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The War on Prices: How Popular Misconceptions about Inflation, Prices, and Value Create Bad Policy
"The United States and indeed most of the world is coming off a major bout of inflation. Fallacies have been multiplying in the media and from commentators. Ryan Bourne has edited a new volume – The War on Prices – that sets the record straight. Here is your go-to book on rising prices, price controls, and other government policies toward prices." Tyler Cowen, Holbert L. Harris Chair of Economics at George Mason University and founder of Marginal Revolution.
Was inflation’s recent spike exacerbated by corporate greed? Do rent controls really help the needy? Are U.S. health care prices set in a Wild West marketplace? Do women get paid less than men for the same work, and do they pay more than men for the same products? The War on Prices is an eye-opening book that answers all these burning questions and more, as top economists debunk popular misconceptions about inflation, prices, and value.
Market prices are under siege. The war on prices is waged most obviously with damaging government price controls and the harmful effects of central bank monetary mismanagement, as we saw with the recent inflation. Yet these bad policies are propped up by widespread, misguided public beliefs about the causes of inflation, the effects of price controls, and the inherent morality of market prices.
Breaking down these complex issues into three distinct sections―inflation, price controls, and value―this book both sheds light on long-standing contentions and brings economic theory and evidence to bear in today’s most contentious debates. Threaded through the book is a revealing too many of us misunderstand the origin, role, and worth of market prices in our economy. The old insult goes that “economists know the price of everything and the value of nothing.” The War on Prices shows that good economists―and soon, you―can appreciate the value of unshackled market prices in delivering prosperity.
Other praise for The War on Prices:
"It is not just actual prices that have risen unusually rapidly in recent years—muddled thinking about prices has grown exponentially. I do not agree with the conclusion of every chapter of this volume, but I agree with most of them. And all of them are grounded in the type of rigorous economics and empirics that are sadly missing in too much of the popular debate." Jason Furman, former Chair of the Council of Economic Advisers and Aetna Professor of the Practice of Economic Policy, Harvard University.
"The War on Prices is a fantastic book. It comprehensively makes the case that price controls do great harm, often to the people they are supposed to help. Particularly good are the chapters on rent controls, price controls on oil and natural gas, and so-called junk fees, which are really fees to solve problems that would exist without them. If the chapter on why we should have a free market in water were taken to heart, my fellow Californians and I would be much better off. Read this book and learn." David R. Henderson, research fellow at the Hoover Institution and editor of The Concise Encyclopedia of Economics.
"Prices make people angry. Most of the time we feel like we are paying too much for the goods or services we consume, or are being paid too little for the labor we sell. But prices are also a miracle, they make commerce possible and convey invaluable information. We mess with them at our peril. Ryan Bourne has edited a delightful collection of essays that stand up for what is perhaps the most hated, but most important of economic indicators--the market price." Allison Schrager, senior fellow, Manhattan Institute and columnist, Bloomberg Opinion.
Was inflation’s recent spike exacerbated by corporate greed? Do rent controls really help the needy? Are U.S. health care prices set in a Wild West marketplace? Do women get paid less than men for the same work, and do they pay more than men for the same products? The War on Prices is an eye-opening book that answers all these burning questions and more, as top economists debunk popular misconceptions about inflation, prices, and value.
Market prices are under siege. The war on prices is waged most obviously with damaging government price controls and the harmful effects of central bank monetary mismanagement, as we saw with the recent inflation. Yet these bad policies are propped up by widespread, misguided public beliefs about the causes of inflation, the effects of price controls, and the inherent morality of market prices.
Breaking down these complex issues into three distinct sections―inflation, price controls, and value―this book both sheds light on long-standing contentions and brings economic theory and evidence to bear in today’s most contentious debates. Threaded through the book is a revealing too many of us misunderstand the origin, role, and worth of market prices in our economy. The old insult goes that “economists know the price of everything and the value of nothing.” The War on Prices shows that good economists―and soon, you―can appreciate the value of unshackled market prices in delivering prosperity.
Other praise for The War on Prices:
"It is not just actual prices that have risen unusually rapidly in recent years—muddled thinking about prices has grown exponentially. I do not agree with the conclusion of every chapter of this volume, but I agree with most of them. And all of them are grounded in the type of rigorous economics and empirics that are sadly missing in too much of the popular debate." Jason Furman, former Chair of the Council of Economic Advisers and Aetna Professor of the Practice of Economic Policy, Harvard University.
