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Principles of Economics
Principles of Economics is a university-level textbook offering a comprehensive, engaging, and easy-to-read overview of the field of economics that is valuable to the university student, the general reader, and the professional economist.Saifedean Ammous’ first book, The Bitcoin Standard, is an international best-seller that has been translated into 36 languages. The book garnered praise from respected scholars, successful entrepreneurs, professional athletes, and countless readers worldwide for its engaging and enlightening presentation of sophisticated economic and technical concepts, delivered in a style accessible to the general reader. With its sequel, The Fiat Standard, Ammous established himself as one of the world’s most effective communicators of economic ideas, whose writing resonates with a growing global readership.In Principles of Economics, his most ambitious and elaborate work to date, Ammous offers readers a potent antidote to the modern economics textbook. After two decades of learning and teaching economics at university level, Ammous became aware that most economic textbooks confuse more than they illuminate and most university students tasked with reading them learn very little that is useful and actionable. The culmination of four years' work, this book uses the underappreciated approach of the Austrian school of economics to introduce the principles, methods, and concepts of economics in a readable, engaging, and informative manner. Rather than relying on mathematical analysis of aggregates and arcane theoretical models, the book uses the clear written word to effectively illustrate key economic concepts.The book first presents the Austrian school method and the foundational concepts of value and time. With these foundations laid, the second part of the book explores how humans act individually to achieve their ends under scarcity—in other words, how humans economize. A chapter is dedicated to detailed overviews of labor, property, capital, technology, and energy, and each topic is accompanied by vivid examples explaining its relevance to the reader. The third part of the book examines economizing in the social context, with chapters examining trade, money, the market order, and capitalism—important concepts that are often shrouded by misconceptions in most modern treatments. The fourth part of the book presents the Austrian perspective on monetary economics, laying the groundwork through a detailed discussion of time preference, followed by a discussion of banking and credit, and the business cycle and its monetary origins. The final section of the book explains why respect for property rights in an extended market order is the basis for human civilization, how the market order protects against aggression, and the failures of monopoly provision of defense.
462 pages, Kindle Edition
Published June 1, 2023
250 people are currently reading
1563 people want to read
About the author
Saifedean Ammous
19 books582 followersSaifedean Ammous is an internationally best-selling author and economist. In 2018, Ammous authored The Bitcoin Standard: The Decentralized Alternative to Central Banking, the best-selling book on bitcoin, published in 36 languages. In 2021, he published The Fiat Standard: The Debt Slavery Alternative to Human Civilization, available in 12 languages. In 2023, he published Principles of Economics, a comprehensive introduction to economics in the Austrian school tradition. Saifedean teaches courses on the economics of bitcoin, and economics in the Austrian school tradition, on his online learning platform Saifedean.com, and also hosts The Bitcoin Standard Podcast.
Saifedean was a professor of Economics at the Lebanese American University from 2009 to 2019. He holds a PhD in Sustainable Development from Columbia University, a Masters in Development Management from the London School of Economics, and a Bachelor in Mechanical Engineering from the American University of Beirut.
Saifedean was a professor of Economics at the Lebanese American University from 2009 to 2019. He holds a PhD in Sustainable Development from Columbia University, a Masters in Development Management from the London School of Economics, and a Bachelor in Mechanical Engineering from the American University of Beirut.
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Displaying 1 - 30 of 44 reviews
October 11, 2023
Saifedean Ammous' "Principles of Economics" could use a subtitle: "An Ode to Austrian Economics... and Bitcoin." Don’t be misled by the generic title, this book is a laser-focused narrative on Austrian economics, with a side of Bitcoin evangelism. If you’re hunting for a comprehensive exploration of the economic schools of thought most mainstream economists subscribe to today, you might want to keep hunting.
