Economics for Busy People

Introduction

Is That Thing Alive?

Part 1: Why Do We Need Economics?

1. We Are The Subjects Of Economics

2. We Aren’t Rocks (Or Chemicals, Or Atoms)

Part 2: Why Do We Act, Choose, And Change?

3. We Always Act For A Reason

4. We Don’t Like The Same Things, And That’s Good

5. We Can’t Have Everything, So We Have To Choose

6. We Act Purposefully, Not Perfectly

Short Answer: We Want To Improve Our Lives

Part 3: How Do We Make Decisions In The Real World?

8. We Ask “Does It Work?” Before “Can We Do It Better?”

9. We Rank What Matters Most

10. We Get Nothing For Free

11. We Decide One Step At A Time

Short Answer: We Must Choose Based On What We Know

Part 4: How Do Millions Of Strangers Cooperate?

13. We Let Each Other Know What We Want

14. We (Try To) Make What Other People Want

15. We Don’t Set Prices, We Discover Them

16. We Pay For Value Not Effort

17. We Make Order Without Orders

Short Answer: We Send Signals With Our Purchases

Part 5: What Makes Cooperation So Valuable?

19. We Discover Through Trade

20. We Can Do Anything, But We Can’t Do Everything

21. We Are Best Off When We All Play To Our Strengths

22. We Trade Because We See Value Differently

23. We Use Money Because We Both Want It

Short Answer: We Turn Differences Into Opportunities

Part 6: Why Can’t We Just Get Rich Quick?

25. We Grow By Producing, Not Just Consuming

26. We Produce Now To Consume Later

27. We Must Invest In The Right Tools For The Job

28. We Have To Pay For Time

29. We Are Uncertain If We Will Profit

30. We Learn What Works By Trying

Short Answer: We Can’t Shortcut Time And Learning

Part 7: Why Can’t We Make The Economy Do What We Want?

32. We Can’t Outsmart The System

33. We Don’t Have A Crystal Ball

34. We Each Know Different Things (And No One Knows Everything)

35. We Don’t Control What Others Own

36. We Can’t Calculate Without Prices

37. We Need Good Rules, Not Good Rulers

Short Answer: We Know More Than Any Planner Can

Part 8: How Can Politics Shape (Or Mis-shape) The Economy?

39. We Are Better When Exchange Is Voluntary

40. We Struggle With Spillover

41. We Can Get Fooled By Good Intentions

42. We Grow When Anyone Can Compete

43. We Need Honest Money

44. We Can Crash When Cheap Money Lies

45. We Often Protect Producers At The Expense Of Consumers

46. We Benefit When We Trade Across Borders

Short Answer: We Get Unintended Consequences From Good Intentions

Part 9: Can Markets Be Moral?

48. We Need Ethics And Economics To Build A Better World

49. We Cooperate Because We Choose To

50. We Can’t Eliminate Inequality, But We Can Stop Picking Favorites

Short Answer: We Make Markets Moral Through Our Choices

What’s The One Lesson To Take With You?

52. We Look for Certainty in a World That Can’t Provide It

Afterward: We’re Finished, But You Aren’t Done

Further Reading