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How to Think about the Economy: A Primer
This little book was written to accomplish something economic literacy. It is intentionally kept very short to be inviting rather than intimidating. You will gain life-changing understanding of how the economy works in practically no time.
Per Bylund will make you excited about what economics has to offer. Because economic literacy is mind-opening. Sound economic reasoning is an enormously powerful tool for understanding both the economy and society. Economic literacy uncovers what is going on under the surface and why things work out as they do. There is no magic to it. In fact, economic literacy is necessary to properly understand the world.
Short, direct, axiomatically unassailable, and devastating to the mythology of modern economics. This book not only promote Mises' views, but refutes and attacks the tragicomic orthodoxy of today’s economics mainstream.
Per Bylund will make you excited about what economics has to offer. Because economic literacy is mind-opening. Sound economic reasoning is an enormously powerful tool for understanding both the economy and society. Economic literacy uncovers what is going on under the surface and why things work out as they do. There is no magic to it. In fact, economic literacy is necessary to properly understand the world.
Short, direct, axiomatically unassailable, and devastating to the mythology of modern economics. This book not only promote Mises' views, but refutes and attacks the tragicomic orthodoxy of today’s economics mainstream.
121 pages, Kindle Edition
First published August 15, 2022
88 people are currently reading
496 people want to read
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Displaying 1 - 30 of 38 reviews
March 7, 2023
Great starter Econ book. I would recommend starting here before moving on to Hazlitt’s “Economics in One Lesson.” This book gets you in the right frame of mind, but doesn’t chase down a ton of specific issues (although inflation, minimum wage, etc. are certainly mentioned). Hazlitt will help you dive into more specifics. This book is also extremely concise, maybe 4 or so hours of total read time.
October 8, 2022
Economics in an Austrian Lesson — A Review of Per Bylund’s ‘How to Think about the Economy.’
The review has been published here: https://mises.org/wire/review-how-thi...
Economics, like physics, is in essence a simple science. It has a subject matter that covers a very wide scope — in physics, the scope is the whole universe, and in economics, all human choices. And just as there are many natural laws that govern the physical universe, there are laws that govern human interactions. Often the physical laws can be stated in simple mathematical formulas, and likewise, economic laws can be stated in words that act as ‘formulae,’ or simply: Rules. Of course, the task of the physicist is to understand what the symbols of the formula mean, what is the domain of their applicability, and what is the range of things they can explain. In Per Bylund’s Primer, we are offered that for the field of economics: An exposition of the science in a way that clarifies the social laws that govern our interactions.
Of course, the first task of any scientist is to define his field of inquiry. And though many scientists bicker about what their field actually studies, they have to agree upon certain ideas and themes that they are mostly concerned with. From the first page, we are introduced to economics as a discipline that studies [1] ‘human actions and interactions,’ and stresses the Austrian inclination toward Methodological Individualism in treating individuals as the smallest acting unit in an economy. This, as opposed to considering economics as a science of how to organize the production and distribution of goods, or the focus on the scarcity of resources as we see in Lionel Robbins’ approach. The author was very careful to define the terms to be used in the rest of the book in a clear manner that many modern economics or political philosophy best-sellers can learn from [2].
The first three chapters cover the general subject to be inspected focusing on the individuals partaking in the production and consumption of the goods and services, how the scientific theory is organized in the Austrian tradition, and the main interactions people can engage in, given an economy. The second part of the book goes over the machinery of the market while considering the psychological and sociological drives that regulate people and their community as a whole, and the third and final part looks at where and when the system can fail following Hayek’s and Bastiat’s terminologies, but really in a way mostly reminiscent of Rothbard’s Man Economy and State [3].
