{"id":380514,"date":"2018-10-11T10:26:20","date_gmt":"2018-10-11T09:26:20","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/real-economics-lewrockwell\/"},"modified":"2018-10-11T10:26:20","modified_gmt":"2018-10-11T09:26:20","slug":"real-economics-lewrockwell","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/newswire\/real-economics-lewrockwell\/","title":{"rendered":"Real Economics – LewRockwell"},"content":{"rendered":"
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

A widely anticipated textbook, \u201cUniversal Economics<\/em><\/a>,\u201d has just been published by Liberty Fund. Its authors are two noted UCLA economists, the late Armen A. Alchian and William R. Allen. Editor Jerry L. Jordan was their student and later became a member of President Ronald Reagan\u2019s Council of Economic Advisers, as well as the president and CEO of the Federal Reserve Bank of Cleveland. Professor Alchian was probably the greatest microeconomic theorist of the 20th century, while Professor Allen\u2019s genius was in the area of international trade and the history of economic thought. Both were tenacious mentors of mine during my student days at UCLA in the mid-1960s and early \u201970s.<\/p>\n

\u201cUniversal Economics’\u201d 680 pages, not including its glossary and index, reflect a friendly chat I had with Professor Alchian during one of the UCLA economics department\u2019s weekly faculty\/graduate student coffee hour, in which he said, \u201cWilliams, the true test of whether someone understands his subject is whether he can explain it to someone who doesn\u2019t know a darn thing about it.\u201d That\u2019s precisely what \u201cUniversal Economics\u201d does \u2014 explain economics in a way that anyone can understand. There\u2019s no economic jargon, just a tiny bit of simple mathematics and a few graphs.<\/p>\n


\n\"\"<\/a><\/span><\/span>
\nUniversal Economics<\/a><\/span><\/span>
\nArmen A. Alchian, Will…<\/span>
\nBest Price: <\/span>$53.18<\/span><\/span>
\nBuy New <\/span>$14.50<\/span><\/span>
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\n<\/a><\/span>
\n<\/span>Chapter 1 introduces the fundamental issue that faces all of mankind \u2014 scarcity. How does one know whether things are scarce? That\u2019s easy. When human wants exceed the means to satisfy those wants, we say that there\u2019s scarcity. The bounds to human wants do not frequently reveal themselves; however, the means to satisfy those wants are indeed limited. Thus,…<\/p>\n<\/div>\n

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A widely anticipated textbook, \u201cUniversal Economics,\u201d has just been published by Liberty Fund. Its authors are two noted UCLA economists, the late Armen A. Alchian and William R. Allen. Editor Jerry L. Jordan was their student and later became a member of President Ronald Reagan\u2019s Council of Economic Advisers, as well as the president and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[519],"tags":[],"class_list":{"0":"post-380514","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-newswire"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/380514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=380514"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/380514\/revisions"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=380514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=380514"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=380514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}