The book is eloquently written, making a potentially arduous topic quite digestible, even with its inherent complex vocabulary and intricate discussions. Amous has done commendable work in modernizing the often tough-to-read original texts of Ludwig von Mises, a stalwart of Austrian economics, who significantly inspires this book. Yet, he completely denounces all other economic schools with often very little insight into their respective arguments, making his treatise feel more like a love letter to Austrian economics than a balanced discussion.
Ammous, known for his Bitcoin advocacy as a panacea for the ills of fiat currency, doesn’t shy away from preaching the crypto gospel here as well. His love for Bitcoin shines through the economic discourse throughout, adding a layer of financial evangelism to the mix.
A few eyebrow-raising moments come when Ammous ventures into the denial of human-made climate change and spins theories on governmental insect-and-sludge dietary agendas. These jaunts into the fringes dent his academic armor and paint him more as a fervent ideologue than a nuanced economist.
In summary, if Austrian economics and Bitcoin are your jam, you’ll find “Principles of Economics” a riveting read. Just don’t expect a broad-spectrum analysis of economic theories or a reserved author. Ammous goes bold, for better or worse, making this book a curious dive into a very specific economic worldview.
The book is eloquently written, making a potentially arduous topic quite digestible, even with its inherent complex vocabulary and intricate discussions. Amous has done commendable work in modernizing the often tough-to-read original texts of Ludwig von Mises, a stalwart of Austrian economics, who significantly inspires this book. Yet, he completely denounces all other economic schools with often very little insight into their respective arguments, making his treatise feel more like a love letter to Austrian economics than a balanced discussion.
Ammous, known for his Bitcoin advocacy as a panacea for the ills of fiat currency, doesn’t shy away from preaching the crypto gospel here as well. His love for Bitcoin shines through the economic discourse throughout, adding a layer of financial evangelism to the mix.
A few eyebrow-raising moments come when Ammous ventures into the denial of human-made climate change and spins theories on governmental insect-and-sludge dietary agendas. These jaunts into the fringes dent his academic armor and paint him more as a fervent ideologue than a nuanced economist.
In summary, if Austrian economics and Bitcoin are your jam, you’ll find “Principles of Economics” a riveting read. Just don’t expect a broad-spectrum analysis of economic theories or a reserved author. Ammous goes bold, for better or worse, making this book a curious dive into a very specific economic worldview.
June 19, 2023
Austrian economics written for that 21st century audience 👌
September 26, 2024
Infinitely better than "The Fiat Standard" - thumbs up.
The author presents the most important principles of (traditional) economics, but through a lens of Austrian economic theory - mostly libertarian, strongly advocating for private property and against government interventionism.
To be clear - 5 stars does NOT mean I fully agree with everything written in this book. In fact, there are numerous cases where I don't (e.g., defense chapter - because of the cultural role of common identity, the inertia of defense-related decisions, and "tragedy of the commons"), but I truly appreciate:
- logical & well-structured chain-of-thought, that makes the book easier (not always "easy" though) to follow and comprehend
- very good chapters on capitalism (vs. what socialists say about it), socialism (with a clear indication of what makes socialism a socialism), dissected ingredients of what is a free market (& why it's important), and last but not least - the property, why it's essential as a dependency to some more frequently discussed concepts
It's a great book to challenge your thinking (instead of just accepting whatever you read) - what do you agree and disagree with, and why. It's not easy to consume as an audiobook (even with provided supplements) - IMHO it makes much more sense to go for an e-book & read it in small chunks, giving yourself more time to digest & consider what you've just read.
Highly recommended, not only for libertarians and economists (I'm neither).
The author presents the most important principles of (traditional) economics, but through a lens of Austrian economic theory - mostly libertarian, strongly advocating for private property and against government interventionism.
