
Economics and Free Markets
An Introduction
Howard Baetjer(Author)
Cato Institute (Publisher)
Published on 23. May 2017
Book
Paperback/Softback
216 pages
978-1-944424-50-3 (ISBN)
Description
How Does the Economy Work?
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.
More details
Series
Language
English
Product notice
Paperback (trade)
Unsewn / adhesive bound
Dimensions
Height: 203 mm
Width: 127 mm
Thickness: 13 mm
Weight
265 gr
ISBN-13
978-1-944424-50-3 (9781944424503)
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Schweitzer Classification