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Economics for Real People: An Introduction to the Austrian School Kindle Edition

by Gene Callahan (Author) Format: Kindle Edition
4.5 4.5 out of 5 stars 122 ratings
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This is the second edition of the fun and fascinating guide to the main ideas of the Austrian School of economics: Economics for Real People, written in sparkling prose especially for the non-economist. Gene Callahan shows that good economics isn't about government planning or statistical models. It's about human beings and the choices they make in the real world.

This may be the most important book of its kind since Hazlitt's Economics in One Lesson. Though written for the beginner, it has been justly praised by scholars too, including Israel Kirzner, Walter Block, and Peter Boettke.

Israel M. Kirzner (New York University): "Even a cursory examination of this book is sufficient to impress the reader that we have here a remarkably well-written exposition for the layman of the highlights of Austrian Economics."

Peter J. Boettke (George Mason University): "Written in a jargon-less and engaging style, Callahan's work provides the most comprehensive introduction to modern Austrian economics currently available to the intelligent layman."

Walter Block (Loyola University, New Orleans): "I don't toss around compliments like this lightly, but the passion, eloquence and sheer witty writing style of this author is also reminiscent of Rothbard. I plan to use it in all of my future intro courses."

Barron's calls Economics for Real People "a terrific new book on economic theory." "If I were teaching an introductory course in economics," writes Gene Epstein (December 2, 2002), "I'd assign Gene Callahan's Economics for Real People: An Introduction to the Austrian School. I also commend it to folks in search of a good read on the joys of economic insight."

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  1. Print length
    354 pages
  2. Language
    English
  3. Sticky notes
    On Kindle Scribe
  4. Publication date
    September 18, 2011
  5. File size
    934 KB
  6. Page Flip
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Editorial Reviews

About the Author

Gene Callahan is a software-technology professional in Connecticut, an adjunct scholar of the Mises Institute, and a commentator on economics issues in venues such as Marketplace and The Free Market. This is his first book.

Product details

  • ASIN ‏ : ‎ B005O178VO
  • Publisher ‏ : ‎ Ludwig von Mises Institute (September 18, 2011)
  • Publication date ‏ : ‎ September 18, 2011
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 934 KB
  • Simultaneous device usage ‏ : ‎ Unlimited
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Not Enabled
  • Word Wise ‏ : ‎ Enabled
  • Sticky notes ‏ : ‎ On Kindle Scribe
  • Print length ‏ : ‎ 354 pages
  • Page numbers source ISBN ‏ : ‎ 1479220809
  • Customer Reviews:
    4.5 4.5 out of 5 stars 122 ratings

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  1. Gene Callahan

    Gene Callahan

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    Gene Callahan has worked as a forklift driver, reggae musician, lifeguard and computer programmer. Today, he is an industry associate professor of computer science at New York University. He is also a charter member of the Michael Oakeshott Association, and a research fellow at the Collingwood Centre at Cardiff University. He is the author of the non-fiction books Economics for Real People and Oakeshott on Rome and America, and the novels PUCK and A Song of the Past.

    Dr. Callahan holds a Masters degree in the philosophy of the social sciences from the London School of Economics, and a PhD in political theory from Cardiff University. He has published several hundred articles in the popular press and academic journals.

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Customer reviews

4.5 out of 5 stars
4.5 out of 5
122 global ratings

Top reviews from the United States

Robert Huffstedtler
5.0 out of 5 stars An Accessible Introduction to Economics
Reviewed in the United States on April 23, 2003
Verified Purchase
Callahan (and the Austrian school in general) explain economics in terms of human action rather than the abstract and sometimes obtuse models of classical economists. Beginning with the simplest possible scenario, a single human acting in isolation, Callahan builds a hypothetical society and uses it to explain the crucial concepts of economics in a style and language that should be accessible to anyone who has completed high school.
He explains the concept of subjective valuation with his individual on the island, then begins adding people and concepts. He quickly takes us through direct exchange, a refutation of the labor theory of value, the introduction of money (including the explanation of the criteria that make something a good choice to use as money), time preference (and how the interest rate serves as the "price" of a time preference), and so on. In the second half of the book he explains concepts that are a bit more abstract - how do central banking and fiat money work? What causes the business cycle? How does a free market system handle externals (benefits or consequences imposed upon those not party to an exchange -e.g. water pollution).
Throughout it all, Callahan cogently makes the case for a truly free market as the only means of efficiently satisfying the desires of a society's members.
There are things I would have liked Callahan to cover better, for instance, a greater discussion of how the neo-classical economists work, and how their theories influence media reporting of economic issues (think about all the indicators that we are bombarded with in the business section of the paper). However, I don't see how he could have covered that material while keeping the book small and readable. He does give an extensive bibliography for those wishing to further investigate particular points.
A handy appendix gives the five page version of the history of the Austrian movement. It seems foolish to say this with it only being April, but I expect this will be the best book I read this year. I would give it more than 5 stars if I could.
77 people found this helpful
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Couts A. Moseley
5.0 out of 5 stars The Value of Human Choice
Reviewed in the United States on June 18, 2012
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This book emphasizes subjective valuation. Objective value, the Austrians contend, is an illusion. Nothing has economic value in and of itself; rather, "things are valuable because acting humans consider them to be so." (pg. 25)

