the story was set too. (But perhaps that's why it is the perfect, if belated, time capsule addition.) Given the rapid pace of change the new economy will undoubtedly continue to evolve in ways that nobody can predict with certainty... It will be worth watching this site to see if it too evolves with the times. If it does, then Murray is likely to have quite a following for the foreseeable future.

The book for understanding the new economy

This book combines an insightful look at the big picture (eg, comparing commerce on the internet to the Turkish bazaar) with practical suggestions about what people can and should do in the new economy (eg, preparing for retirement by supplementing the traditional sources of income). Two examples: (1) Murray "peels the onion" on healthcare - using his own father as an example - to uncover what's really going on and what you can do about it; (2) drawing on his own experience as a trained economist and Wall Street Journal bureau chief, Murray identifies counterintuitive implications about personal investing that will make you more money.I found this a fun book to read and a good book to send to a family member, business associate, or friend.

Murray is right on

great read! In the New Economy the old rules don't apply and Murray shows us how with his razor-sharp wit and penetrating charm... He is a true visionary and profound commentator in the Information Age.