Modern Principles of Economics
Even if you manage to calculate how many apples equal one pair of shoes, barter is not always possible. After all, a trade requires that each side want what the other has to offer. What happens if the shoemaker doesn’t like apples and, if at the moment in question, what he really wants is a divorce? True, the farmer could look for a lawyer who like
... See moreYuval Noah Harari • Sapiens: A Brief History of Humankind
Americans on the whole benefit from cheaper cars and can save money or get more value for their money by buying imported vehicles. For those Americans who lost their jobs when factories closed because of cheaper or better imports, however, their entire lives have been turned upside down. While economists…
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Richard Haass • The World
Scarcity is the fundamental starting point of all economics, and its most important implication is the notion that everything has an opportunity cost. In the capital market, the opportunity cost of capital is forgone consumption, and the opportunity cost of consumption is forgone capital investment. The interest rate is the price that regulates thi
... See moreSaifedean Ammous • The Bitcoin Standard: The Decentralized Alternative to Central Banking
two deceptively simple notions anchor this book. First, trade is an irreducible and intrinsic human impulse, as primal as the needs for food, shelter, sexual intimacy, and companionship. Second, our urge to trade has profoundly affected the trajectory of the human species. Simply by allowing nations to concentrate on producing those things that the
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