"The War on Prices is a fantastic book. It comprehensively makes the case that price controls do great harm, often to the people they are supposed to help. Particularly good are the chapters on rent controls, price controls on oil and natural gas, and so-called junk fees, which are really fees to solve problems that would exist without them. If the chapter on why we should have a free market in water were taken to heart, my fellow Californians and I would be much better off. Read this book and learn." David R. Henderson, research fellow at the Hoover Institution and editor of The Concise Encyclopedia of Economics.
"Prices make people angry. Most of the time we feel like we are paying too much for the goods or services we consume, or are being paid too little for the labor we sell. But prices are also a miracle, they make commerce possible and convey invaluable information. We mess with them at our peril. Ryan Bourne has edited a delightful collection of essays that stand up for what is perhaps the most hated, but most important of economic indicators--the market price." Allison Schrager, senior fellow, Manhattan Institute and columnist, Bloomberg Opinion.
350 pages, Hardcover
First published May 14, 2024
42 people are currently reading
328 people want to read
About the author
Ryan A. Bourne
2 books13 followersRyan Bourne occupies the R. Evan Scharf Chair for the Public Understanding of Economics at the Cato Institute and is a weekly columnist for The Times (UK). He has written on a number of economic issues, including fiscal policy, inequality, price and wage controls, and infrastructure spending.
His is the editor of a forthcoming multi-authored volume titled The War on Prices: How Popular Misconceptions about Inflation, Prices, and Value Create Bad Policy.
His first solo book, Economics In One Virus: An Introduction to Economic Reasoning through COVID-19, will be released in early 2021. He has contributed to numerous other books too, including: Flaws and Ceilings: Price Controls and the Damage they Cause; Taxation, Spending, and Economic Growth; and A Fiscal Cliff: New Perspectives on the U.S. Federal Debt Crisis. He previously authored, along with Kwasi Kwarteng and Jonathan Dupont, A Time for Choosing: Free Enterprise in Twenty-First Century Britain.
Before joining Cato, Bourne was Head of Public Policy at the Institute of Economic Affairs and Head of Economic Research at the Centre for Policy Studies (both in the UK). He has extensive broadcast and print media experience, and has appeared on BBC News, CNN, Sky News, CNBC, and Fox Business Network. Bourne holds a BA and an MPhil in economics from the University of Cambridge.
His is the editor of a forthcoming multi-authored volume titled The War on Prices: How Popular Misconceptions about Inflation, Prices, and Value Create Bad Policy.
His first solo book, Economics In One Virus: An Introduction to Economic Reasoning through COVID-19, will be released in early 2021. He has contributed to numerous other books too, including: Flaws and Ceilings: Price Controls and the Damage they Cause; Taxation, Spending, and Economic Growth; and A Fiscal Cliff: New Perspectives on the U.S. Federal Debt Crisis. He previously authored, along with Kwasi Kwarteng and Jonathan Dupont, A Time for Choosing: Free Enterprise in Twenty-First Century Britain.
Before joining Cato, Bourne was Head of Public Policy at the Institute of Economic Affairs and Head of Economic Research at the Centre for Policy Studies (both in the UK). He has extensive broadcast and print media experience, and has appeared on BBC News, CNN, Sky News, CNBC, and Fox Business Network. Bourne holds a BA and an MPhil in economics from the University of Cambridge.
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Displaying 1 - 7 of 7 reviews
January 27, 2025
Whoah! Reading this book was like downloading and running the latest update to my (economic policy) bullshit detector, along with a few missing patches…
The War on Prices is a compelling collection of essays from several prominent economists, expertly curated by Ryan Bourne of the Cato Institute—a renowned public policy think tank. Broken down into three parts, the essays serve as both a continuation and material expansion of Forty Centuries Of Wage And Price Controls. They shed light on contemporary issues surrounding price controls, inflation, and common misconceptions about how prices are set in a free market, what they tell us, and why we should very much care. In short, the authors argue that a lack of understanding of the monetary and fiscal mechanisms at play leads to the misallocation of indignation and misplaced responsibility for inflation, ultimately resulting in flawed government policies.
The authors spare no words and freely drop famous names along the way, making it clear they are not about to hold anything back. Let me be honest here, if you’re a fan of Democratic Socialism and its firebrands—think Bernie Sanders, Alexandria Ocasio-Cortez, Elizabeth Warren—you might find some chapters challenging. Rest assured though, it never devolves into a compendium of grievances. However, if you’re on the fence about their proposals or have doubts about their viability, this book might as well be the poison-pill you need.
