Includes bibliographical references and index.

Introduction to the economics of context -- The Federal Reserve, Congress, and the use of context in economic policy -- We are all economists and don't know it -- How a perfect world would work -- Shopper nation: why we buy or don't buy -- How is a can of tuna like a smartphone? Yes, context! -- When to spend, when to cut, and when to scratch your head over the federal budget -- Tax policy: does cutting taxes cure all ills? -- Monetary policy: money, or maybe the Federal Reserve, makes the world go 'round -- The Panama Canal widens and the middle class grows in China -- How does that affect Indiana? -- What do we do now?

"The world is awash with economic information. Governments release reports. Pundits give their interpretation on television. And the stock market may go its own way, confusing everyone. How can you better understand what it means for you? The authors show how consumers, business, the Federal Reserve, and government take into account what's going on around them to make critical decisions like buying new products, building new factories, changing interest rates, or setting budget goals. The book provides a clear roadmap to understanding the whole story behind the global economy."--Publisher's website.