{"id":53824,"date":"2024-11-07T09:00:00","date_gmt":"2024-11-07T08:00:00","guid":{"rendered":"https:\/\/www.captrader.com\/?p=53824"},"modified":"2024-08-14T12:23:25","modified_gmt":"2024-08-14T10:23:25","slug":"principles-of-economics","status":"publish","type":"post","link":"https:\/\/www.captrader.com\/en\/gesetze-der-wirtschaft\/","title":{"rendered":"PRINCIPLES OF ECONOMICS"},"content":{"rendered":"
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by Saifedean Ammous is a refreshing departure from traditional economics textbooks, which often confuse rather than enlighten. The author is known for his previous bestseller The bitcoin standard<\/em>. He is now establishing himself as one of the leading voices of economic ideas, particularly of the Austrian School. In this book, he brings together his many years of teaching experience and research. He paints a clear and, above all, understandable picture of the fundamental economic principles that shape our society today.<\/p>\n\n\n\n

In terms of content, the book begins with a critical examination of conventional textbooks. The author describes these as rather misleading and abstract and presents the approach of the Austrian School as an alternative. As a book owl, I have read many of the well-known economics books of the two major economic persuasions. I can't necessarily agree with him on this statement.<\/p>\n\n\n\n

Even before his publications, there were already a number of very good, analytical, reflective and comprehensible works from both camps. In terms of content, they were sometimes clearly contradictory, but in a direct comparison, the reader was able to take away a lot.<\/p>\n\n\n

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Unfortunately, I have to agree with him completely when it comes to teaching economics. The Austrian School is basically a marginal topic at most universities, but generally non-existent. I had to experience this myself when I read about it for the first time, but was met with ignorance by my professors.<\/p>\n\n\n\n

Saifedean Ammous' perspective emphasizes the importance of individual action, property rights and market processes as the cornerstone of any functioning economic order. His writing style is accessible and deliberately avoids complicated mathematical models in favor of illustrative examples and clear language. This definitely makes his book easier to read than the sometimes very old works of Adam Smith or Ludwig von Mises.<\/p>\n\n\n\n

Structurally, his work is divided into five main parts, each of which deals with a central aspect of economics. He begins with the fundamental concepts of economics and the methodological approach of the Austrian School. He then takes us through topics such as individual economic decisions, the role of money and the economic order of a society.<\/p>\n\n\n\n

Saifedean Ammous' presentation of the importance of property rights and the market order for the development of civilization is particularly convincing. He argues that respect for property and the freedom of the market form the basis for progress and prosperity. Interestingly, it is precisely these pillars that are repeatedly brought up for discussion in the political debates of modern times. However, he not only deals with these topics theoretically, but also underpins them with historical and very current examples. These illustrate the relevance of his arguments. It is well known that economic knowledge or even financial literacy in our society is at an alarmingly low level. That is why, not only in my view, it would do well to engage more intensively with these issues. Especially since our political system of democracy is known to be a majority system. A widespread lack of knowledge on key issues can therefore set off fatal chain reactions and offers incredibly large areas of attack.<\/p>\n\n\n\n

Another highlight of the book is the comprehensive discussion of money and the economic implications of business cycles. Saifedean Ammous explains these based on the Austrian theory of monetary expansion and its effects on the economy. His analysis offers a deep insight into the mechanisms behind economic crises, among other things.<\/p>\n\n\n\n

Finally, he addresses the role of violence and security in a capitalist society. And thus also the challenges involved in maintaining a civilized order. He emphasizes the need for a low time preference and cultural support for the free market in order to ensure long-term prosperity. If that was too much technical jargon in just one short paragraph, you should definitely take a closer look at this kind of content. Because it is a topic that concerns us all. We are all part of our economy. When it comes to the economy, some people only ever think of billion-dollar corporations and allow themselves to be influenced by all sorts of political buzzwords. At the same time, they fail to understand that each and every one of us is part of the economy through our actions. And this means that we also have an influence on the economy - sometimes a much greater influence than we generally assume.<\/p>\n\n\n\n

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\"The overwhelming majority of economics textbooks used in universities today belong to the established Keynesian-Samuelsonian mainstream of the economics tradition, which misleads rather than informs students. I have taught with these university textbooks for years and have seen droves of intelligent students leave the classroom with more questions than when they entered it as they tried to understand the meaning of the obscure equations in these textbooks or find convincing reasons to believe their results. Over the years, I have spoken with dozens of highly intelligent undergraduate and graduate students who have told me of similar experiences: They did what they had to do to get the grade they wanted, but the course material seemed meaningless to them.\"<\/em> <\/p>\nSaifedean Ammous<\/cite><\/blockquote>\n\n\n\n

At this point a few words about the author:<\/p>\n\n\n\n

Saifedean Ammous is an economist and author of several international bestsellers. He received his PhD in Sustainable Development from Columbia University. His Master's degree in Development Management from the London School of Economics was followed by a Bachelor's degree in Mechanical Engineering from the American University of Beirut. From 2009 to 2019, he was Professor of Economics at the Lebanese American University.<\/p>\n\n\n\n

