Economics for Real People

Economics for Real People

By:

Gene Callahan

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Summary

This is the second edition of the fun and fascinating guide to the main ideas of the Austrian School of economics: Economics for Real People, written in sparkling prose especially for the non-economist. Gene Callahan shows that good economics isn't about government planning or statistical models. It's about human beings and the choices they make in the real world.

This may be the most important book of its kind since Hazlitt's Economics in One Lesson. Though written for the beginner, it has been justly praised by scholars too, including Israel Kirzner, Walter Block, and Peter Boettke.

Israel M. Kirzner (New York University): "Even a cursory examination of this book is sufficient to impress the reader that we have here a remarkably well-written exposition for the layman of the highlights of Austrian Economics."

Peter J. Boettke (George Mason University): "Written in a jargon-less and engaging style, Callahan's work provides the most comprehensive introduction to modern Austrian economics currently available to the intelligent layman."

Walter Block (Loyola University, New Orleans): "I don't toss around compliments like this lightly, but the passion, eloquence and sheer witty writing style of this author is also reminiscent of Rothbard. I plan to use it in all of my future intro courses."

Barron's calls Economics for Real People "a terrific new book on economic theory." "If I were teaching an introductory course in economics," writes Gene Epstein (December 2, 2002), "I'd assign Gene Callahan's Economics for Real People: An Introduction to the Austrian School. I also commend it to folks in search of a good read on the joys of economic insight."

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Economics

The economics category, as expected, is very well represented within the pages of this site. Of all the economics books, around half are explicitly Austrian Economics texts, and (with a significant overlap) around half discuss monetary theory. You may search specifically for economic treatises or books about economists; you will find historical or theoretical accounts of financial crises; you will stumble upon recent books on crypto-currencies (like bitcoin), books covering topics like income or wealth inequality, as well as more technical subjects like price theory, monopoly, division of labor, public choice theory and others. Additionally, critiques of Keynesian economics are to be found throughout the books in this category.

Of the Austrian Economics books, the largest portion discuss The Austrian Business Cycle and praxeology or human action, but you will find many covering to one degree or another topics like time preference, capital and interest, subjective value, and economic calculation, to name a few.

And for those interested in currency or money, whether sound money or fiat money, you will find books arguing the benefits of the gold standard, debates on inflation and deflation, banking, central banks and the Federal Reserve specifically.

At the heart of the free market system of unregulated, voluntary trade stands capitalism and its emphasis on private property. Unsurprisingly, a large collection of books are available on this subject, many of which outline quite clearly the fundamentals and the outcomes of capitalism, especially in contrast to other economic systems like socialism. Additional related topics, such as free trade, decentralization, risk, uncertainty, and the market process can be found in such books.

A note from the curator: Liberty Classroom provides courses like: Austrian Economics Step by Step, two courses on the History of Economic Thought, and What’s Wrong with Textbook Economics, to name a few. With courses like these, how can you not become a fan of Liberty Classroom? I know I am.

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We find topics about the law, laws and legislation, justice, law enforcement and judicial systems fascinating, especially when combined with anarchy, as this seems to be one of the last bastions on the road to understanding an anarchist system and how legal order and property rights would be maintained.

Administrative law, regulations, and licensure as we know them today are artefacts of the State that are critiqued in our featured books, but so are dozens of other legislative issues, such as: labor laws (child labor, labor unions, minimum wage), issues relating to the US Constitution or the Articles of Confederation (e.g. the commerce clause, nullification, fugitive slave laws, gun control / second amendment), civil rights issues, Obamacare, Prohibition, and even earlier established legal concepts, such as the Magna Carta and Habeas Corpus.

A note from the curator: One of the reasons I am a very satisfied Master Member of Liberty Classroom is that I have access to courses like US Constitutional History and others featuring topics related to the law. In full disclosure, Books of Liberty will get a small advertising fee for purchases made through our link.