Professor Hahn, one of the greatest but least known Austrian economists of his generation, offers a fantastic refutation of Keynesian macroeconomics, including its wild obsession with effective demand, and also a systematic presentation of the Austrian theory of the business cycle.
It might have been common sense in his day, but it is surely not in ours. In our times (this book appeared in 1948) the truths he proves here are bracing. Prosperity comes from saving and investment. The printing press creates nothing and destroys plenty. The central bank has no tools that can get us out of recession and onto a sound footing. Intervention of all sorts creates more problems and solves none.
Hahn writes with eloquence and scientific precision. He even gives us the first serious graphical comparison of the Keynesian v. Austrian views that appeared between Hayek and Garrison!
This book is a treasure all but lost to history. This reprint brings it back in a big way and at the right time.
The book was attacked relentlessly in all the journals during the height of Keynesian hysteria. But it turns out that Hahn was right and his critics were wrong. Even to this day, it remains an outstanding discussion of the business cycle. Remarkably, it reads as if it appeared just last week.
May Hahn's wisdom here once again become so known as to be common sense once again.
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What Everyone Should Know About Wealth and Prosperity
The third edition of Common Sense Economics (CSE 2016) is a highly readable and relatively short book (230 pages). It helps readers understand how the economy works, what may be done to make it work better, and how to make better voting, career and financial choices. Basic concepts of economics are used applied to both political and personal decision-making. Four parts divide the book: (1) Ten Key Elements of Economics, (2) Seven Major Sources of Economic Progress, (3) Economic Progress and the Role of Government, and (4) Twelve Key Elements of Practical Personal Finance. CSE covers what people really need to know in order to make wiser choices as consumers, investors, and citizens. Examples are widely used throughout, and the language is straightforward. Graphic and mathematical analyses are intentionally kept to a minimum. This emphasis on basic concepts, practical applications, personal finance, and understanding how the world works sets this book apart from other introductory texts. And it is affordable, currently about $20 on Amazon.com.
The book has a companion web site, http://www.commonsenseeconomics.com/, which offers the following resources:
- Supplementary materials for instructors using any economics textbook (discussion starters, Podcasts of classic and fun readings, references to media clips, test-bank materials, essay questions, power point slides, and graphics).
- Student learning materials (reader's guide, practice questions, and other interesting supplements).
- Cool Stuff (games, activities, video clips, cartoons, and other fun stuff).
- Details about the book and how to order an examination copy for adoption consideration.
The FSU Stavros Center is now seeking to identify and cooperate with instructors interested in offering the course at their school. To this end, the Center hosts a series of workshops that provides the entire course package and training on how to use it effectively. If you are interested in offering this course at your school or would just like more information, please contact one of the following:
To view the course package, click here.