Harmful policies thrive because so few people understand what they actually do. People end up falling for political deceptions such as calling the latest federal extravaganza the “Inflation Reduction Act.” They believe politicians who say that government spending stimulates the economy. They nod in approval when told that price controls are the way to tame inflation.
Statist politicians and their allies depend on economic ignorance, just as con artists rely on people’s gullibility.
The battle against economic ignorance is crucial, and entering on the side of knowledge is Oklahoma State professor Per Bylund with his new book How to Think about the Economy: A Primer.
Bylund correctly writes that economic literacy “is necessary to properly understand the world.” His clearly written book (no math, no jargon) accomplishes that. Economists have a “mental toolkit” that enables them to grasp how people behave, and Bylund makes that toolkit easily accessible.
Do you know someone who ought to start thinking like an economist? Consider this book.