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Economics for Real People: An Introduction to the Austrian School 2nd Edition
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Top Customer Reviews
- Real economic growth can only be achieved through Production and Savings and not through Consumption and Debt
- The only real money is attached to a real collateral, such as gold as opposed to the current paper money that the central banks are happy to print out of air
- Central banks should not have the power to "print money" or fix interest rates
- Government intervention should be minimal - subsidies, protectionism, price fixing, regulation, public spending are to be avoided
- Free Markets with the Law of Supply and Demand will tend to maximize the value and wealth of both the individual and society
The first parts lay the philosophical (logical) foundations of Austrian economics and build up a picture of the market economy. This is done by looking at a person living alone on an isolated island (like Robinson Crusoe). Later more people, goods, and money are introduced. In my opinion, this is one of the best explanations of Ricardo's "Law of Comparative Advantage" and the history of money.
According to Austrian economics, the market process does never establish a general equilibrium. Sure, there will sometimes be equilibria in distinct markets, but these cannot last for long. The price informs entrepreneurs of new profitable undertakings, thus destroying the equilibrium. New data will have the same effect. The price will cause entrepreneurs to gradually adjust to their customers' wishes. There is thus no need for a general equilibrium (nor does is actually exist) as in conventional economics for the market process to be beneficial. Unlimited information, perfect competition, and instantaneous action aren't necessary either. The market process consists of learning, discovering opportunities, and adapting to new information. Austrian microeconomics is much more realistic than neoclassical models. (You might guess from this that there are no figures of demand and supply curves within this book. Your guess is correct.)
Later parts introduce the government and show its role in manipulating prices and money, regulations, minimum wages, etc. Callahan's explanation of inflation and deflation is much better than in conventional economics textbooks. The market process will destroy monopolies, because their profits attract new competitors.Read more ›
Why is there so much fuss about HEALTH CARE? What is the difference between health care AND SHELTER OR FOOD? (both shelter and food are just as vital as healthcare, but as far as I know, I pay for my rent and grocery bills myself)
What is the difference between a BANK AND a SHOE STORE?
Every economic DEBATE on central banking and money in the (mainstream) media is about the same: Is the FED's (or ECB's) current monetary policy too tight or too loose? Will the FED (or ECB) raise or lower interest rates? NO ONE QUESTIONS THE WHOLE CONCEPT OF CENTRAL BANKING. No one discusses fiat paper money vs. commodity money (such as gold standard). WHY?
Is job a right?
Aren't POLITICIANS PLAYING GOD by trying to "beat" the system of free prices - the only system that can solve the problem of alternative allocation of limited resources to meet thousands of different preferences, wants and desires?
If I reject to pay TAXES (because I do not want to support wars and bailouts of politically well-connected businesses, for instance) or SOCIAL SECURITY contributions (because I simply do not believe in the scheme and prefer to plan and save for my retirement myself, or because I do not see why I should sponsor parasits of society) or HEALTH CARE contributions (because I have a private health insurance and do not use state hospitals/doctors, or because I simply choose to have only "catastrophic insurance" - that is, I choose to have a TRUE insurance), I will most likely end up behind bars. WHY?
Is EURO an economic project or a political one?Read more ›
Most Recent Customer Reviews
fantastic book. I highly recommend. No need for previous knowledge on economics. A great introduction to the Austrian school (championed by Ron Paul) I only wish the liberals... Read morePublished 17 months ago by david jermann
This book is a subtle and not so subtle, an openly and not so openly, a boldly and not so boldly defense of Free Market Economics, in the reasoning of the Austrian School, which... Read morePublished 22 months ago by Clifford J. Stevens
I love this book because it was the one book that changed my thinking about economics. Indeed, economics is the study of human choices in a world with scarce resources. Read morePublished on April 25, 2013 by Christoffer Skuthälla
I liked this economics book. It was easy to understand for me, and it covered what seemed to be so much in a pretty short book. Read morePublished on February 3, 2010 by K. Braddock
I heard about Callahan's book on "Free Markets With Dr. Mike Beitler," a libertarian internet-radio show. I really enjoyed the book. It is easy to read and very insightful. Read morePublished on May 13, 2009 by Paul Bauer
I would underline 'introduction' because it's what the book promises and exactly what it delivers. I found it to be a perfect and well needed base to grow my knowledge and... Read morePublished on March 7, 2009 by KZ