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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Table of Contents
PART I: FUNDAMENTALS
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
PART II: ECONOMY
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
PART III: THE MARKET ORDER
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
PART IV: MONETARY ECONOMICS
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
PART V: CIVILIZATION
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