The book is very simple and succinct. It is even easier to read than Henry Hazlitt’s Economics in One Lesson or Thomas Sowell’s Basic Economics, both of which are mainstream economics books that stress this common-sense introduction to the main topics, and present economics principles in a rational and rigorous manner. Professor Bylund’s book is not intended as a textbook, and it does not cover the theory as one might see in Thomas Taylor’s Introduction to Austrian Economics, but it does justice to its name in providing a good primer. What the book aims at is a basic understanding for the largest possible audience. (In a funny marketing ploy, signed copies of the book were posted on the Mises Institute Twitter account for Klaus Schwab, Robert Reich, and Alexandria Cortez [4].) Other than a bibliography to aid the new reader into Austrian Economics, the book offers much even for those who have read the books by Taylor, Sowell, and Hazlitt mentioned above, since it is more dedicated to the entrepreneurial spirit and with a focus on production. These ideas are in constant need of being refreshed since we have become politically polarized in a very critical way that it’s hard to look at the basic principles behind why we support what we do, and can only point out what problems await the plans of our opponents, and why they are economically infeasible. In such a charged atmosphere, we forget to consider Hayek’s reminder [5]: ‘We must first explain how an economy can possibly work right before we can meaningfully ask what might go wrong.’
In a private communication with the author, I asked him what might Austrian Economics be called if it hadn’t acquired this name. And he responded with ‘Causal-realist economics.’ This gives us a great intuition about what such a book will provide, and it starts with [6]:
And ends with [7]:
The most important takeaway from the book is to come to know what metaphysical rules regulate our behavior, and what language Austrian economists use to attribute causes and understand social phenomena. This is done to show that this ‘dismal science’ is a legitimate effort to study the consequences of our choices.
Unlike the German Historical School which does not recognize immutable laws governing societies and human action and interaction, or the Keynesian economics of today whose [8] ‘propensity to imitate as closely as possible the procedures of the brilliantly successful physical sciences’ has shifted the focus on economics on experimentation [9] instead of logical deduction, the book, following Hoppe [10] and Rothbard [11], explains how we can revive this tradition in a noncompromising manner. For that, it has done its job spectacularly.
[1] Per L. Bylund, How to Think about the Economy: A Primer, Mises Institute, 2022, p. 15.
[2] For recent books that leave some of the main economic ideas in their books vague, see for instance Ha-Joon Chang’s 23 Things They Don’t Tell You About Capitalism, John Perkins’ The New Confessions of an Economic Hit Man, Mark Fisher’s Capitalist Realism, and Christopher Ryan’s Civilized to Death.
[3] Murray N. Rothbard, Man, Economy, and State, Mises Institute, 2009, Chapter 12 and Power and Market.
[4] I believe another one was also written for Richard Wolff, but I could not locate it. For the others, the links can be found here: https://twitter.com/mises/status/1559..., https://twitter.com/mises/status/1565..., https://twitter.com/mises/status/1559....
[5] Roger W. Garrison, F. A. Hayek as ‘Mr. Fluctooations’: In Defense of Hayek's ‘Technical Economics,’ LSE's Hayek Society Journal, vol. 5, no. 2 (Spring), 2003.
[6] Per L. Bylund, How to Think about the Economy: A Primer, Mises Institute, 2022, p. 15.
[7] Ibid, p. 131.
[8] Friedrich August von Hayek – Nobel Prize Lecture: https://www.nobelprize.org/prizes/eco....
[9] This can be seen quite clearly in the most recent Nobel prizes that were attempting to survey regions to cast doubt into economic facts or experiment on poverty.
[10] Hans Hermann Hoppe, Economic Science and the Austrian Method, Mises Institute, 2007.
[11] Murray N. Rothbard, Economic Controversies, Mises Institute, 2011.
The review has been published here: https://mises.org/wire/review-how-thi...
“It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”
— Murray N. Rothbard.
Economics, like physics, is in essence a simple science. It has a subject matter that covers a very wide scope — in physics, the scope is the whole universe, and in economics, all human choices. And just as there are many natural laws that govern the physical universe, there are laws that govern human interactions. Often the physical laws can be stated in simple mathematical formulas, and likewise, economic laws can be stated in words that act as ‘formulae,’ or simply: Rules. Of course, the task of the physicist is to understand what the symbols of the formula mean, what is the domain of their applicability, and what is the range of things they can explain. In Per Bylund’s Primer, we are offered that for the field of economics: An exposition of the science in a way that clarifies the social laws that govern our interactions.
