1. Human Action
Action, Purpose, and Reason
Economic Analysis
Quantitative Analysis
A Contrast of Approaches
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Principles of Economics is a university-level textbook in economics that offers a clear and concise exploration of the most important economic concepts.
This book is unapologetically Austrian in its approach. It tackles major economic concepts and topics independently, but in a logical sequence aimed at delivering the reader an understanding of economics at an individual and societal level, and the widespread implications of economics as a topic. The first part of the book introduces the foundational concepts in economics and the Austrian method, the second part of the book introduces the actions that individual humans perform to economize.
After two decades of studying and learning economics at university level, this book represents the knowledge of economics I would have liked to have when I was 17.
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Jesús Huerta de Soto
Professor of Political Economy (Rey Juan Carlos University, Madrid – Spain)
You can also purchase the hardcover and kindle via Amazon.
Want to get a taste for this book? Read Chapter 1 and 12 for free here: Chapter 1: Human Action and Chapter 12: Capitalism. See the full table of contents by scrolling down.
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1. Human Action
Action, Purpose, and Reason
Economic Analysis
Quantitative Analysis
A Contrast of Approaches
2. Value
Utility & Value
Valuation: Ordinal and Cardinal
Value And Price
Free Exchange
Determinants of Value
Marginalism
Marginal Utility
Law of Diminishing Marginal Utility
Valuation by the Least Valuable Use
Water-Diamond Paradox
3. Time
The Ultimate Resource
Opportunity CostMaterial AbundanceSimon's Bet
Time Preference
Economizing Time
Economizing Action
4. Labor
Labor and Leisure
ProductionProductivity of Labor
UnemploymentWill Work Ever End?Is Labor Exploitation?
5. Property
Scarcity and Property
Types of PropertySelf-Ownership
Importance of Property Rights
6. Capital
Lengthening Structure of Production
SavingHigher Productivity
The High Cost of Capital
Delayed gratificationDestructionDepreciationRiskCapital and time preference
Saving FallaciesLimits to Capital
7. Technology
Technology and Productivity
Technology and LaborSoftware
Property in Ideas
8. Energy and Power
Energy in Human History
Energy AbundancePower Scarcity
Energy and freedom
9. Trade
Subjective Valuation
Absolute advantageComparative advantage
Specialization and the Division of LaborExtent of the market
10. Money
The problem money solves
SalabilitySalability across time: stock-to-flow
Why one money?Money and the state
Value of money
Money's uniqueness among goods
How much money should there be?
11. Markets
Consumer Good MarketsEquilibriumProducer Good MarketsEconomizing in the Market OrderConsumer SovereigntyA Contrast of Approaches
12. Capitalism
Capital Markets
Capitalism is entrepreneurial, not managerialProfit and Loss
The economic calculation problem
Modern economics & calculation
The effects of entrepreneurial investment
13. Time Preference
Time preference and money
Time preference and savingTime preference and investment
Time preference and civilization
Time preference and bitcoin
14. Credit and Banking
Banking
CreditCommodity credit
Interest rates
Can interest be eliminated?
15. Monetary Expansion
Circulation Credit
Mises' Typology of MoneyBusiness Cycles
The Business Cycle Graphically
Capital Market Central Planning
16. Violence
Non-Aggression Principle
Government CoercionRationales for government violence
Information Asymmetry
Irrationality
Imperfect competition
Externalities and Public GoodsRationality in Economics
17. Defense
The market for defense
The market for law and orderState monopoly of defense and law
State monopoly failure modes
A free market in defense
Economizing Time
Economizing Action
18. Civilization
The cost of civilization
The case for civilizationThe fiat slavery alternative to civilization
Reason