At thanksgiving two of my uncles started discussing economy with the ignorant, propagandized notion that “if the republicans would just get out of the way then Obama would be able to fix the economy already and we could get on with our lives”… and… “the last stimulus wasn’t big enough”
To abstain the scope of this question I will not quote arguments further, but here are some bulletpoints so you can best judge what would be the best book to offer.
Uncles both play online stocks (and lose - one lost $20,000 one lost $300,000) they think this makes them “know-it-alls”
believe in taxing the rich
believe in stimulus
were in the labor union
against lower corporate taxes
hate china for “raising prices on their goods to hurt our imports”
believe in a one world currency
made several comments on how “if the billionaires would just give each person in america $1 million dollars America would be better off”. (the rich are greedy)
said “he’s a gold bug” like 10 times
partisan democrats
I combated these ideas the best I could but as I think more I wish I had said certain things that I failed to… and as I thought more I considered giving them each copies of either Henry Hazlitts 'Economics in One Lesson’ or Murray Rothbard’s 'What Has Government Done to Our Money?'… but after looking at all the different books out there I really don’t know what to get them. I am going to give them as gifts on christmas.
I’d have to say that Economics in One Lesson is probably your best bet because it’s a pleasurable read and it seems like something that wouldn’t cause your uncles to run out of the room screaming at the sight of it. You might want to try “Time Will Run Back” which is basically Economics in One Lesson with a bit of novel draped over it.
I have to agree…Economics in One Lesson is probably the best, because it covers virtually all those topics in such a short and comprehensive, yet matter-of-fact sort of way, that I think it is quite possibly the perfect match for you people such as your uncles.
(I would go for the 1978 edition, for reasons mentioned here. You’ll only find this version in CD (audio) format in the online Mises Store, so you’ll probably have to go to Amazon if you want a hard copy. But you can still have some of the money you spend go to the LvMI if you simply make your purchase through GoodShop, as described here.)
As always, you can check the Mises Wiki for related links. Time Will Run Back is still pretty much a stub, but you can get to the resources page which will allow you to download the text so you can peruse it to see what you think. I would guess people like your uncles may not be as interested in fiction novels, but ya never know. The other titles you might consider are Economics for Real People and How an Economy Grows and Why it Crashes. But I’m really leaning toward Econ in One Lesson.
You’ve read it…you can easily see how it directly addresses the topics they (and most other ignorants) are most confused and concerned with…and it does so in an “adult manner”. I think Hazlitt’s tone and the way he treats the subjects and talks to the reader as if it’s not a beginner text will do much to not turn off your uncles.
For a New Liberty is probably a little “advanced” for the target audience here. It’s more likely to induce eye-rolling rather than actual thought, they’ll dismiss it off hand.
It’s probably good to start off with a few essays, and work into books. I always reccomend What Sort of Despotism Democratic Nations Have To Fear by Alexis de Toqueville (a chapter of Democracy in America), and If You’re Paying I’ll Have Top Sirloin by Russel Roberts. Both are very quick reads, and both start people out at the position that the welfare state isn’t some kind of savior, and in fact can undermine itself or be turned against more virtuous ends. Also have them read teh basics of the Broken Window Fallacy (ie. the beginning of Bastiat’s Seen and Unseen). Then hand them Economics in One Lesson. Ron Paul’s The Revolution: A Manifesto is also a good, more contemporary introductory book. Liberty Defined is good, but less focused in my opinion.
This will help get them rolling in the right direction. Then move on to some more advanced stuff. What Has Government Done To Our Money? by Rothbard is great for introducing Austrian concepts of money, and to plant the see in thier mind that “gold bug” is more of a slur than a legitimate criticism. After that, they’ll either be interested and seek out their own information, or they might be a lost cause.
Since we’re still recommending stuff (I think the matter is settled on Econ in One Lesson…Dan wants to give a book as a gift for two specific people…I say EOL is the perfect fit)…I figured I’d throw out another set…
I’m gonna get them each Henry Hazlitt’s economics in one lesson, it’s sequenced perfectly for them. Meaning, that by the time it gets to minimum wage and unions that Hazlitt should’ve already won them over enough for them to continue reading. All three have been in unions, support gvt job creation, want jobs “back here in america” and advocate socialist ideas.
one specifically advocates scary socialist bordering on totalitarian ideas coupled with one world government things… thinking of a second book for him.
edit: is murray rothbards ‘economic depressions their cause and cure’ sold in paper form anywhere?
Yeah you’re probably better off leaving business cycle theory till after EOL. But you’re on the right track with Cause and Cure. I was actually thinking about something like a Tom Woods lecture as well for a quick description, but it does of course depend on your audience. His book Meltdown does an excellent job applying it, and uses the recent economic crisis to illustrate it.
For your “Ein Volk, ein Reich, ein Führer” uncle, Time Will Run Back might be useful…or maybe even better, Pictures of the Socialistic Future.
Yeah, based on where they are/what they say after that, you’ll know what to give them next. Again, try to get the 1978 edition. I think the 1988 print is a reproduction of that version, but I know for sure the 2007 LvMI print with Walter Block’s intro is the original 1946 text.
I find that 1984 fell flat for me. I found the state there to be simply inconvenient and not really oppressive (until the end, where it goes insane, but that message is lost on anyone not already aware of this thing happening).