Of course, the first task of any scientist is to define his field of inquiry. And though many scientists bicker about what their field actually studies, they have to agree upon certain ideas and themes that they are mostly concerned with. From the first page, we are introduced to economics as a discipline that studies [1] ‘human actions and interactions,’ and stresses the Austrian inclination toward Methodological Individualism in treating individuals as the smallest acting unit in an economy. This, as opposed to considering economics as a science of how to organize the production and distribution of goods, or the focus on the scarcity of resources as we see in Lionel Robbins’ approach. The author was very careful to define the terms to be used in the rest of the book in a clear manner that many modern economics or political philosophy best-sellers can learn from [2].
The first three chapters cover the general subject to be inspected focusing on the individuals partaking in the production and consumption of the goods and services, how the scientific theory is organized in the Austrian tradition, and the main interactions people can engage in, given an economy. The second part of the book goes over the machinery of the market while considering the psychological and sociological drives that regulate people and their community as a whole, and the third and final part looks at where and when the system can fail following Hayek’s and Bastiat’s terminologies, but really in a way mostly reminiscent of Rothbard’s Man Economy and State [3].
The book is very simple and succinct. It is even easier to read than Henry Hazlitt’s Economics in One Lesson or Thomas Sowell’s Basic Economics, both of which are mainstream economics books that stress this common-sense introduction to the main topics, and present economics principles in a rational and rigorous manner. Professor Bylund’s book is not intended as a textbook, and it does not cover the theory as one might see in Thomas Taylor’s Introduction to Austrian Economics, but it does justice to its name in providing a good primer. What the book aims at is a basic understanding for the largest possible audience. (In a funny marketing ploy, signed copies of the book were posted on the Mises Institute Twitter account for Klaus Schwab, Robert Reich, and Alexandria Cortez [4].) Other than a bibliography to aid the new reader into Austrian Economics, the book offers much even for those who have read the books by Taylor, Sowell, and Hazlitt mentioned above, since it is more dedicated to the entrepreneurial spirit and with a focus on production. These ideas are in constant need of being refreshed since we have become politically polarized in a very critical way that it’s hard to look at the basic principles behind why we support what we do, and can only point out what problems await the plans of our opponents, and why they are economically infeasible. In such a charged atmosphere, we forget to consider Hayek’s reminder [5]: ‘We must first explain how an economy can possibly work right before we can meaningfully ask what might go wrong.’
In a private communication with the author, I asked him what might Austrian Economics be called if it hadn’t acquired this name. And he responded with ‘Causal-realist economics.’ This gives us a great intuition about what such a book will provide, and it starts with [6]:
‘The Economics of old sought to uncover how the world works. It showed, or even proved, that there is a natural order to it.’
And ends with [7]:
‘Nothing about the market economy is magic. … [T]he market is quite real and mundane. It functions in a certain and knowable way; it has a specific behavior, which emerges from and arises out of people’s actions and interactions.’
The most important takeaway from the book is to come to know what metaphysical rules regulate our behavior, and what language Austrian economists use to attribute causes and understand social phenomena. This is done to show that this ‘dismal science’ is a legitimate effort to study the consequences of our choices.
Unlike the German Historical School which does not recognize immutable laws governing societies and human action and interaction, or the Keynesian economics of today whose [8] ‘propensity to imitate as closely as possible the procedures of the brilliantly successful physical sciences’ has shifted the focus on economics on experimentation [9] instead of logical deduction, the book, following Hoppe [10] and Rothbard [11], explains how we can revive this tradition in a noncompromising manner. For that, it has done its job spectacularly.
[1] Per L. Bylund, How to Think about the Economy: A Primer, Mises Institute, 2022, p. 15.
[2] For recent books that leave some of the main economic ideas in their books vague, see for instance Ha-Joon Chang’s 23 Things They Don’t Tell You About Capitalism, John Perkins’ The New Confessions of an Economic Hit Man, Mark Fisher’s Capitalist Realism, and Christopher Ryan’s Civilized to Death.
