Preface

Th is little book was written to accomplish something big: economic literacy. It is intentionally kept very short to be inviting rather than intimidating, as economics books typically are. If I managed to meet this bar, you, the reader, will gain life-changing understanding of how the economy works in practically no time. Th is is lots of value at a very low cost.

If I have managed to exceed expectations, this book will also make you excited about what economics has to off er. Because economic literacy is mind-opening. Sound economic reasoning is an enormously powerful tool for understanding both the economy and society. It uncovers what is going on under the surface and why things are the way they are. In fact, economic literacy is necessary to properly understand the world.

But it is also quite possible that I have failed in my undertaking. If so, I would appreciate if you would tell me what you think I have done wrong and how I could have done it better. I’m easy to fi nd online, so please share your comments with me. Please pass the book on to someone else. Th ey might have better luck and get more out of it. At any rate, the book should not have set

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you back much—it’s pretty cheap. And maybe you still learned something?

In preparing this manuscript, I have benefi ted from discussions, feedback, and suggestions from many people. Special thanks go to Porter Burkett, Susanne Bylund, Richard Gajan, David Gordon, Jonathan New-man, and Mikael Nordin, who provided feedback on previous draft s of the manuscript. Any errors that still remain are entirely my own fault.

My sincere thanks also to the many people who generously donated to make this book possible and to the Mises Institute for giving me this opportunity to make Austrian economic theory available to the general public in a short, accessible, and easy-to-understand format.

Per Bylund

Tulsa, Oklahoma

July 2022