In 2018, Saifedean Ammous published The Bitcoin standard: the decentralized alternative to the central bank system<\/em>. An authoritative and best-selling book on Bitcoin, it has been translated into 36 languages. This was followed in 2021 The fiat standard: The debt bondage system as an alternative to human civilization<\/em>which is also available in 12 languages.<\/p>\n\n\n\n

Saifedean Ammous now offers courses on the economics of Bitcoin and economics in the tradition of the Austrian School. He is also the host of \"The Bitcoin Standard Podcast\". There he offers deeper insights into the economic and financial aspects of Bitcoin and other economic topics.<\/p>\n\n\n

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At first glance, this book comes in a really high-quality hardcover binding with cover. The cover has a discreetly stylish design, while the back cover is a little small in my opinion. The font there is at least borderline and not for moles or poor lighting conditions.<\/p>\n\n\n\n

28.00 euros is a completely commendable price for just over 500 pages of high-quality business literature in such a binding. Unfortunately, I am used to quite different prices from other publishers. Only recently I had softcover bindings from renowned publishers with less than 250 pages in my hands for over 30.00 euros. Without providing any significant added value in terms of content or even a scientific foundation for their theses.<\/p>\n\n\n\n

Linguistically, it is a really very successful work. The author conveys even the most complex topics in a way that is easy to understand. Nevertheless, it is certainly not a book for people who are not prepared to delve into the subject a little more intensively. But those interested will get their money's worth here, both in terms of breadth and depth. The book is a must for business students anyway and the crypto community will also love it. Nevertheless, you don't have to be a fan of Bitcoin and co. to support the teachings of the Austrian School.<\/p>\n\n\n\n

As you know, I am not a fan of cryptocurrencies either, but I am still an advocate of Ludwig von Mises and co. In terms of content, Saifedean Ammous was able to convince me completely, even in comparison with these legends. He is not only clear in his analyses and statements. He also structures his entire book very stringently and comprehensibly. This clearly shows that, with his scientific background, he knows what he is writing about.<\/p>\n\n\n\n

To be honest, I would be very pleased if people from our political establishment in particular would read such books. But also all the critics of capitalism who have never understood the system. They may have no idea that there is anything other than the Keynean concept.<\/p>\n\n\n\n

I have been fascinated by this topic for years and I know that the author does not necessarily make many friends in teaching. Even at my university, there was a great deal of rejection and, frighteningly, sometimes even ignorance of this approach.<\/p>\n\n\n\n

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\"Civilization is understood as an order that emerges when a society can remain so peaceful, productive, cooperative, innovative, and maintain such a low time preference that intergenerational improvements in living standards are sustained.\"<\/em><\/p>\nSaifedean Ammous<\/cite><\/blockquote>\n\n\n\n

To summarize Laws of the economy<\/em> by Saifedean Ammous is a remarkable book that will not only appeal to economics students. Rather, it offers every reader valuable insights and enables an understanding of the fundamental principles of our economy. The author clearly explains complex interrelationships and makes a passionate plea for a market economy. This makes this book essential reading for anyone interested in the fundamentals of economics. Especially for political actors whose half-knowledge has so far come from regulars' tables and YouTube channels.<\/p>\n\n\n\n

The criticism of traditional textbooks and the alternative of the Austrian School are convincingly presented. Saifedean Ammous' style is both captivating and instructive. Even if one does not necessarily agree with his arguments, one still benefits from his perspectives in the sense of a broadened horizon. It is therefore not a textbook at all. Rather, it is an invitation to rethink economics and to understand its significance for individual freedom and social progress.<\/p>\n\n\n\n

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\"Even those who don't study economics at university inevitably make economic decisions every day.\"<\/em> <\/p>\nSaifedean Ammous<\/cite><\/blockquote>","protected":false},"excerpt":{"rendered":"

von Saifedean Ammous ist eine erfrischende Abkehr von traditionellen \u00f6konomischen Lehrb\u00fcchern, die oft mehr verwirren als aufkl\u00e4ren. Der Autor ist bekannt f\u00fcr seinen fr\u00fcheren Bestseller Der Bitcoin-Standard. Hiermit etabliert er sich nun als eine der f\u00fchrenden Stimmen \u00f6konomischer Ideen, insbesondere der \u00d6sterreichischen Schule. In diesem Buch bringt er seine jahrelange Lehrerfahrung und Forschung zusammen. So […]<\/p>\n","protected":false},"author":6,"featured_media":53833,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[54],"tags":[1116,1247],"class_list":["post-53824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-literatur","tag-investing","tag-wirtschaft"],"acf":{"blog_summary":"","blog_faq_schalter":"nein","faq_uberschrift":"","blog_faq_loop":null},"_links":{"self":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/posts\/53824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/comments?post=53824"}],"version-history":[{"count":2,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/posts\/53824\/revisions"}],"predecessor-version":[{"id":53836,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/posts\/53824\/revisions\/53836"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/media\/53833"}],"wp:attachment":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/media?parent=53824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/categories?post=53824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/tags?post=53824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}