[3] Murray N. Rothbard, Man, Economy, and State, Mises Institute, 2009, Chapter 12 and Power and Market.
[4] I believe another one was also written for Richard Wolff, but I could not locate it. For the others, the links can be found here: https://twitter.com/mises/status/1559..., https://twitter.com/mises/status/1565..., https://twitter.com/mises/status/1559....
[5] Roger W. Garrison, F. A. Hayek as ‘Mr. Fluctooations’: In Defense of Hayek's ‘Technical Economics,’ LSE's Hayek Society Journal, vol. 5, no. 2 (Spring), 2003.
[6] Per L. Bylund, How to Think about the Economy: A Primer, Mises Institute, 2022, p. 15.
[7] Ibid, p. 131.
[8] Friedrich August von Hayek – Nobel Prize Lecture: https://www.nobelprize.org/prizes/eco....
[9] This can be seen quite clearly in the most recent Nobel prizes that were attempting to survey regions to cast doubt into economic facts or experiment on poverty.
[10] Hans Hermann Hoppe, Economic Science and the Austrian Method, Mises Institute, 2007.
[11] Murray N. Rothbard, Economic Controversies, Mises Institute, 2011.
November 14, 2024
I got this book, from the Mises Institute online book store (I highly recommend). They threw it in for free after I had purchased a few other books off their site. Too often I judge books by their cover, and I left this one sitting on my shelf for almost a year. I finally decided to give it a go because I needed something to recommend for newbies of the Austrian school of economics.
Bylund’s goal of achieving economic literacy in less than 150 pages was lofty, and from what I’ve seen of other reviews, it was actually accomplished. Impressive! More importantly, this primer is a gateway drug to many other great reads, most notably Human Action, by Ludwig von Mises.
I remember a few years ago a friend asked me, seemingly facetiously, “Why can’t we just print more money?”. I smiled for a moment and then quickly realized that she was dead-serious. This book, and others like it, are needed because people often conflate money with wealth, GDP with prosperity, and so on. It truly is important to know how to think about the economy, and to recognize how others want you to think . . .
Bylund divides the book into three sections: economy, market/entrepreneurship, and intervention. As with most Austrian-economic writings, I find most interesting to be the scathing criticism of government intervention. The description of the Boom/Bust cycle near the end was fantastic and definitely easy to understand for a first-timer.
Currently, “How to Think about the Economy: A Primer” is free on the Mises Institute’s website. I’d recommend it for anyone interested in economics, whether they are new to the subject or not. Although not revelatory for most Austrians, it’s still a good refresher and an enjoyable read.
Bylund’s goal of achieving economic literacy in less than 150 pages was lofty, and from what I’ve seen of other reviews, it was actually accomplished. Impressive! More importantly, this primer is a gateway drug to many other great reads, most notably Human Action, by Ludwig von Mises.
I remember a few years ago a friend asked me, seemingly facetiously, “Why can’t we just print more money?”. I smiled for a moment and then quickly realized that she was dead-serious. This book, and others like it, are needed because people often conflate money with wealth, GDP with prosperity, and so on. It truly is important to know how to think about the economy, and to recognize how others want you to think . . .
Bylund divides the book into three sections: economy, market/entrepreneurship, and intervention. As with most Austrian-economic writings, I find most interesting to be the scathing criticism of government intervention. The description of the Boom/Bust cycle near the end was fantastic and definitely easy to understand for a first-timer.
Currently, “How to Think about the Economy: A Primer” is free on the Mises Institute’s website. I’d recommend it for anyone interested in economics, whether they are new to the subject or not. Although not revelatory for most Austrians, it’s still a good refresher and an enjoyable read.
January 10, 2023
I think this book is the perfect example to say something like: "simple ain't easy", a famous sentence from Rich Hickey about programming.
There's this complaint that Mises' theories are based on axioms and not on observation of empirical results, but the fact is that statistics are an easy liar, and usually take us to the wrong models, predictions, and conclusions, which leads us to take wrong decisions and most of the times negatively influencing the market. This makes us willing to avoid seeing the unseen and living with the booms we've been living lately, mainly since the big financial crisis of 2008.
