- Hardcover: 422 pages
- Publisher: Ludwig von Mises Institute (October 25, 2010)
- Language: English
- ISBN-10: 1933550880
- ISBN-13: 978-1933550886
- Package Dimensions: 11.2 x 8.8 x 1.2 inches
- Shipping Weight: 3 pounds (View shipping rates and policies)
- Average Customer Review: 30 customer reviews
- Amazon Best Sellers Rank: #304,598 in Books (See Top 100 in Books)
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Lessons for the Young Economist Hardcover – October 25, 2010
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However, it is not clear if anyone has actually done sufficient assessments of the book to determine what the proper age and pre-preparation status of a potential reader ought be. That really would be helpful.
As an economic theory, the Austrian school's principles and thought processes seem very coherent and applicable to much of the current financial soup we are in. I recommend this book highly.
1) This is mostly the Austrian Economic theory. Understanding the material in this book WILL help you VASTLY when going through any sort of high school or college economics course, but much of this isn't taught in the Keynesian-dominated classrooms.
2) This book IS written for the younger audience -- hence the title (I only say this because there is another review of this book that... well, he apparently didn't even read the title).
3) Much of this book (if not all) CAN be found online at mises.org. I recommend buying the book - it's easier, more mobile, hurts your eyes less, and is at a fantastic price.
4) This book IS understandable to anyone who doesn't understand hardly anything about economics - this is a fantastic introduction.
5) Murphy did a great job. I only saw one typo throughout the whole 400 page book, it's humorous, and it's understandable.
6) If you already have a sound understanding of the Austrian Economic theory ("only individuals act", "comparative advantage", "trade necessarily means both parties benefit", "boom bust cycle"), then it might not be the best investment FOR YOURSELF. But, heck, at $25, you can use it easily to help people who have questions.
Buy it, you won't regret it. It delivers everything it promises. This book + "Economics in One Lesson" would make the perfect gift for anyone looking to understand Austrian economics, but has yet to indulge.
I'm a graduate of political science and law, but have independently studied economics for several years. Nevertheless, most of the books I read were by mainstream Keynesian economists (since that's currently the dominant school of thought in the economics profession) and I had little understanding of real economics (that is, economics which depends for its validity on sound logical reasoning rather than reams of statistics) until I read this book.
Previously I had read Thomas Sowell's "Basic Economics" but this is a much more timeless book because it really gets to the heart of the principles underlying the economy. It shows through analysis of the individual's incentives a variety of concepts such as productivity, investment, capital, consumption, free trade and many more.
It is a great introduction to free markets (more specifically Austrian economics). This isn't a grand treatise or some great piece of intellectual work, it is a stepping stone. Once you have read this work you will be more prepared to dive into more complex works. You could move to economics in one lesson, then perhaps economics for real people and you may even be able to move to Rothbard's book on the great depression (which has a great section in the beginning on the business cycle).
So, like I said pick it up, see what you think and use it as a tool to move towards more complex works!
For those of you who are in college and have had your basic principles courses I wouldn't spend the money on this, I would say you can move right to Man, economy and state!