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One could make a much more reasonable case that Keynesian theory is only worthy of serious study in [the same] sense that a flight recorder demands intense examination after an airplane crash.
- Vox Day
Economics In One Lesson is an easy-to-read, insightful application of Austrian economics to a variety of economic arguments.
The book begins with a discussion of the need to consider both local and universal, short and long-term effects of any economic idea. Each successive chapter looks at a particular economic concept in light of this philosophy. Topics like tariffs, credit/debt, public works projects, price-fixing, unions, minimum wage, and inflation are all explained clearly. The book then concludes with a review of the general principles used.
Economics In One Lesson convincingly shows how many common-sense ideas about economics are just as applicable to a global economy as to one’s household finances. It methodically reveals how economic schemes that claim to get “something for nothing” invariably fail to consider side-effects which, at the very least, subsidize the claimed benefits, and often do so less efficiently than a free-market solution would. I highly recommend this book as an introductory text for its clear treatment of a murky subject.
This book is also available as a free downloadable PDF file.
So, what do you do if your bank account stands at -$9,337,515,818,138.53? Well, if you’re the federal government, you clearly write checks for another $150 billion, just for kicks.
Money isn’t everything, but it is interesting to see a concrete picture of what would happen to the federal budget if each of the presidential candidates had their way.
Jordan Liggitt is a