I really enjoyed this book, at least as a beginner in the subject (economics, but not statistics).
I can easily see the economy as a system. A system where the social part is very, very important and where we should expect the free market to dictate the rules and not impose limitations on it with unpredictable causality.
I also enjoyed the part about specialization. Creating specialized people and teams can increase productivity in 24k times (p.85). I'm emphasizing teams, where a group of specialized workers depends on each of its members to attain a certain goal.
Last but not least, "Economic literacy is the antidote to destructive policy. But it is so much more. Economic literacy is mind-opening because it allows us to truly understand how the world works".
And this is simply fascinating "per se".
As a Portuguese, I can talk about the Portuguese educational system. And one of the things I can now clearly see it lacks is to teach economics, entrepreneurship, and simple laws of the free market.
We still have a long journey until we understand how to become more productive and stop living around concrete, tourism, and political/economical speculation. Instead, we should learn more about entrepreneurship and start to use each and every opportunity of selling our so top quality products.
I'm giving 5 stars to this book because I find it kind of a life-changer manifesto.
There's this complaint that Mises' theories are based on axioms and not on observation of empirical results, but the fact is that statistics are an easy liar, and usually take us to the wrong models, predictions, and conclusions, which leads us to take wrong decisions and most of the times negatively influencing the market. This makes us willing to avoid seeing the unseen and living with the booms we've been living lately, mainly since the big financial crisis of 2008.
I really enjoyed this book, at least as a beginner in the subject (economics, but not statistics).
I can easily see the economy as a system. A system where the social part is very, very important and where we should expect the free market to dictate the rules and not impose limitations on it with unpredictable causality.
I also enjoyed the part about specialization. Creating specialized people and teams can increase productivity in 24k times (p.85). I'm emphasizing teams, where a group of specialized workers depends on each of its members to attain a certain goal.
Last but not least, "Economic literacy is the antidote to destructive policy. But it is so much more. Economic literacy is mind-opening because it allows us to truly understand how the world works".
And this is simply fascinating "per se".
As a Portuguese, I can talk about the Portuguese educational system. And one of the things I can now clearly see it lacks is to teach economics, entrepreneurship, and simple laws of the free market.
We still have a long journey until we understand how to become more productive and stop living around concrete, tourism, and political/economical speculation. Instead, we should learn more about entrepreneurship and start to use each and every opportunity of selling our so top quality products.
I'm giving 5 stars to this book because I find it kind of a life-changer manifesto.
December 26, 2024
This is a VERY dense book. In just over 100 pages, Per Bylund attempts to summarize the entirety of the mechanisms at play in a free market economy. The compact sentences can be challenging to unpack, but for those looking to gain exposure to the Austrian school of economics, the effort is rewarding.
If this book were to have a protagonist, it would undoubtedly be the entrepreneur. According to Bylund, the entrepreneur is armed with only his imagination and intuition, and is willing to sacrifice his livelihood to reshape the capital structure. This pursuit is far from easy, as the entrepreneur must compete with others to satisfy customer demands in a constantly fluctuating economy. Yet, even in failure, the entrepreneur provides valuable knowledge to the economy by revealing what works and what doesn't work.
One of the most edifying sections of the book is its explanation of the role of value in an economy. Bylund states that value is not derived from the effort invested in creating a product. Instead, he argues that value is determined by the product’s ability to meet a customer’s needs. In this context, production holds value only insofar as it contributes to the end user’s satisfaction. Cost is a choice—an entrepreneur must minimize it without sacrificing quality to remain competitive and deliver value effectively.
It is important for readers to understand that this book adheres to the principles of the Austrian School of Economics, as it is published by the Ludwig von Mises Institute. While there is much this school of thought gets right, there are also areas where it feels shortsighted to me. For instance, I disagree with the blanket assertion that regulation is inherently harmful to businesses. As someone who works in the medical device industry, I have seen firsthand the importance of regulatory oversight. Agencies such as the FDA help ensure that products meet standards such as IFUs and sterilization requirements. Without such oversight, I believe both small and large enterprises might cut corners to reduce costs, potentially endangering lives. If the ultimate goal of a business is to provide value to its customers, then regulations serve as critical safeguards to ensure that this value is consistently delivered. I wish advocates of the Austrian school would distinguish between essential and unnecessary regulations, rather than dismissing all regulation as detrimental.