To be clear - 5 stars does NOT mean I fully agree with everything written in this book. In fact, there are numerous cases where I don't (e.g., defense chapter - because of the cultural role of common identity, the inertia of defense-related decisions, and "tragedy of the commons"), but I truly appreciate:
- logical & well-structured chain-of-thought, that makes the book easier (not always "easy" though) to follow and comprehend
- very good chapters on capitalism (vs. what socialists say about it), socialism (with a clear indication of what makes socialism a socialism), dissected ingredients of what is a free market (& why it's important), and last but not least - the property, why it's essential as a dependency to some more frequently discussed concepts
It's a great book to challenge your thinking (instead of just accepting whatever you read) - what do you agree and disagree with, and why. It's not easy to consume as an audiobook (even with provided supplements) - IMHO it makes much more sense to go for an e-book & read it in small chunks, giving yourself more time to digest & consider what you've just read.
Highly recommended, not only for libertarians and economists (I'm neither).
August 19, 2023
My dream is, everybody reads his book. We would have a much better world.
December 2, 2024
I can't recall who said it, but someone once shared their rationale for assigning star ratings to books as such: a 5-star read is one that not only increases your knowledge but also profoundly affects your reasoning. For me, this book is such an occasion.
Ammous' "Principle of Economics" is a finely crafted, logically structured, and impeccably researched introduction to Economics from a purely "Austrian" worldview. This distinction is worth emphasizing because their approach is very much diametrically opposed to the mainstream schools of economics that have ruled academia for the last century or so. For instance, whereas Keynesians see the world through statist, interventionist glasses that seek to pigeonhole human interaction in markets into procrustean pseudo-mathematical models using aggregate metrics, Austrians seek to understand economics from first principles by relying on qualitative analysis and deductive reasoning, focusing on long-term market processes, emphasizing capital structure, individual decision-making, and freedom.
Austrian Economists see human action as causative, i.e. economic reality is shaped by individuals acting purposefully to achieve their goals, not by statistical aggregates. As such, they see central mandates (price controls, wage laws, credit expansion) as destructive forces that ignore the complexity and subjectivity of human actions, leading to unintended consequences.
Ammous clearly explains each of the main tenets of the Austrian school, from property, labor, time, capital, and markets, to capitalism, time preference, money, and credit. He then proceeds to mercilessly eviscerate the mainstrean (particularly the Keynesian) approach to economics by providing ample evidence of their shortcomings by way of historical examples. Some of the chapters (particularly 1-Human Action, 6-Capital, 12-Capitalism, 14-Credit and Banking, 15-Credit Expansion) make so much sense, it almost hurts. Some chapters such as the one on Money, and the one on Time Preference have been discussed in length previously in his other book: The Bitcoin Standard: The Decentralized Alternative to Central Banking (another banger!)
Though I hold this book and its author in very high esteem, that doesn't mean I buy all of his arguments wholesale. Chapters 16-Violence and 17-Defense are perhaps the weakest and sure to be some of the most controversial to those not yet fully acclimated to the Austrian way of looking at things.
For instance, Ammous is of the persuasion that Monarchies can actually be a good thing. No, really. The idea is that since monarchs and their families rule for many generations, they have a stake in pursuing policies that are future-oriented, as opposed to present-oriented which is the result of election cycles that lead to administration changes every four years. He cites some examples of such monarchies, but I think we can all come up with examples where the rulers were less than benevolent... Also, his ideas on a privatized military defense force are...well, he made some choices there.
Another example where I disagree with Ammous are his remarks on people on welfare and unemployment. In chapter 16-Violence he remarks that:
In other words, if these types of social programs continue to exist people won't have an incentive to get out of poverty, since they can keep receiving handouts; if unemployment benefits exist, then where's the incentive to go back to work? I don't deny that such cases do exist, however, I'd like to believe them to be the exception, not the norm. Given half a chance, people on welfare and unemployment would like nothing better than to rise above their condition and provide a more comfortable future for themselves and their progeny. I am in no way defending the expansion of vast, heavily socialized benefits, or that subsidies are salutary (they are not), but rather objecting to the sweeping mischaracterization of poor people. Circumstance should not be conflated with nature. I know, I’m such a social justice warrior…
Despite these objections, I believe Ammous' work in bringing an accessible introduction to Austrian Economics to non-academic readers to be of monumental importance. Some recently elected leaders, such as Javier Milei of Argentina, have shown a predilection for the work of Rothbard, Mises, Bagus, Block, Hoppe, and the rest of the Austrian hobbits. So have Nayib Bukele of El Salvador, David Seymour of New Zealand, and Elonk Musk of DOGE fame... Hence, being familiar if not conversant on some of these approaches to the economy are of material importance to not only the citizens of these countries, but by extension, all of those that trade with them or whose trade is/will be affected by their actions.
