The Politically Incorrect Guide to Capitalism

The Politically Incorrect Guide to Capitalism

by Robert P. Murphy

The liberal media and propagandists masquerading as educators have filled the world--and deformed public policy--with politically correct errors about capitalism and economics in general.

In The Politically Incorrect Guide(tm) to Capitalism, myth-busting professor Robert P.

Murphy, a scholar and frequent speaker at the Ludwig von Mises Institute, cuts through all their nonsense, shattering liberal myths and fashionable socialist cliches to set the record straight.

Breezy, witty, but always clear, precise, and elegantly reasoned, The Politically Incorrect Guide(tm) to Capitalism is a solid and entertaining guide to free market economics.

Read the Book "The Politically Incorrect Guide to Capitalism" Online

As a free market, anti-capitalist myself, I'm always interested in how stoics like this handle the history of capitalism, which is largely state intervention on behalf of the rich.

In other cases, smart people can still get hurt while free market forces re-align themselves, so an economy like Murphy's takes a lot of faith in people's ability to pick themselves up off the pavement and move on.

For a deeper dive in the subject, if u liked this book I would also recommend Sowell's "Economic Facts and Fallacies".

As with most of the P.I.Guides, it lays out a great foundation for future research and understanding for the beginner in economics.

Robert Murphy is a regular contributor to the Austrian school of economics website www.mises.com who here explains in very easy to read and understand terms the benefits that so many people fail to appreciate about free market capitalism. Murphy further shows that capitalism combats racism and discrimination, increases product safety, improves the environment, and rewards merit and achievement better than any competing system or conceivable alternative. Ehrlich thought that precious metals and other resources were being exhausted by human activity so that the price would increase to reflect the underlying scarcity. Simon won the bet when every single metal that Ehrlich was allowed to select under the terms of the bet decreased in real (inflation adjusted) prices. Ehrlich evidently learned nothing from the wager and continued to spout nonsense about exhausting precious finite resources. In 2002, after 58 years of "myopic" gas guzzling, proven worldwide oil reserves increased to 1,266 billion barrels. Ronald Reagan's tax cuts increased receipts by the federal government every single year except 1983. Bill Clinton's supposedly balanced budget also increased the debt every single year he was in office, but because of accounting tricks and gimmicks that would be illegal for a private individual or corporation, this fact is largely ignored. To illustrate, imagine you allowed people to begin collecting social security at the age of 40 in the year 2025, there would not technically be a current new outlay of money to influence the annual deficit, but obviously the debt would go up. Murphy offers the following 12 step plan to understanding the free market. 6. Learn to look for the hidden costs of government intervention, rather than the superficial benefits.

This book definitely fits the bill of being politically incorrect, but that is not necessarily a bad thing, even if some of the books the book recommends (including one by Thomas DiLorenzo) are not always the best to promote the author's worldview or the massive claims that he makes for capitalism as a force for good, which is not the way it is generally viewed by contemporary commentators who trust in the bungling of bureaucrats far more than the invisible and subtle workings of free markets and people with a clear-eyed knowledge about their self-interest and what serves it best. The contents o the book begin with a discussion of capitalism, profits, and entrepreneurs (1) and then move on to a discussion of the signaling value of prices in a market economy (2) and the problem with minimum wages and other misguided attempts to benefit labor (3). If the book prompts its readers to think more seriously about the distortions and problems that result from misguided attempts to control the economic behavior of others, then it will likely have done good work.

It is unfortunate that most of these books has not been translated into Polish. I sincerely recommend the book as a gift together with Economics in One Lesson by Henry Hazlitt, because both are great as an introduction to free-market economics. //polish Niepoprawny politycznie przewodnik po kapitalizmie jest prób obalenia niektórych popularnych mitów goszonych przez antykapitalistów.