![What Has the Government Done to Our Money? [Reprint of First Edition]](https://images-na.ssl-images-amazon.com/images/I/71slnPbwgeL._AC_UL160_SR160,160_.jpg)
Is it the ECONOMICS itself that is complex and dismal, or are such the (mainstream) economists' explanations?
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?
Do the (true) capitalists (and entrepreneurs) become rich at the expense of the poor (=there is a fixed amount of wealth and the only way for me to have more is to take from you) or because they make the "economic pie" larger?
Isn't there a lot of CONFUSION all around us? Isn't A confused with B?
- CAPITALISM with CRONYISM (people blame capitalism for the current mess, but they do not realize we do not have capitalism - a true, free market capitalism)
- LIBERTY with LICENSE (before visiting a doctor, you call the government to ask if she is licensed, or you ask a family member, neighbor or colleague to see what their experience with her is?)
- EDUCATION with SCHOOLING (when it comes to (macro)economics, I learned much more by self-study than at the University)
- CHOICE with DISCRIMINATION (from 2013 insurance companies can no longer use gender as a risk factor in premium calculations - EU gender directive. It would be discrimination...)
- MODERATES with EXTREMISTS (for instance, if I voted against a budget deficit on the grounds that it would increase debt, I might be called an extremist. But aren't extremists those who vote for it because what they are actually doing is voting for the extreme levels of debt?)
- etc.
What is FREEDOM?
Isn't FULL EMPLOYMENT a little bit of a strange goal? For one thing, legal aspect aside, it does not take into account economic actors operating on the black market. Furthemore, all it takes for the governement to achieve it is to split the unemployed into two groups and have one dig out holes and the other fill them in. But doesn't the value of work/a job and, by extension, allocation of limited resources happen to matter?
If I decide to give all my cash holdings to a charity and move in the middle of the forest to spend the rest of my life doing mathematics, AM I BEING IRRATIONAL?
Are ECONOMICS and MATHEMATICS related? If so, how? Is the economics related more to applied mathematics or pure mathematics? In other words, is the connection between the two fields to be found in (pages of) equations or in logic being used?
Is (true) capitalism compatible with CHRISTIANITY?
Isn't MINIMUM WAGE actually hurting economy? Doesn't it substitute unemployment for low(er) wages? What are the determinants of real wages? Don't they result from processes on the production's side (capital accumulation, effective management, better education and training on the part of workers, etc.) rather than that of government (arbitrary laws)?
There are PROTESTS in many places in the world. If I protest, it means I am not happy with the current state of affairs; so, say, it is "clear" what those protestors are protesting against. But how about the "for part?" What are they protesting FOR? Yes, they want a change, but what exactly? Party B in control instead of party A? What's the difference, really? What's the difference between the left and the right? True, the left want "egalitarian" society and for the right it is all about "growth," but they both want state interventions (and power). Shouldn't it be about (ever-growing) government vs. no (or low) government?
Who are the SOCIALISTS, anyway? The rich? The middle class? The poor?
What really is at the center of (growing) INCOME INEQUALITY? Is it state or capitalists? And is it actually income inequality that concerns the left liberals, or is it wealth inequality? Maybe it depends on which one gives a bigger contrast. And how about all those analyses and surveys conducted and used to prove it? Is everything kosher with them?
Why would the FUNDAMENTAL ECONOMIC PRINCIPLES that apply to an individual (or family) be no longer valid when applied to a group of people (or society)?
Why is it all about ECONOMIC GROWTH, as measured by GDP? What is an "economic growth" anyway? What is actually GDP? Is it really production (measured in units/quantities of goods and services, including their quality which, by the way, is subjective) - as the name of this statistical construct would suggest - or is it spending (captured in mere monetary terms)? Malinvestment, while increasing GDP, at the end of the day means wasted capital. Similarly, increasing costs of health care can contribute to the increase in GDP even if the quality of the services goes down. How perverse!
Which system is better suited for the ENVIRONMENT around us, our planet?
Doesn't DEPOSIT INSURANCE create moral hazard by encouraging banks to take more and bigger risks with deposits? Isn't it just an illusion of protection anyway? After all, it guarantees the nominal value of deposits, not its real value, right?
Why are there so many uninsured people in the U.S.? Why is the COST OF HEALTH CARE INCREASING? Is free market to be blamed, or is it different regulations that are responsible for that (such as those forcing insurance companies to accept all risks including pre-existing conditions, price controls, government-mandated coverages, bariers to entry, etc.)?
Who/what exactly is the cause of BUBBLES, such as the most recent housing bubble in the U.S. or public sector bubble in Greece?
Why is a (price) DEFLATION such a menace for economists (those close to politicians anyway)? What's wrong with falling prices? (I haven't heard anyone complaining about falling prices in electronics or special medical procedures left to free market forces such as LASIK or plastic surgery. Have you?) Isn't falling prices the VERY essence of (true) capitalism?
The list of questions is endless.
As I kept contemplating all those questions popping up in my head, I realized that my preferences or gut feelings were not sufficient to give me, let alone to the others, satisfactory answers. I needed something more. I needed tools based on LOGIC and common sense.
And that's exactly what the AUSTRIAN ECONOMICS will arm you with. The Austrians' style of writing and the CLARITY of their explanations are IMPRESSIVE.
As for 'Economics for real pepole' in particular, it is more of a popular read than systematic treatise, which makes it a good place to start for those new to the Austrian tradition.
LEARN, GROW AND SHARE.
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Good overview of Austrian Economics
Reviewed in the United Kingdom on June 12, 2009Verified Purchase
