Basic Economic Concepts

Where do prices come from? What is money? What is interest? What is the market? Understanding the fundamental economic concepts is the essential first step to understanding the real impact of human decisions.

Economics will not necessarily tell you if an action or policy is "good" or "bad", but economics will tell you that if you pursue a specific action or policy you can expect a specific result.

Below is a list of introductory articles to help you learn about some of the most fundamental and most important concepts in economics.

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Suggested Resources

Thinking Like an Economist

• Nine Principles of Economics  by Art Carden
• Fundamentals of Economic Analysis: A Causal-Realist Approach  by Joseph Salerno and Peter Klein
• The 10 Principles of Economics You Should Know   by the Capitalism Institute
• Fundamental Economic Concepts  by A-Equals-A.com
• Seeing the Unseen  by Llewellyn H. Rockwell, Jr.
• Economics for the Teachable by Leonard E. Read
• The Economic Way of Thinking by LearnLiberty.org

Visit the Freedom Unfiltered Page on Austrian Economics.

The Market and Prices

• Free Market  by Murray N. Rothbard
• I, Pencil - My Family Tree  by Leonard Read
  
• Action, Time, and the Market  by Jeffrey M. Herbener
  

• How Should Prices Be Determined?   by Henry Hazlitt
• The Origin of Money and Its Value by Robert P. Murphy

Protectionism

• Smashing Protectionist "Theory" (Again)   by Murray N. Rothbard
• The Case Against Protectionism  by Lawrence W. Reed

Monopolies

• The Phantom Called ‘Monopoly’ (.pdf)  by Hans F. Sennholz

Savings and Capital

• The Economic Role of Saving and Capital Goods  by Ludwig von Mises

 

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"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 Rothbard