Everything you ever need to know about economics!

It sure is “the most comprehensive, systematic, forthright, and powerful defense of the economics of liberty ever written” it claims to be. Of course, even though almost a 50h listen, it’s not ALL you ever need know about economics - already just because it’s 70 years old - but it’s very close. One of the central theses of the book is that people’s valuations are always “an ultimate given” and therefore should not and cannot be bargained with. Mises writes of positive (objective) economics and therefore poses only one question to every means; policy, system or action: Will this achieve the ends sought in the most efficient way? On the basis of this question, he criticizes and disassembles such doctrines as communism, socialism, syndicalism and interventionism and advocates for “unhampered free markets” and consumer choice instead. The book is a great explanation of capitalism, which so many people still confuse with interventionism especially nowadays, and is a must read for all proponents and critics alike, just to know what you’re arguing about in the first place.

The book itself is, as already mentioned, ridiculously long and incredibly dense. And yet, not at all repetitive. If a part of my attention got directed to a passerby or a quick tangent, I lost that part of the book. Especially those tangents occurred to me very often as the information must really be processed to sink in. It is, however, very well structured and comprehensive in its coverage. The reader of the audiobook is very good and convincing and sounds just like a 1950’s, serious economist should but the audiobook can only be taken as a not-so-brief introduction to the book itself as in order to actually understand it thoroughly, one will have to read the physical copy with intent and concentration. I, myself, must embark upon that undertaking still and probably re-listen to the book once more too. It truly is THAT dense - and full of technical and at times, difficult terminology. Two terms that will help you, a new reader, avoid a lot of confusion right of the bat: Praxeology, which is the theory of human action and the superset of economics, and catallactics, the theory of the formation of prices (as they are) in the free market system, a subset of economics.

I want to recommend this book to absolutely EVERYONE as it truly is relevant to every single individual on the planet, especially those politically active, whether a voter, congressman or a prime minister. It is absolutely crucial to anyone working with anything economics-related, meaning everything, but especially banks, government ministries and other financial institutions. It requires, however, a lot of commitment and a moderate level of economic literacy and some prior knowledge. The book is not fun, quick or entertaining. Still, I want to recommend it to everyone in high school and older as it really teaches how to think about economics and praxeology, meaning, human action in general. You can’t escape this book’s area of influence, it touches everyone. Read it young or at the latest, now.