Ever wondered why rock stars are paid much more than nurses? Or whether we should worry about people trading in arms? This book answers these questions and more with real-world examples of how supply and demand work and how prices are determined.
If anyone can explain how markets work, its Dr Eamonn Butler. As Director of the influential Adam Smith Institute, he has spent three decades privatizing state industries and instructing governments round the world on market economics.
With degrees in Economics and Philosophy from St Andrews University, Dr Butler is superbly qualified on the mechanics and morals of markets, but his aim in the book is to make economics so simple that even politicians can understand it. And having worked on Capitol Hill in Washington, and within the Westminster village, he knows about politicians, too.
His highly readable introductions to great free-market thinkers including Adam Smith, Ludwig von Mises, and Nobel economists F A Hayek and Milton Friedman have won wide acclaim and have been translated into many languages.
'Vividly and simply explains the ABC of markets.' John Blundell, Director General, IEA
'I welcome this witty, lucid explanation of how entrepreneurs and business people make a positive contribution to our lives, and why economists often don't.' Andrew Neil, Publisher and Broadcaster
'Dr Butler's book is a welcome and very readable contribution on the mechanisms and morality of the free economy.' Sir John Major, former UK Prime Minister
'Anything which educates the publicand politicianson how the free economy actually works is always welcome. Dr Butler does this in style.' Lord Lawson, former UK Chancellor of the Exchequer
'This book is about the free market and how unfree it can be when there is a lack of belief in freedom itself. Eamonn Butler presents solid arguments against government attempts to perfect the markets by regulation, controls, subsidies, or by adopting measures which obstruct competition and private ownership.' Václav Klaus, President of Czech Republic
'Creating and protecting a free market economy is vital for every country. It is easier to do this when we have Dr Butlers easily-understood book to help us.' Mart Laar, former PM of Estonia
2008, Published by Capstone, ISBN 978 190-646505 6, 160pp, PB