Despite this ideological rigidity, there is much to learn from this concise book. From the role of fiat currency to the dynamics of the boom-and-bust cycle, readers will come away with a deeper understanding of economic thought within a free market framework.
If this book were to have a protagonist, it would undoubtedly be the entrepreneur. According to Bylund, the entrepreneur is armed with only his imagination and intuition, and is willing to sacrifice his livelihood to reshape the capital structure. This pursuit is far from easy, as the entrepreneur must compete with others to satisfy customer demands in a constantly fluctuating economy. Yet, even in failure, the entrepreneur provides valuable knowledge to the economy by revealing what works and what doesn't work.
One of the most edifying sections of the book is its explanation of the role of value in an economy. Bylund states that value is not derived from the effort invested in creating a product. Instead, he argues that value is determined by the product’s ability to meet a customer’s needs. In this context, production holds value only insofar as it contributes to the end user’s satisfaction. Cost is a choice—an entrepreneur must minimize it without sacrificing quality to remain competitive and deliver value effectively.
It is important for readers to understand that this book adheres to the principles of the Austrian School of Economics, as it is published by the Ludwig von Mises Institute. While there is much this school of thought gets right, there are also areas where it feels shortsighted to me. For instance, I disagree with the blanket assertion that regulation is inherently harmful to businesses. As someone who works in the medical device industry, I have seen firsthand the importance of regulatory oversight. Agencies such as the FDA help ensure that products meet standards such as IFUs and sterilization requirements. Without such oversight, I believe both small and large enterprises might cut corners to reduce costs, potentially endangering lives. If the ultimate goal of a business is to provide value to its customers, then regulations serve as critical safeguards to ensure that this value is consistently delivered. I wish advocates of the Austrian school would distinguish between essential and unnecessary regulations, rather than dismissing all regulation as detrimental.
Despite this ideological rigidity, there is much to learn from this concise book. From the role of fiat currency to the dynamics of the boom-and-bust cycle, readers will come away with a deeper understanding of economic thought within a free market framework.
January 15, 2025
In a lot if ways, this is the book that The Seen, the Unseen, and the Unrealized: How Regulations Affect Our Everyday Lives tried to be. As far as promises go, this one kept them. It is an excellent primer to economic reasoning and does a much better job presenting the Austrian principles of "action" than Bylund's earlier work.
Start here for a gentle introduction, consider Principles of Economics by Ammous for further reading if this one piqued your interest.
Recommended!
Start here for a gentle introduction, consider Principles of Economics by Ammous for further reading if this one piqued your interest.
Recommended!
May 13, 2025
How to Think About the Economy : A Primer (2022) by Per Bylund is a good, short introduction about how to think about economics. Byland has a PhD in economics and is a professor of entrepreneurship. He is also associated with the Mises Institute.
The book is divided into three parts. The first is ‘Economics’, the second ‘Market’ and the final one ‘Intervention’.
Byland builds up a picture of the economy and markets without introducing any equations. The book focuses on the value of free exchange. Then the value of money as something to facilitate free exchange. Byland emphasizes that the economy is a process that discovers what is valuable, not a fixed thing. Finally the book describes what government intervention does to the economy.
How to Think About the Economy is a good short book. It provides a very worthwhile introduction to how economies work from an Austrian perspective.
The book is divided into three parts. The first is ‘Economics’, the second ‘Market’ and the final one ‘Intervention’.
Byland builds up a picture of the economy and markets without introducing any equations. The book focuses on the value of free exchange. Then the value of money as something to facilitate free exchange. Byland emphasizes that the economy is a process that discovers what is valuable, not a fixed thing. Finally the book describes what government intervention does to the economy.
How to Think About the Economy is a good short book. It provides a very worthwhile introduction to how economies work from an Austrian perspective.
