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Free Market Economics

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Free Market Economics

An Introduction for the General Reader

Steven Kates

Steven Kates, School of Economics, Finance and Marketing, RMIT University, Melbourne, Australia

2011 352 pp Hardback 978 1 84542 322 3
2011 Paperback 978 0 85793 244 0
ebook isbn 978 0 85793 043 9

Hardback £100.00 on-line price £90.00

Paperback £31.00 on-line price £24.80

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Description
‘A refreshing theoretical counterattack to the established Keynesian world view that has left the West financially overpromised, disastrously broke, and vulnerable to crank ideas. Professor Kates has brilliantly resurrected Say’s law of markets – Keynes’s old nemesis – into a new modern framework that forms the foundation of a new sustainable economy.’
– Mark Skousen, editor, Forecasts & Strategies and formerly of the Columbia Business School, US

Contents
Contents: Introduction 1. The Axioms and Underlying Principles of a Free Market Economy 2. The Economics of the Free Market 3. Value Added 4. Governments and the Market 5. Factors of Production, Finance and the Role of the Entrepreneur 6. Supply and Demand 7. Supply and Demand: Beyond Equilibrium 8. Marginal Analysis 9. Measuring the Economy 10. An Interlude on the History of Economics 11. The Keynesian Revolution and Say’s Law 12. The Basic Keynesian Macroeconomic Model 13. Aggregate Demand and Aggregate Supply 14. The Classical Theory of the Business Cycle 15. Cyclical Activity and Governments 16. The Financial System 17. Controlling Inflation Afterword References Index

Further information

Kate’s book will be enormously valuable to anyone seeking a succinct presentation of valid economic principles, a better grasp of recent market swings, and a clearer window on our material future. ...In reading Kates, we begin to learn that if today’s economic world seems increasingly chaotic, incomprehensible, and unpredictable, it is due not to any inherent deficiency in the workings of truly free markets, or in the science of economics per se, but to the tragic prevalence of Keynesianism, of its ubiquitous falsehoods and its persistent use as a guide to public policy making.
– Richard M. Salsman,The Objective Standard, Spring 2014

‘If you would like to know what’s wrong with economic theory today, and how to understand what needs doing if our economies are to get out of the mess they are in, you should read this book. This unique and thought-provoking book has been designed for anyone genuinely interested in unlocking the mysteries of how an economy works, or who is interested in a serious explanation of the operation of a market economy. . . Although the book us designed for the general reader and not as a textbook, it would nevertheless benefit students of economics whether used by themselves and on their own or within a classroom in conjunction with another more mainstream text. It is also perfectly compatible with the requirements of an introductory course in economics.’
– Catallaxy Files

‘Free Market Economics is virtually a must read for serious economists. . . Highly recommended.’
– Choice

‘A refreshing theoretical counterattack to the established Keynesian world view that has left the West financially overpromised, disastrously broke, and vulnerable to crank ideas. Professor Kates has brilliantly resurrected Say’s law of markets – Keynes’s old nemesis – into a new modern framework that forms the foundation of a new sustainable economy.’
– Mark Skousen, editor, Forecasts & Strategies and formerly of the Columbia Business School, US

‘Steven Kates has written an exciting new book on the basics of economics. He avoids the dry and unrealistic assumptions of most introductions to economics. He puts change, entrepreneurship, uncertainty, decentralized knowledge and spontaneous order at the center of his analysis. The reader will profit from this fresh approach far more than from an ordinary textbook. This is a treatment for the general reader that both respects and engages one’s intelligence.’
– Mario J. Rizzo, New York University, US

‘This book is a timely introduction to economics based around a restatement of the case for the “free market”. It explains clearly the importance of market processes both to the raising of living standards and to the protection of liberty. It anchors the case for the market not in a set of abstract mathematical theorems but in a much older tradition based upon a common sense understanding of what Marshall termed “the everyday business of life”.’
– Martin Ricketts, University of Buckingham, UK

‘Steve Kates, an academic with business experience, does away with the unrealistic abstractions that make economics inaccessible to general readers. This book is about real, enterprising people with whom we can identify, and about how ordinary economic life evolves in conditions of uncertainty. We learn why vacuous modelling only misleads us and why economic freedom and secure institutions are essential to achieving the good life.’
– Wolfgang Kasper, University of New South Wales, Australia

This unique and thought-provoking book has been designed for anyone genuinely interested in unlocking the mysteries of how an economy works, or who is interested in a serious explanation of the operation of a market economy. It concerns entrepreneurs, value added, the nature of the market, radical uncertainty, Say’s Law and the causes of the business cycle. Steven Kates explains why Keynesian economics should not be used to manage an economy while outlining in detail what Keynesian economics is. The book discusses a vast array of issues often left out of traditional texts but which anyone who wishes to follow economic events needs to know.

Although the book is designed for the general reader and not as a textbook, it would nevertheless benefit students of economics whether used by themselves and on their own or within a classroom in conjunction with another more mainstream text. It is also perfectly compatible with the requirements of an introductory course in economics.



 
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