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Steven Kates
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Free Market Economics: An Introduction for the General Reader Hardcover – 30 August 2011

by Steven Kates (Author)
4.1 out of 5 stars 4
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Free Market Economics, Third Edition: An Introduction for the General Reader
Free Market Economics, Third Edition: An Introduction for the General Reader
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This unique and thought-provoking book has been designed for anyone genuinely interested in unlocking the mysteries of how an economy works, or 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 whilst 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.

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

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  1. Print length
    352 pages
  2. Language
    English
  3. Publisher
    Edward Elgar Pub
  4. Publication date
    30 August 2011
  5. Dimensions
    15.88 x 2.54 x 23.5 cm
  6. ISBN-10
    1845423224
  7. ISBN-13
    978-1845423223
  8. See all details
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Product description

Review

With evidence of economic dislocation still resonating around the world in the wake of the global financial crisis, 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

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 orders 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

About the Author

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

Product details

  • Publisher ‏ : ‎ Edward Elgar Pub (30 August 2011)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 352 pages
  • ISBN-10 ‏ : ‎ 1845423224
  • ISBN-13 ‏ : ‎ 978-1845423223
  • Dimensions ‏ : ‎ 15.88 x 2.54 x 23.5 cm
  • Customer Reviews:
    4.1 out of 5 stars 4

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Steven Kates

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John lamb
3.0 out of 5 stars A very good explanation of market concepts for non economists if you ...
Reviewed in the United States on 1 December 2014
Verified Purchase
A very good explanation of market concepts for non economists if you can ignore the simplistic free market ideology of the writer.
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Georg Thomas
5.0 out of 5 stars One of the Best Intros to Economics Ever Written
Reviewed in Germany on 13 May 2012
Verified Purchase
I strongly recommend Steven Kates' "Free Market Economics. An Introduction for the General Reader" which is in countless ways one of the best introductions to economics ever written; and this assessment includes the author's superb ability to put economics into perspective in terms of the history of economic thought.

I keep going back to this fantastic book. Lucidly written, it can be read with tremendous gain (to students of economics of any level, beginner to advanced scholar) in a few days, maybe even in just two days. At the same time, it is so substantial as to invite countless returns for further appreciation.

As a person strongly influenced by the Austrian school (including its post-Misesian anarchist wing), what gives me a special kick is the fact that the author, who 'heretically' recognises a substantial role for government and the state, offers an accurate and brilliant account of a free economy.

Of course, this places Kates much closer to (the great Austrians) Mises and Hayek than to the anarchist successor school, whose anarchist stance I do not share at all, while recognising the school's considerable intellectual achievments.

(Excerpt from a review offered in the commenting section of a blog)

***

"Free Market Economics" deserves the widest possible dissemination.

I wish, Steven Kates' superb book had been available when I was introduced to economics in the mid-1980s.

It would have spared me decades of search and confusion.

I do not know of any other introduction to economics that brings to the fore, lucidly and incisively, the essence of such a number of vital issues in economic theory ' from information, supply and demand, equilibrium to business cycle, affording the reader a clear sense of direction and progress as the presentation unfolds.

It is so much easier to acquire orientation and the ability to discern the important and fruitful in economics once you have read Steven Kates' surprisingly short book, not least compared to many other introductory textbooks.

Those who are inclinded to call into question the arguments Kates offers will also find it rewarding to be facing a clear and honest account.

In fact, what strikes me as perhaps the most outstanding feature of the book is ' the honesty of approach.

(Excerpt from another reviw offered in the commenting sectzion of a blog.)
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Frank Reibold
5.0 out of 5 stars Contra Keynes
Reviewed in Germany on 1 May 2013
Verified Purchase
Dieses Lehrbuch für Volkswirtschaftslehre richtet sich an Laien. Es beschreibt zunächst, was eine freie Marktwirtschaft ist und welche Voraussetzungen dafür gegeben sein müssen (z. B. ein durch den Staat gesetzter rechtlicher Rahmen).

Danach beginnt die Diskussion von Angebot und Nachfrage. Im Gegensatz zu anderen Lehrbüchern wird hier davon ausgegangen, dass das Unternehmen die Nachfrage nicht kennt, was bei einem neuen Produkt auch sinnvoll ist. Das Unternehmen wird deshalb (unter Beachtung der Konkurrenz) mit einem geschätzten Preis beginnen und dann experimentieren, um einen maximalen Gewinn zu erzielen. Das ist der Sinn des Marktes bzw. des Marktprozesses: Unternehmer reagieren auf (teils unvorhersehbare) Änderungen und werden dann mit Gewinn belohnt oder mit Verlust bestraft. Eben weil dies beim Sozialismus nicht erlaubt ist, muss staatliche Planwirtschaft unmöglich sein.

Wenn man die Volkswirtschaft als Ganzes betrachtet, kann man Wirtschaftswachstum, Arbeitslosigkeit und Preisniveau messen. Alle diese Werte sind jedoch ungenau und problematisch. Jedoch beruht die moderne Wirtschaftspolitik darauf, zwischen diesen Größen Beziehungen aufzustellen. Dabei verliert sie jedoch die einzelnen Marktteilnehmer aus dem Blick.

Die heutigen Konzepte (z. B. die Phillips-Kurve) und Maßnahmen (z. B. Lohnzurückhaltung) basieren auf der unsinnigen Allgemeinen Theorie von Keynes. Wenn man die Methoden der klassischen Nationalökonomie benutzt und dabei die Erkenntnisse der modernen Österreichischen Schule berücksichtigt, dann sieht man: Staatliche Wirtschaftspolitik ist schädlich, denn sie ist selbst die Hauptursache von Rezession und Inflation.

***

Mir hat das Buch sehr gut gefallen. Es enthält viele Aufzählungen, Grafiken und Zitate.

Um als Lehrbuch verwendbar zu sein, werden die keynesianischen Modelle ausführlich hergeleitet und diskutiert. Allerdings werden sie sogleich widerlegt. Denn Keynes konnte seine Vorgänger nur dadurch verdrängen, dass er sie falsch dargestellt hat; sie behalten damit ihre Gültigkeit. Das wurde schon während der Weltwirtschaftskrise durch die breit angelegte Studie „Prosperity and Depression“ des Völkerbunds deutlich.

Darüber hinaus behandelt das Buch u. a. Angebots- und Nachfragestruktur, Mindestlöhne, Blasen, Regulierung, Kapital (= Produktionsstruktur), Geschichte der Volkswirtschaftslehre, Marktversagen und Finanzmärkte.

Besonders die Flussdiagramme zu den einzelnen Theorien sollten für Studenten hilfreich sein.

Die korrekte Theorie der Konjunkturzyklen kann man mit den Worten von David Ricardo zusammen fassen: „Men err in their productions, there is no deficiency of demand“.
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