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August 1, 2017

This is from the Elgar mailout for Free Market Economics, Third Edition, An Introduction for the General Reader, just released.

Free Market Economics, Third Edition

An Introduction for the General Reader

Steven Kates, Associate Professor of Economics, School of Economics, Finance and Marketing, RMIT University, Melbourne, Australia

If you are genuinely interested in what is wrong with modern economics, this is where you can find out. If you would like to understand the flaws in Keynesian macro, this is the book you must read. If you are interested in marginal analysis properly explained, you again need to read this book. Based on the classical principles of John Stuart Mill, it is what is missing today; a text based on explaining how an economy works from a supply-side perspective.

In this thoroughly updated third edition of Free Market Economics, Steven Kates assesses economic principles based on classical economic theory. Rejecting mainstream Keynesian and neoclassical approaches even though they are thoroughly covered in the text, Kates instead looks at economics from the perspective of an entrepreneur making decisions in a world where the future is unknown, innovation is a continuous process and the future is being created before it can be understood.

Key Features include:

• analysis derived from the theories of pre-Keynesian classical economists, as this is the only source available today that explains the classical pre-Keynesian theory of the business cycle

• a focus on the entrepreneur as the driving force in economic activity rather than on anonymous ‘forces’ as found in most economic theory today

• introduces a powerful though simplified model to explain the difference between modern theory of recession and classical theory of the business cycle

• great emphasis is placed on the consequences of decision making under uncertainty

• offers an introductory understanding, accessible to the non-specialist reader.

The aim of this book is to redirect the attention of economists and policy makers towards the economic theories that prevailed in earlier times. Their problems were little different from ours but their way of understanding the operation of an economy and dealing with those problems was completely different.

Free Market Economics, Third Edition will help students and general readers understand classical economic theory, written by someone who believes that this now-discarded approach to economic thought was superior to what is found in most of our textbooks today.

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