Highest possible recommendation.
Ammous' "Principle of Economics" is a finely crafted, logically structured, and impeccably researched introduction to Economics from a purely "Austrian" worldview. This distinction is worth emphasizing because their approach is very much diametrically opposed to the mainstream schools of economics that have ruled academia for the last century or so. For instance, whereas Keynesians see the world through statist, interventionist glasses that seek to pigeonhole human interaction in markets into procrustean pseudo-mathematical models using aggregate metrics, Austrians seek to understand economics from first principles by relying on qualitative analysis and deductive reasoning, focusing on long-term market processes, emphasizing capital structure, individual decision-making, and freedom.
Austrian Economists see human action as causative, i.e. economic reality is shaped by individuals acting purposefully to achieve their goals, not by statistical aggregates. As such, they see central mandates (price controls, wage laws, credit expansion) as destructive forces that ignore the complexity and subjectivity of human actions, leading to unintended consequences.
Ammous clearly explains each of the main tenets of the Austrian school, from property, labor, time, capital, and markets, to capitalism, time preference, money, and credit. He then proceeds to mercilessly eviscerate the mainstrean (particularly the Keynesian) approach to economics by providing ample evidence of their shortcomings by way of historical examples. Some of the chapters (particularly 1-Human Action, 6-Capital, 12-Capitalism, 14-Credit and Banking, 15-Credit Expansion) make so much sense, it almost hurts. Some chapters such as the one on Money, and the one on Time Preference have been discussed in length previously in his other book: The Bitcoin Standard: The Decentralized Alternative to Central Banking (another banger!)
Though I hold this book and its author in very high esteem, that doesn't mean I buy all of his arguments wholesale. Chapters 16-Violence and 17-Defense are perhaps the weakest and sure to be some of the most controversial to those not yet fully acclimated to the Austrian way of looking at things.
For instance, Ammous is of the persuasion that Monarchies can actually be a good thing. No, really. The idea is that since monarchs and their families rule for many generations, they have a stake in pursuing policies that are future-oriented, as opposed to present-oriented which is the result of election cycles that lead to administration changes every four years. He cites some examples of such monarchies, but I think we can all come up with examples where the rulers were less than benevolent... Also, his ideas on a privatized military defense force are...well, he made some choices there.
Another example where I disagree with Ammous are his remarks on people on welfare and unemployment. In chapter 16-Violence he remarks that:
"subsidies can lead to overproduction and overconsumption, and create incentives for individuals to remain in conditions that make them eligible for subsidies (e.g., welfare, unemployment benefits)."
In other words, if these types of social programs continue to exist people won't have an incentive to get out of poverty, since they can keep receiving handouts; if unemployment benefits exist, then where's the incentive to go back to work? I don't deny that such cases do exist, however, I'd like to believe them to be the exception, not the norm. Given half a chance, people on welfare and unemployment would like nothing better than to rise above their condition and provide a more comfortable future for themselves and their progeny. I am in no way defending the expansion of vast, heavily socialized benefits, or that subsidies are salutary (they are not), but rather objecting to the sweeping mischaracterization of poor people. Circumstance should not be conflated with nature. I know, I’m such a social justice warrior…
Despite these objections, I believe Ammous' work in bringing an accessible introduction to Austrian Economics to non-academic readers to be of monumental importance. Some recently elected leaders, such as Javier Milei of Argentina, have shown a predilection for the work of Rothbard, Mises, Bagus, Block, Hoppe, and the rest of the Austrian hobbits. So have Nayib Bukele of El Salvador, David Seymour of New Zealand, and Elonk Musk of DOGE fame... Hence, being familiar if not conversant on some of these approaches to the economy are of material importance to not only the citizens of these countries, but by extension, all of those that trade with them or whose trade is/will be affected by their actions.
