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An Introduction to Economic Reasoning

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Why, indeed? A good short answer is that you can’t get away from it. Almost everything you do involves economics. Why do people have to earn a living? Why do some people—heavyweight boxers, rock stars, and movie producers, for example—earn vastly more than bus drivers or policemen? What determines the price of a Big Mac, or, for that matter, a Mack truck? Whenever you have to deal with money or prices, you are talking about economics. To paraphrase Monsieur Jourdain, a character in a play by the seventeenth-century French writer Molière, you have been speaking economics all your life. But granted the pervasiveness of economics questions, why study them systematically? After all, we are all governed by the law of gravity—try jumping off a cliff sometime if you don’t think so— but does it follow that we have to study physics? If people don’t understand the basic laws of economics, we are headed for disaster. You don’t have to understand much physics to know why it’s not a good idea to jump off a cliff; but an economy that runs well depends on enough people grasping some simple truths about how the price system works. As we’ll see throughout this book, a sound economy depends on allowing people to act freely. If politicians interfere with the free market, or attempt to replace it entirely with socialism, we are in for
trouble.

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Detail Information

Series Title

An Introduction to Economic Reasoning

Call Number

-

Publisher

USA : Ludwig von Mises Institute., 2000

Collation

1-210

Language

English

ISBN/ISSN

0-945466-28-5

Classification

NONE

Content Type

-

Media Type

-

Carrier Type

-

Edition

1st Edition

Subject(s)

Economics

Specific Detail Info

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Statement of Responsibility

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