Winford Caldwell Naylor

Methods & Observations of a Practical Economist, vol.1 part one Winford Caldwell Naylor

Through the years, I have become convinced that the fundamentals of economics, finance, and business can be mastered by anyone of average intelligence, ambition, and diligence. So, as I entered the final phase of my career, I decided to provide a book which would offer the reader the practical knowledge that I wish I'd gained before I became a naval officer, a graduate student, a banker, and a financial manager. I believe that these fifty-five lessons can provide the foundation for: 1) the general business manager who must juggle many responsibilities and relationships, and who hasn't the time for more formal education. He may choose to use the book as a reference. 2) the general student who knows that he must be familiar with business, finance, and economics to be effective in any career, including politics and journalism. 3) the undergraduate who wishes to get the most value from his expensive, upper-division specialty courses in business, economics, or finance, and doesn't feel prepared by the typical introductory courses. (Careful reading of this book over the summer before his junior year could make the difference.) 4) the entering graduate student who needs to fill gaps in his preparation, or review principles, before tackling a challenging program at a top graduate school. 5) the advanced graduate student who needs to review and integrate the basics, before taking his comprehensive examinations. I have written the book in a conversational style and laced it anecdotes, while minimizing technical requirements, so that readers can connect to the ideas and to their practical use. I wish that such a book had been available to me, while I was at sea for many months in the Navy. I would have read it between watches, and I would have been prepared to take better advantage of the wonderful opportunities that I had at Stanford University, at Bankers' Trust, and at Pitzer College. And I would have been more effective, as a community banker and a financial executive. The book has six sections. Each could stand alone as a separate course, and they usually do. However by organizing them into a logical sequence, each section prepares the student for the next, and duplication of material is avoided. Hence, nine lessons are adequate for each subject, and mastery of each subject is possible in ten weeks, instead of fifteen. The sections are: 1. Principles of Business Management (with an international business point of view) 2. Microeconomics (the study of producer and consumer behavior in markets) 3. Finance (financial markets and institutions, and principles of financial management) 4. International Economics (trade, finance, and open economy macroeconomics) 5. Macroeconomics (production, employment, economic growth, and business cycles) 6. Investing (securities markets, securities analysis, and personal financial planning) Because not every reader is interested in all six topics, I am publishing six small volumes as well as the entire work in two volumes. This is the first.