Highest possible recommendation.
October 14, 2023
I enjoyed this book until I got to the fourth chapter covering labor. It is here where Ammous' bias and ideology seep through. For example, take his view of Karl Marx.
"Millions of pages have been written on the topic of worker exploitation, based largely on the incoherent ramblings of Karl Marx, a semiliterate German bum who never had a job that could support him. Marx lived off the support of rich benefactors in England as he pontificated about reengineering the world into a dystopia run by people incapable of supporting themselves through their own labor" (pg.76-77).
Or, consider his view, a wrong one I might add, that "workers willingly choose to work for
capitalists" (pg.77). If willingly choosing something is doing it to avoid homelessness or starvation, then I guess you could call most low wage workers willingly choosing to work. I think Ammous is either incredibly naive or incredibly disingenuous.
"Millions of pages have been written on the topic of worker exploitation, based largely on the incoherent ramblings of Karl Marx, a semiliterate German bum who never had a job that could support him. Marx lived off the support of rich benefactors in England as he pontificated about reengineering the world into a dystopia run by people incapable of supporting themselves through their own labor" (pg.76-77).
Or, consider his view, a wrong one I might add, that "workers willingly choose to work for
capitalists" (pg.77). If willingly choosing something is doing it to avoid homelessness or starvation, then I guess you could call most low wage workers willingly choosing to work. I think Ammous is either incredibly naive or incredibly disingenuous.
July 11, 2023
Required reading for a clear understanding from 1st Principles on how energy is exchanged well between men and also how it can be distorted.
Will suggest to all 4 of boys
Will suggest to all 4 of boys
February 14, 2024
A thorough breakdown of Austrian economics
This book (textbook) builds on the foundation of Austrian economics with plenty of references to economists like Mises, Carl Menger, and Rothbard. This definitely reads like a textbook and that was expected. Some of the information is beyond my comprehension and I’ll need to review it but overall I think it’s an incredibly well put together book and I learned a great deal. Some information from The Fiat Standard was repeated so if you read that you’ll have a better understanding of the concepts in this book.
I put 5-stars because I think my lack of understanding shouldn’t discount the amount of time, knowledge, and effort that went into this book. It’s perfect for its intention.
This book (textbook) builds on the foundation of Austrian economics with plenty of references to economists like Mises, Carl Menger, and Rothbard. This definitely reads like a textbook and that was expected. Some of the information is beyond my comprehension and I’ll need to review it but overall I think it’s an incredibly well put together book and I learned a great deal. Some information from The Fiat Standard was repeated so if you read that you’ll have a better understanding of the concepts in this book.
I put 5-stars because I think my lack of understanding shouldn’t discount the amount of time, knowledge, and effort that went into this book. It’s perfect for its intention.
July 24, 2024
Audiobook. While I don't 100% agree with everything the author has to say he makes incredibly good arguments and brings in a broader worldview and much more reasonable economic perspective than mainstream thought. This is a book I would put onto my "everyone should read this book" shelf if I had one (maybe I should make one???) Slight sunshine and roses with some of his interpretations of capitalism but imo it is the best system we've come up with for the highest percentage of humans so far. Is there a better system? Well .... that I can't answer. For the best outcomes good behavior must be rewarded and bad behavior must be punished or ignored at bare minimum. There are too many modern systems that reward bad behavior and punish or ignore for behavior. And good intentioned incompetence does just as much harm as bad intentioned cons. Humans are humans and ultimately make the decision they have been conditioned to make.
