New Book Offers Everyday Economic Advice

Newswise — Worrying about the economy is easy. But understanding how the economy works and affects our lives is what's really important, says a University of Illinois at Chicago economics professor.

Lawrence H. Officer is author of "Everyday Economics: Honest Answers to Tough Questions," a new self-help book that shows readers how to make sense of everything from global economic issues to their own financial situations. In an easy-to-understand Q&A format, the book addresses more than 100 common questions.

Officer's answers are practical and offer useful lessons, such as:

"¢ Whether it's better to pay off credit cards in full or maintain a balance "¢ How to make decisions about investing a 401K "¢ How to buy or sell a used car "¢ How a corporation goes bankrupt "¢ The difference between a recession and a depression

The goal of the book is to show that economics is "a practical tool of knowledge that is applicable to ordinary people in their daily decisions and in their thought processes regarding the national and international forces over which they have no control," Officer said.

For example, the advice on how to negotiate the best price for a car may save the reader hundreds if not thousands of dollars, Officer said.

"You don't have to be an economist to understand how economics affects you. You don't have to be an economist to use economics to improve your life," he said.

In her review of "Everyday Economics," UIC clinical associate professor of economics Helen Roberts wrote: "It's like talking with your favorite uncle, except this uncle understands economics."

UIC ranks among the nation's top 50 universities in federal research funding and is Chicago's largest university with 25,000 students, 12,000 faculty and staff, 15 colleges and the state's major public medical center. A hallmark of the campus is the Great Cities Commitment, through which UIC faculty, students and staff engage with community, corporate, foundation and government partners in hundreds of programs to improve the quality of life in metropolitan areas around the world.

For more information about UIC, please visit www.uic.edu