I bought this some time ago and it ended up in the 'to read' pile. As I was going on hols I thought I should read it as it was recommended. Glad I did. The book does not go into minute detail but takes the line of a thorough overview, the policies enacted and the 'wisdom' of the present age on economies, shining some most needed light. It reveals the smoke and mirrors of politics, the effects along with unseen and generally ignored side effects of policy. Simply put economics is a zero sum gain. If someone wins there is a loser. If the government taxes to give to someone else, someone loses. If there is a work program to help a section of the community it comes at the expense of another part of the community. As the vision of politicians and the media is so narrow you rarely see the wider implications. This book will give you those wider implications and despite the assurance of our leaders it is getting better and that they have the answers. The reality is they do not have the answers, they are doing what has been proven to fail in the past and things are getting worse. There again looking today at the economy, jobs, prices and inflation we know that anyway. This book will give you a perspective to understand why this is the case. It also will show why productive wealth creating jobs that seem so despised are essential while their replacements may not be. Just look at the rise of bureaucracy and regulation, there are becoming more people to prevent you from doing any useful productive work than actually carrying it out. Altas Shrugged before one's own eyes.
For such an 'old' piece of economic literature this is great reading for people like me for whom economics is not a subject that is picked up easily. I'm not talking about what we all refer to as 'the economy', but the finer details of policies that are especially used by governments around the world. Of course, businesses apply micro economic policies to their firms. But before I get bogged down in economic terminology and get everyone, including myself, confused, just let me say this book explains economics much better than anything I have read previously. Enough said.
If people want to understand the abyss governments have dragged us into, then this economics primer is a start.
The media is overloaded with doom and gloom concerning the economy; and they are right. However there is little explanation as to why this financial mess has occurred other than "'twas the banker that did it". The questions that should be asked are: Why is the Eurozone collapsing? Why are anti-capitalists invading the city? Why are students protesting and unions striking and also what would be the outcome if their demands are met? Why is unemployment so high? Why is housing so expensive? And the most important question: What can be done about it? Surprisingly I found the answer in this book.
Here is an excerpt on inflation.
"Like every other tax, inflation acts to determine the individual and business policies we are all forced to follow. It discourages all prudence and thrift. It encourages squandering, gambling, reckless waste of all kind. If often makes it more profitable to speculate than to produce. It tears apart the whole fabric of stable economic relationships. Its inexcusable injustices drive men towards desperate remedies. It plants the seeds of fascism and communism. It leads men to demand totalitarian controls. It ends invariably in bitter disillusion and collapse."
If you want a simple book about right wing - free market economics this is the book. It's written in a simple manner that even I with no economic background can understand. Specifically the book adovacates less government, less tax and less bureacracy.
and although im on the same page with him, in his views; this is not "economics in one lesson". it should've been titled "libertarian economic ideas in one lesson"... it's heavily political and the title is misleading as if it's going to teach you a clutter-free version of an academic "economics 101".
An excellent read; I fully recommend it. It's very insightful into the fundamentals that all of Economics is based on and easy to read for someone who has not really done Economics in the past - I hadn't!
It does certainly raise questions of competency regarding the choosen economic policies in this country!
Outstanding summary of classical economy, including common sense instead of graphs and tables. As happens with books that become classics it has lost nothing of its relevance today. It should become a compulsory textbook for the simple minds of politicians playing games with economy.
If you only read one book on economics make it this one. It should be compulsory at school level, as much for the teachers as the pupils!
The central thesis is the rule of unforeseen or ignored secondary consequences of economic decisions. For example, the tax rate rise which brings in a specified amount for the state, which it will spend on xxx. What you don't see or hear about are the businesses that don't start up because of that tax hike, the jobs that aren't created, and so on.
As you may expect the book is not for those few left who think Keynes had the right idea. This book was first published shortly after the Second World War and updated in the 1970s. Sadly it's as relevant now as it was then. Amazingly prescient.
Arrived on time and was in excellent condition ... I am enjoying the lesson in Economics and am now understanding it, something I was told I wasn't intelligent enough to understand. I now realise I knew more than that person... :)