December 13, 2024
This book should have stuck to explaining Austrian school of economics and its theory of capitol without all the repetitive rambling on his climate change denial, utter disregard of social inequality arising from racial/gender bias, and immature insults against other schools of economic thinkers.
February 11, 2024
ideas are there. but no data to support much of what he says. a lot of rambling and repetition. could probably be shortened to 1/3 of the book length.
July 26, 2024
Simply phenomenal. There exists no clearer explanation of Austrian economics — the principles of economics — written in this century. This is Carl Menger for the 21st century, and Saifedean's arguments are well-structured, rational and consistently applied throughout the book. That last chapter on Civilization is fantastic, the guy spared no expense in demolishing the entire structure of modern economics and academia.
November 10, 2024
The author gives out a lot of relevant information to gain the reader's credibility. That part of the book is great and I would 5 star it.
The reason I only game it 4 starts is because of the mildly aggressive anti-establishment rhetoric that I have found inside the book, which I believe to be unsound and unrealistic.
As we've come to expect from Saifedean, he keeps pushing his Bitcoin agenda in this book as well, which feels like ads, sprinkled here and there.
The reason I only game it 4 starts is because of the mildly aggressive anti-establishment rhetoric that I have found inside the book, which I believe to be unsound and unrealistic.
As we've come to expect from Saifedean, he keeps pushing his Bitcoin agenda in this book as well, which feels like ads, sprinkled here and there.
Read
May 23, 2024"Principles of Economics" by Saifedean Ammous is an expansive and thorough examination of fundamental economic principles, articulated through a perspective heavily influenced by the Austrian School of economics. The book is designed to provide a comprehensive understanding of how economies operate, focusing on the role of individual decision-making, the function of markets, and the impact of monetary systems.
Key Themes and Concepts:
Foundations of Economics:
Economics as a social science: Study of human action and decision-making.
Scarcity and choice: Resources are limited, necessitating choices that entail opportunity costs.
Methodology:
Praxeology: The study of human action, a central tenet of Austrian economics, emphasizing logical deduction over empirical data.
Subjective value theory: Value is determined by individual preferences rather than intrinsic properties of goods.
Market Mechanisms:
Supply and Demand: The interaction between buyers and sellers determines prices and the allocation of resources.
Price signals: Prices convey information about the scarcity and desirability of goods, guiding economic decisions.
Role of the Entrepreneur:
Entrepreneurship: Entrepreneurs drive economic progress through innovation and risk-taking.
Profit and Loss: Profits signal successful allocation of resources, while losses indicate misallocation.
Capital and Production:
Capital structure: The complex interrelations of various capital goods in the production process.
Time preference: The preference for present goods over future goods, influencing interest rates and investment.
Money and Banking:
Origin and function of money: Money as a medium of exchange, store of value, and unit of account.
Banking and credit: The role of banks in the economy, fractional reserve banking, and the creation of credit.
Monetary Systems:
Critique of fiat money: Analysis of the problems associated with government-issued currencies.
Hard money alternatives: Advocacy for sound money principles, such as those exemplified by gold and Bitcoin.
Economic Cycles:
Business cycle theory: Austrian perspective on economic booms and busts, emphasizing the role of artificial credit expansion.
Malinvestment: Misallocation of resources during boom periods, leading to inevitable corrections.
Government and the Economy:
Government intervention: Critique of policies like price controls, subsidies, and taxation.
Free market advocacy: Argument for minimal government interference in economic affairs to allow for optimal resource allocation.
Critical Analysis:
Ammous's "Principles of Economics" serves as both an introduction to economic theory and a critique of mainstream economic practices. His adherence to Austrian economics is evident throughout, with a strong emphasis on individual action, the importance of sound money, and the dangers of government intervention. He offers a robust argument for why decentralized and market-driven solutions are superior to centralized control.