May 18, 2025
This dense little chunk of a book ought to be required reading for just about everyone. Dr. Bylund covers an astonishing amount of basic economic theory in a shockingly slim volume, a fantastic and fast-moving introduction to the basics of human action, production, trade, economic calculation, and how economic processes can become distorted and what that means for society.
There are better economics books out there - by which I mean books that are more exhaustive, and have more detailed analyses of the topics and ideas covered in this volume. Dr. Bylund lists many of them in his appendix for further reading. But this book certainly sets out to meet it's goal - it covers the basic concepts that undergird proper economic thought simply and clearly for a general audience. A reader more educated in economic thought and theory may find it an easy re-tread of familiar ground, but even there it has value as a refresher of the basics.
There are better economics books out there - by which I mean books that are more exhaustive, and have more detailed analyses of the topics and ideas covered in this volume. Dr. Bylund lists many of them in his appendix for further reading. But this book certainly sets out to meet it's goal - it covers the basic concepts that undergird proper economic thought simply and clearly for a general audience. A reader more educated in economic thought and theory may find it an easy re-tread of familiar ground, but even there it has value as a refresher of the basics.
January 31, 2025
Per L. Bylund’s How to Think About the Economy is a short and accessible introduction to Austrian economics. Instead of drowning readers in jargon or equations, Bylund focuses on fundamental principles—how individuals make choices, how markets function, and why government intervention often has unintended consequences.
The book is perfect for beginners who want a clear, no-nonsense explanation of how an economy works. Bylund’s writing is straightforward, and he makes complex ideas easy to grasp. He emphasizes that economics isn’t about numbers but about human action and decision-making.
If you’re curious about free markets or want a fresh perspective on economic thinking, this book is a great starting point. It’s concise, insightful, and makes you see the economy in a new light.
The book is perfect for beginners who want a clear, no-nonsense explanation of how an economy works. Bylund’s writing is straightforward, and he makes complex ideas easy to grasp. He emphasizes that economics isn’t about numbers but about human action and decision-making.
If you’re curious about free markets or want a fresh perspective on economic thinking, this book is a great starting point. It’s concise, insightful, and makes you see the economy in a new light.
December 16, 2024
This was a really good starting book. I read this because it's a shorter book and wanted something to be able to recommend to people interested in learning economics. While I don't think it's scope is as big as something like Basic Economics by Thomas Sowell. I think it's a pretty good intro to Austrian economics as it covers the action axiom and cites Mises at many points. I do greatly enjoy the recommended reading at the for those looking to delve deeper. I just find it a bit unfortunate that it doesn't cover much in examples of economics in the real world but I do think it makes this book timeless because everything it says holds regardless of example
September 10, 2022
I think this book achieves exactly what it sets out to do; a clear and short introduction to economic thinking. It is surprisingly broad, a lot of ground gets covered in these 130 pages. It will be The Book I recommend to someone coming to the subject (alongside maybe Callahan's Economics for Real People). Even for someone who's read a bit of (Austrian) economics it's worth a go; the parts on the market and entrepreneurship are great, and the explanation of the business cycle theory is fantastic.
August 19, 2024
The Skinny: Short econ book that does a decent job explain the economy's workings but falls short in using clear, easy to understand language.
The Good: Plenty of good explanations, I especially liked the discussions on entrepreneurship, competition, and the boom / bust cycle.
The Bad: For a primer that I believe is meant for non-econ junkies, the writing style just isn't effective at being accessible in my opinion. It makes for a much drier read and you'll probably want to re-read sections to really understand them.
The Good: Plenty of good explanations, I especially liked the discussions on entrepreneurship, competition, and the boom / bust cycle.
The Bad: For a primer that I believe is meant for non-econ junkies, the writing style just isn't effective at being accessible in my opinion. It makes for a much drier read and you'll probably want to re-read sections to really understand them.
December 25, 2022
This is an excellent introductory book on the main tenets of Austrian economics. It successfully summarises the ideas of a wide range of economists, including Menger, Wicksell, von Mises, Hayek, Schumpeter, and Kirzner, among others. Although each topic mentioned in the book deserves more detailed discussion, the book provides a unique and comprehensive perspective on how to think about these issues in order to truly understand economic phenomena. I highly recommend it to anyone who wants to not only improve their understanding of economic issues, but also their reasoning skills to see what is unseen.
