15 lines
No EOL
1.5 KiB
Markdown
15 lines
No EOL
1.5 KiB
Markdown
---
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isbn: "979-8-9879755-1-0"
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author: Ammous, Saifedean
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title: Principles of Economics
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---
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I should definitely show this paragraph to all economics students that pass through my courses:
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The vast majority of textbooks taught in universities today are in the mainstream Keynesian-Samuelsonian economic tradition, which confuses students more than it informs them. I have taught these university textbooks for years and witnessed droves of intelligent students leave class with more questions than they entered it with, struggling to understand the significance of the obscure equations they studied, or to see any convincing reason to believe their outputs. Over the years, I have spoken to dozens of highly intelligent students and graduates who report a similar experience: They did what they had to do to get the grade they wanted, but none of the material made sense to them. They incredulously try to convince themselves to undertake the astounding leaps of logic necessary to make sense out of the irrelevant equations in order to pass exams, never to consider the ideas of the course again. If students learn from the mainstream textbook, they learn to understand theoretical models with only a tenuous link to reality. Success in the courses consists of understanding the models, not reality.
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When discussing minimum wage and its effects:
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Prices are a reflection of underlying market reality driven by human action. Attempting to alter the underlying market reality by altering its reflection is unworkable.
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Continue on chapter 2. |