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

Murray, Alan

Hardcover

ISBN 10: 0812932668 ISBN 13: 9780812932669

Publisher: Crown Business, 2000

Synopsis

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 more limber and supple than ever. Indeed, competition in the New Economy is so intense and uncompromising that everyone, even Fortune 500 giants, must bend to it. All of this competition has lead to a wealth of choices about every aspect of our lives -- and a huge shift in how society works and who gets rewarded.

Alan Murray, the Washington bureau chief of The Wall Street Journal, shows how all of us can not only live in the New Economy, but thrive in it. The New Economy isn't just another buzz phrase, but an important change in our economic system, one that has meaning for everyone, not just the economic elite. It's creating a world in which all prices are fuzzy and everything is negotiable. If you know what you're doing, there are great gains to be made and great bargains to be had.

Starting with a thoughtful overview of how the New Economy works, Murray shows, chapter by chapter, what all of us can do to take advantage of the changes taking place in everything from health care to education to the workplace. The rules have changed -- and Murray's smart advice may surprise you:

Health Care: The most potentially traumatic change in the New Economy will be in the relationship between you and your doctor. Murray explains what you need to know to be an effective consumer in this ever-changing market.

Education: The price of a good education has gone sky high. But your mind is your most important investment. Murray shows how to cut costs and cut deals that will help you grow.

Your Job: The revolution in the workplace means that you have to think of yourself as a brand. Murray shows how to compete and excel.

Personal Finance: Your father said avoid credit cards, but he never saw rates of 3.9 percent! Murray shows how you can turn the tables and use the insane competition between credit card companies to your advantage.

Investing: "Professional money manager" is an oxymoron. They don't know much more than you! Murray provides easy-to-use rules that will let you get great returns on your own.

Retirement: Old age isn't what it used to be. Murray explains why the traditional three-legged stool (social security, private pension, personal saving) is rickety -- and what to do about it.

And much more, including websites that can help you navigate the wealth of choices, inside information on where the economy will go next, and a treasure trove of straightforward, concrete advice on thriving in a world where the consumer is king.

Anyone can talk about the New Economy. Alan Murray shows how to live in it. The Wealth of Choices is the first book that combines the big picture and the street-smart tactics that will help you to profit and live well.

About this title

Review:

Alan Murray, a longtime economics reporter for The Wall Street Journal and commentator on CNBC, believes we're heading into an economic golden age. Recessions will be rare because of high-tech inventory management. Inflation will be unlikely because global competition puts steady downward pressure on prices. And yet, because of increased productivity, our wages and standard of living will steadily increase. "The New Economy is a buyer's world," he writes, and by that he means the persistent consumer will be able to get the product he wants at a price he's willing to pay. Sometimes that price will be below the actual cost of the product.

Murray does a superb job of making the task of searching for information on the tangled Web seem easy and expedient. In the section on health care in the New Economy, for example, he gives a seven-step checklist for deciding how to deal with a major medical issue. This includes Web sites you can go to for information about your doctor and hospital. The downside is that many of us are overloaded with choices, and want things to be simpler. We return to brand names we trust, even when others might be cheaper or more convenient, because we don't want to sacrifice a known quantity. Many of us stick with AT&T long distance service and high-interest credit cards just because we're too overwhelmed to choose cheaper alternatives. Ultimately, we profit from the New Economy by becoming our own brands, Murray writes. We pursue topics we're passionate about, become experts, and then find ways to profit from that expertise. Likewise, we all become investing experts and manage our own money based on the knowledge we gain online.

Murray is a smart storyteller and laces the service-oriented aspects of The Wealth of Choices with anecdotes about the people he's met in his years at the Journal, ranging from Alan Greenspan to the Gardner brothers, founders of the Motley Fool investment Web site. The result is an entertaining look at our often-bewildering new world from a writer so gifted he can find something interesting to say on virtually any topic. And any book that makes choosing a long-distance provider interesting deserves a look. --Lou Schuler

From the Back Cover:

"In The Wealth of Choices Alan Murray shows us how the 'old rules' don't apply in the New Economy. Consumers now have more information, more choices, and more power than at any time in history. Mr. Murray's suggestions on what to do with that newfound power will be useful to anyone who works, learns, invests, or plans to retire in the New Economy. The Wealth of Choices is a rare book -- one that combines penetrating analysis with practical tips for consumers. It's a wonderful guide to living in this new Internet-powered era."
-- Steve Case, Chairman and CEO, America Online, Inc.

"Alan Murray's acute eye and extensive experience make him an engaging Beatrice, taking us through the inferno of the old economy, the purgatory at the dawn of the Internet, and now into the relative paradise of a digital age."        
-- David Gardner, The Motley Fool

"An utterly brilliant, fun book. For the next weekend with your mother-in-law, take two copies; one to take her out of the action, the other one for you to have a great time. Murray's account will turn anyone into a convert and practitioner of the New Economy. It shows how technology explosion and competition turned the stodgy Old Economy into a veritable bazaar. And if you let Murray get to you, the consequences run deep: 'don't buy retail, don't take NO for an answer EVER, haggle, don't leave money on the table, get an education, and plan your lifetime finances.'"
-- Rudi Dornbusch, Ford Professor of Economics and International Management, MIT

"There are always complaints that economists can't make themselves understood and that journalists can't get the economics right. The world of information technology and 'dot com' risks adding to the confusion, but Alan Murray in The Wealth of Choices goes a very long way toward explaining clearly and concisely how we can all use the tools of the New Economy to our advantage."
-- Paul Volcker, Former Chairman of the Federal Reserve

"Alan Murray explains with clarity, charm, and wit how the New Economy has democratized information. For anyone who must steer through the age of complexity, this book is required reading."
-- Reed E. Hunt, Former FCC Chairman and author of You Say You Want a Revolution

About this edition

• Publisher: Crown Business
• Publication date: 2000
• ISBN 10: 0812932668
• ISBN 13: 9780812932669
• Binding: Hardcover
• Edition number: 1
• Number of pages: 272