Conclusion:
"Principles of Economics" is a comprehensive guide that seeks to illuminate the workings of economies through a lens that champions free markets, individual choice, and sound monetary practices. Saifedean Ammous provides a rigorous examination of economic principles, advocating for systems that promote efficiency, innovation, and economic liberty. This book is particularly valuable for those interested in Austrian economics and for readers seeking a deeper understanding of how economies function beyond mainstream narratives.
July 22, 2024
In my opinion, by far the best in the trilogy of Bitcoin-focused economics books by this author. Still somewhat biased in its delivery, with somewhat childish jabs of opposing views that I felt may have dampened its impact on sceptics of Bitcoin.
A somewhat difficult for the average reader, but more palatable than the books of Mises and Menger that it builds on. I found the book repetitive, albeit helpful in committing the concepts to mind.
Enlightening in its explanation of the pitfalls of Keynesian theory, However, being from the UK I would love to have seen a chapter focused on state healthcare, the drawbacks and the possible solutions. The author has been vocal online in his disdain for social health care but from what I see of the insurance-based alternative, it's not much better with its gag orders and sky-high premiums. I would be interested to see what he had to say on the alternative/solution or whether harder money is the answer.
A somewhat difficult for the average reader, but more palatable than the books of Mises and Menger that it builds on. I found the book repetitive, albeit helpful in committing the concepts to mind.
Enlightening in its explanation of the pitfalls of Keynesian theory, However, being from the UK I would love to have seen a chapter focused on state healthcare, the drawbacks and the possible solutions. The author has been vocal online in his disdain for social health care but from what I see of the insurance-based alternative, it's not much better with its gag orders and sky-high premiums. I would be interested to see what he had to say on the alternative/solution or whether harder money is the answer.
February 10, 2024
If you are interested in any of the following topics below you should read this book:
-human action
-time preference
-benefits and problems of the modern civilization
-Technology, energy and power
-Austrian school of economics
-capitalism and market order
-praxeology
-saving money
-investing
Why?
It brings a different (and well argumentative) outlook on economics than your typical university level economics textbook. As an award-winning economist Ammous delivers succinct, clear and versatile collection of facts, ideas and information that you will not get from anywhere else as well and densely packed as in this book. Disclaimer: the book may heavily alter your world view and opinion about centralized entities.
-human action
-time preference
-benefits and problems of the modern civilization
-Technology, energy and power
-Austrian school of economics
-capitalism and market order
-praxeology
-saving money
-investing
Why?
It brings a different (and well argumentative) outlook on economics than your typical university level economics textbook. As an award-winning economist Ammous delivers succinct, clear and versatile collection of facts, ideas and information that you will not get from anywhere else as well and densely packed as in this book. Disclaimer: the book may heavily alter your world view and opinion about centralized entities.
August 10, 2024
must read for anyone who wants a better future
Rather than getting bogged down in the arguments of Austrian versus Keynesian economics, this book is a practical exploration of how civilization progresses rather than declines as we face the challenges of the new millennium.
Deeply inspiring and leaves the reader with a sense of hope not doom … refreshing from a book on the modern economic landscape.
Be warned though, the author pulls no punches. If you are blindly committed to one way of seeing the world, best just read authors that confirm your own belief systems.
Rather than getting bogged down in the arguments of Austrian versus Keynesian economics, this book is a practical exploration of how civilization progresses rather than declines as we face the challenges of the new millennium.
Deeply inspiring and leaves the reader with a sense of hope not doom … refreshing from a book on the modern economic landscape.
Be warned though, the author pulls no punches. If you are blindly committed to one way of seeing the world, best just read authors that confirm your own belief systems.