Besides this emphasis on subjective valuation--not surprisingly--economists of the Austrian school see the individual human being as the alpha and the omega of economic phenomena. That is why Mr. Callahan cleverly decided to start this book with the scenario of a man stranded on an uninhabited island. To the Austrians--Ludwig von Mises in particular--this is the ideal setting to learn the basics since economics is rooted in purposeful human action. The lone man facing an uncertain future, saddled by the limitations the island presents and by his own limited knowledge and skills must somehow make do and survive. He must use the scarce resources available--his time and knowledge being the scarcest--and make wise economical choices if his goal is to survive long enough to be rescued. Every decision that he makes towards that end will involve trade-offs; he has to weigh the costs and benefits of every action and aim to profit from his effort. Callahan says that economics studies the consequences of choice, and his island scenario perfectly illustrates this; moreover, the choices taken in this economy of one lead to one of the clearest explanation I've ever read concerning marginal utility.

Because economics is rooted in human choice and value is subjective, Austrians see "Political solutions to questions of value..." as inimical to freedom and economic principles. Perhaps more important, this subjectivity of value ultimately means that "you're as wealthy as you think you are," and questions like, "Am I wealthier if I have more cash in the bank, or more time to spend with my children?" cannot be answered by government planners or by economists, but only by you.

Economics for Real People is an important book that deserves careful study and a wide audience.
4 people found this helpful
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Top reviews from other countries

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5.0 out of 5 stars Highly recommended to understand the fundamentals of economic reality.
Reviewed in India on May 1, 2016
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Great introductory book and yet deep enough to look at the roots of it. Every Indian should read this book to understand the fundamentals of economic reality.
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M. Blackburn
4.0 out of 5 stars Logical but possibly incomplete
Reviewed in the United Kingdom on May 28, 2014
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What I especially like about the Austrian school, and most of the Libertarian philosophy that I have read so far, is the clear way that the position is set out. We are told what are the underlying assumptions, from these the arguments flow logically and the outcomes follow. There is some use of inflammatory language - those with alternative views tend to be labelled in unflattering ways - and this is likely to put off those most in need of having there views challenged. I will need to read around the subject some more - but it is possible that the theoretical basis is incomplete and the move from specific examples to widely held beliefs is not fully justified. For example, there are problems with assuming that groups of people always benefit if individuals are allowed to pursue freedom in action. So, four stars not five. But, in comparison to most basic non-Austrian economics texts, the book is a pleasure to read.
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M. Mustapha
3.0 out of 5 stars (Insert joke here)
Reviewed in Canada on March 21, 2015
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Relatively insightful, but I couldn't get over the fact that the author is not very concise. Humor is okay, but when your using eleventeen different examples to drill the same point home it starts to sound abstract. I feel like this book would be so much better for the beginner if it was written without all the paranthesis' of jokes. Overall, I like the fact that it refreshed a lot of the basic economic concepts that I already knew (and now know better), but please Callahan, as an introductory to Austrian economics you could accomplish just as much by being much more basic I'm terms of your delivery.
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a customer
4.0 out of 5 stars Good overview of Austrian Economics
Reviewed in the United Kingdom on June 12, 2009
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If you want a good overview of Austrian economics then this is the book. It explains all the basic concepts in an easy to understand format. My reason for not giving five stars is the use of confusing analogies, fried and boiled rats as a form of exchange sort of put me off from the main thrust of Callaghan's arguement. I've got no problem with using analogies, it's been part of storytelling for eons but sometimes I felt they got more complicated than if he had stuck to just explaining the economics.
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