Includes bibliographical references (pages 327-338) and index.

The power of markets: who feeds Paris? -- Incentives matter: why you might be able to save your face by cutting off your nose (if you are a black rhinoceros) -- Government and the economy: government is your friend (and a round of applause for all those lawyers) -- Government and the economy II: the army was lucky to get that screwdriver for $500 -- Economics of information: McDonald's didn't create a better hamburger -- Productivity and human capital: why is Bill Gates so much richer than you are? -- Financial markets: what economics can tell us about getting rich quick (and losing weight, too!) -- The power of organized interests: what economics can tell us about politics -- Keeping score: is my economy bigger than your economy? -- The Federal Reserve: why that dollar in your pocket is more than just a piece of paper -- International economics: how did a nice country like Iceland go bust? -- Trade and globalization: the good news about Asian sweatshops -- Development economics: the wealth and poverty of nations -- Life in 2050: seven questions.

Wheelan cuts a large swath though contemporary microeconomic and macroeconomic issues, controversies, and fallacies. Topics include environmental problems, health care and insurance, risk and safety, education and productivity, the Federal Reserve System and monetary policy, financial markets and capital, inflation and unemployment, international trade and globalization, income and wealth inequalities, and economic development. Using anecdotes and applications galore, Wheelan treats both the power of markets and the role of government in a market economy.