December 25, 2024
I am surprised that this book has so g.ood scoring. I had a feeling that the author repeated himself. I also do not think all his thoughts are valid I stopped reading the book when he proves that government should not build roads it will do it not so good as people Author says that if government won't tax people people would not spend their money on roads but spend it somewhere else so it means that government does not do right thing
November 2, 2025
I enjoyed the first part, which is a very, VERY forceful recapitulation of Austrian school economics. I liked the clear explanations of key concepts but the argumentation is weak and relies heavily on sheer confidence.
Towards the end of the book it goes full an-cap. It felt so jarring when it switches from confident explanations to vague claims that free market will solve all the tricky governance issues that the author cannot figure out himself. That sounds like a religious claim.
Towards the end of the book it goes full an-cap. It felt so jarring when it switches from confident explanations to vague claims that free market will solve all the tricky governance issues that the author cannot figure out himself. That sounds like a religious claim.
September 20, 2024
For someone like me, with no background in economic studies, this book was very eye-opening and informative. It explains how the economy works from the Austrian School of Economics, which is actually quite different from the mainstream approach. I definitely recommend it if you want to understand the basics of economics.
March 28, 2025
Amazing book that covers what is stated in the title. It has many small chapters focused on very specific subjects that I found deeply interesting and open space for further study (just as other books from Saifedean). I particularly enjoyed the chapters on Energy, Intellectual Property and of course how the subject of Time is treated throughout the entire book.
August 12, 2025
4.5 ⭐️
Great book and I’m glad I read it. However, the first two books I read, the bitcoin standard and the fiat standard were much better. There are some things that are redundant in this book however, overall there was a lot of new information and good things to learn. If you want a better understand Austrian economics, and the challenges with our economy I highly recommend reading this book.
Great book and I’m glad I read it. However, the first two books I read, the bitcoin standard and the fiat standard were much better. There are some things that are redundant in this book however, overall there was a lot of new information and good things to learn. If you want a better understand Austrian economics, and the challenges with our economy I highly recommend reading this book.
August 22, 2025
Every Saifedean Ammous book I’ve read is life changing in one way or another. This one is no different. It has made me want to commit to learn as much as possible about Austrian economics and libertarianism. This book is organized very well and that makes it easy to pick up on key concepts. Completely changed the way I think about a government’s role in society.
March 16, 2024
Although I wrote some different oppinions about certain points from the book, this book is very rich in foundemental theories of economics. The author explained many economical concepts from the Austrian basic. Understanding those ideas is extremely important in today's fiat economy.
September 18, 2024
If you are:
- not convinced by communism/socialism
- believe that society should be entire free from coercion and
- built exclusively on voluntary exchange (which is a core belief that separates humans from animals)
then you would find great value here.
If instead you think:
- governments exists to solve intractable problems
- that monopolies exist without and not due to the government,
- money is the paper that is printed by government and it maintains its value no matter what, and
- a small group of people (councils/ministers/clergy) have the immense foresight to decide how 8+ billion should live their lives
then stay away, and keep eating your happy meals.
- not convinced by communism/socialism
- believe that society should be entire free from coercion and
- built exclusively on voluntary exchange (which is a core belief that separates humans from animals)
then you would find great value here.
If instead you think:
- governments exists to solve intractable problems
- that monopolies exist without and not due to the government,
- money is the paper that is printed by government and it maintains its value no matter what, and
- a small group of people (councils/ministers/clergy) have the immense foresight to decide how 8+ billion should live their lives
then stay away, and keep eating your happy meals.
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March 2, 2025The writer is an acrobat with words, contemporaneous with the current panorama of the world, meaning his appreciation for the existence of bitcoin, which seems to trigger much of his latest books and opinions
January 21, 2024
Learn about economics, right from the basics and in an interesting manner. A must have in the personal library.
March 13, 2024
Great deep dive into economics from the point of view of the Austrian school.
A must read for everybody interested in economics.
A must read for everybody interested in economics.
April 13, 2024
Economics made simple with a healthy dose of contempt for Keynesian fairy dust.
June 17, 2024
Beautiful. Majestic. Lovely.
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