Books
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While money is an undeniable and irreplaceable element of our day-to-day lives, that doesn’t mean the way we have approached it all these years was necessarily the right way. Theories are called as such because they can be right or wrong, at the end of the day, and it’s high time we accept that our current economic theories aren’t making the cut in a world where economic crises are all the more common even amongst developed economies.
This is where New Market Economics comes in, it is an economic system with rules to maximize wealth creation and distribute rewards to the people who exchanged their work to earn them. It is a private sector, business sector system, fueled by entrepreneurial effort. It is a system outside of government, although it is a system sanctioned by government. It is a system approved and enforced by government, but one in which no benefit accrues to government. Like religion, it is a system that plays a large role in society, but outside the ruling halls of government
Books
Rand began writing about Economics and how it should be modernized in the 1980s. Below are four books that will provide an introduction to his ideas. Lost Foundation explores the ideas of Irish economist, Richard Cantillon, especially the idea of economics as a wealth-creating mechanism and the idea the process begins with an entrepreneur. Killing an Idea discusses the contributions of Jean Baptiste Say to Market Economics, especially the idea wealth creation is sparked by the development of a product and not by a government policy. Credentials tells the story of the world’s first economist and creator of Market Economics, Tao Zhugong. Rule of Money describes the history of economics and is Rand’s first textbook.