November 21, 2023
One of the greatest books ever written. Per Bylund successfully tackles the common misperceptions in politics, media and academia. He provides an obvious realistic, logical and Austrian perspective on the everyday and practical economy that is fully comprehensible to average Joes and Marys. He appeals to commonsense and human intelligence. He shows why all the current theoretical jargoon in economics is completely meaningless.
April 7, 2024
It was just OK, pretty derivative of stuff that has come before it (I, Pencil and Economics in One Lesson) but more condensed and in one book that's in modern prose.
Personally, I also just find the topic of "humans will do X if Y" when it comes to libertarian/Austrian economics old hat. There are far more important things to focus on than postulating human spending patterns according to your "it works great on paper" theory.
Otherwise a good intro to economics for those that need it.
Personally, I also just find the topic of "humans will do X if Y" when it comes to libertarian/Austrian economics old hat. There are far more important things to focus on than postulating human spending patterns according to your "it works great on paper" theory.
Otherwise a good intro to economics for those that need it.
October 23, 2023
It's hard to read about Economics when dominated in Fiat currency. Per handles all subjects well and gives a general outline. The larger capitol and structured markets I can't help to feel that the manipulation is beyond fair with the collapse of the US Dollar and Euro. If like to think that Bitcoin can realign market denomination but I'm not so sure even though I'm very bullish on Bitcoin.
April 15, 2024
The author really goes to great lengths to educate the reader on the subject of how to think of the economy. Using examples that are as simple as they are poignant, he takes the reader through first principles and ends with a more complex - yet still easy to understand - issue using all of the skills already spoken of earlier. Worth the price and multiple reads.
August 30, 2022
How to Think about the Economy is a short, direct, easy to understand economics book.
As economics impacts nearly every decision we make, I recommend Bylund's book to anyone that wants to be more economically literate and to make wiser choices.
As economics impacts nearly every decision we make, I recommend Bylund's book to anyone that wants to be more economically literate and to make wiser choices.
October 7, 2022
Really great intro - there's somethings that I know (statist) people would push back on/not satisfied by (the minimum wage policy example in Chp. 9) - but super readable intro to economics and economics in the Austrian school.
January 29, 2024
Per Bylund is completely sound, and correct, and this is good. No quibbles on the economic side whatsoever. It is impervious to critique on that score. So I guess I have to give it 4 stars though it is surprisingly dry (considering what a tornado Per is on Twitter).
January 12, 2025
So good for starting to increase the economic literacy which is the antidote -in words of Bylund- to destructive policy, which is unfortunately main stream nowadays, especially in Europe.
I recommend this reading without doubt!!
I recommend this reading without doubt!!
August 30, 2022
This book contains the best and clearest explanation of the Austrian business cycle theory that I've yet seen. Professor Bylund's tone throughout the book is perfect, his exposition is clear, and the emphasis on entrepreneurship is especially welcome.
September 10, 2022
so basic
December 25, 2022
Marrow: chapter 9!
Regulatory Intervention
The Seen
The Unseen
The Unrealized
Regulatory Intervention
The Seen
The Unseen
The Unrealized
December 27, 2022
If you're a beginner in economics I advise you start with this one. Per Bylund could not have been any clearer!
December 29, 2022
Should be required reading, both in high school and in government.
February 4, 2023
Especially liked his coverage of the entrepreneur in the economy and how it relates to boom/bust. (Supposed to be my own personal notes, not a review for public eyes.)
This entire review has been hidden because of spoilers.
September 7, 2023
not the best approach
November 25, 2023
excellent primer
Great starting place for thinking about the nature of economics, with an excellent further reading list at the end of the book.
Great starting place for thinking about the nature of economics, with an excellent further reading list at the end of the book.
January 16, 2024
Good content, but not well delivered.
Kindle version has lots of typos.
Kindle version has lots of typos.
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