Economics and Free Markets

A Reader

Nonfiction, Religion & Spirituality, Philosophy, Political, Social & Cultural Studies, Political Science, Politics
Cover of the book Economics and Free Markets by Howard Baetjer Jr., Libertarianism.org Press
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Author: Howard Baetjer Jr. ISBN: 9781944424510
Publisher: Libertarianism.org Press Publication: May 1, 2017
Imprint: Language: English
Author: Howard Baetjer Jr.
ISBN: 9781944424510
Publisher: Libertarianism.org Press
Publication: May 1, 2017
Imprint:
Language: English

When we stop to consider it, a free economy is a marvel. Millions of people, mostly unknown to one another, each producing some particular good or service, somehow manage to coordinate their actions in a vast, cooperative, productive order with no one in charge. How does it work?

Economics helps us understand. This book introduces the concepts on which all of economics is founded, concepts such as subjective value and gains from trade, scarcity and opportunity cost, thinking at the margin, division of labor, and comparative advantage. It then introduces the foundational theory with which we understand how market prices emerge and change to reflect changing conditions: supply and demand analysis. It also introduces the principles that underlie spontaneous economic order: market prices provide the information we need to coordinate our actions with others’ actions, while profit-and-loss feedback guides entrepreneurs as to how best to satisfy others’ wants. Private property rights and freedom of exchange give us the incentive to interact in mutually beneficial ways.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

When we stop to consider it, a free economy is a marvel. Millions of people, mostly unknown to one another, each producing some particular good or service, somehow manage to coordinate their actions in a vast, cooperative, productive order with no one in charge. How does it work?

Economics helps us understand. This book introduces the concepts on which all of economics is founded, concepts such as subjective value and gains from trade, scarcity and opportunity cost, thinking at the margin, division of labor, and comparative advantage. It then introduces the foundational theory with which we understand how market prices emerge and change to reflect changing conditions: supply and demand analysis. It also introduces the principles that underlie spontaneous economic order: market prices provide the information we need to coordinate our actions with others’ actions, while profit-and-loss feedback guides entrepreneurs as to how best to satisfy others’ wants. Private property rights and freedom of exchange give us the incentive to interact in mutually beneficial ways.

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