Part 1 delves into Inflation through the lens of the "Quantity Theory of Money," encapsulated by the equation MV = PQ . This theory not only explains the relationship between money, economic activity, and price levels but also provides a robust framework to dissect and evaluate the myriad arguments surrounding post-pandemic inflation. The authors convincingly demonstrate that while the supply shocks from the pandemic-induced shutdowns initially triggered shortages, it was the excessive emission of money through benefits, stimulus packages, and the subsequent excess spending that fueled the prolonged and intensified inflation we now see. Populist narratives blaming greed, opportunism, or increased government intervention fall short in explaining the true drivers of inflation.
Part 2 tackles Prices and Price Controls, presenting some of the most robust research and arguments against these mechanisms for societal change and prosperity. Building on the foundations laid in Forty Centuries Of Wage And Price Controls, this section covers a range of contemporary issues, including interest rate caps, healthcare pricing, minimum wage laws, anti-price gouging regulations, and zero-price controls for kidneys and plasma.
The authors meticulously argue that price controls distort the natural balance of supply and demand, leading to inefficiencies and unintended consequences. Whether it's interest rate caps reducing access to credit for the riskiest borrowers or minimum wage laws inadvertently increasing unemployment among low-skilled workers, the essays highlight how these interventions often do more harm than good. By restricting prices, the government not only misallocates resources but also stifles innovation and economic growth.
Part 3 explores Value, taking a critical look at deeply entrenched concepts such as the labor theory of value, gender pay inequality, dynamic pricing, and the infamous pink tax. Here, the authors dismantle the notion that prices reflect inherent societal values or judgments, instead emphasizing that prices are the result of individual, subjective valuations based on supply and demand dynamics.
The chapter on the pink tax, for example, debunks the myth that products marketed to women are inherently overpriced due to gender bias. Instead, it attributes price differences to legitimate factors like varying product attributes, higher production costs, and specific consumer preferences. Similarly, discussions on gender pay gaps challenge the simplistic attribution of wage disparities to societal biases, presenting evidence that highlights the complexity of wage setting and the limitations of attributing pay differences solely to gender.
I'm not being too generous when I say that we are living in "interesting times." From Canada to Argentina, we're witnessing radical shifts in the rhetoric, direction, and intensity with which the ruling class is seeking to address society's challenges. Immigration, tariffs, annexations, austerity measures—nothing is off the table. Which is why destructive macroeconomic forces such as inflation become especially pernicious when they are exploited to impose nonsensical policies that ultimately disenfranchise the very people they intend to benefit. Thus, I wholeheartedly believe that, in addition to being a masterful compilation that challenges prevailing economic misconceptions and equips readers with a deeper understanding of how market mechanisms truly operate, books like The War on Prices are crucial tools for transforming citizens into better-informed voters, activists, and stewards of their future.
This book is an essential read for anyone looking to cut through the noise of economic dogma and grasp the fundamental truths that drive our economy. If you’re ready to have your economic beliefs tested and refined, and to arm yourself with the knowledge to advocate for more effective and rational policies, this book is the update your economic policy toolkit desperately needs.
Highest possible recommendation.
The War on Prices is a compelling collection of essays from several prominent economists, expertly curated by Ryan Bourne of the Cato Institute—a renowned public policy think tank. Broken down into three parts, the essays serve as both a continuation and material expansion of Forty Centuries Of Wage And Price Controls. They shed light on contemporary issues surrounding price controls, inflation, and common misconceptions about how prices are set in a free market, what they tell us, and why we should very much care. In short, the authors argue that a lack of understanding of the monetary and fiscal mechanisms at play leads to the misallocation of indignation and misplaced responsibility for inflation, ultimately resulting in flawed government policies.
Price changes are regularly seen not as an outcome of a market process by movements in supply and demand, but as if they’ve been decreed or determined by some malevolent actor. That view leads to their disdain. People see large discrepancies between the market price and what they think the good should be valued at, or what they are willing to pay for it, and conclude that market prices must be wrong. That conclusion then encourages the use of price controls and other business regulations. But it’s important to realize that the popular rejection of market prices does not stem just from the distributional consequences of market outcomes, but also from a misunderstanding of how to think about prices, compared with the very different concept of value.
The authors spare no words and freely drop famous names along the way, making it clear they are not about to hold anything back. Let me be honest here, if you’re a fan of Democratic Socialism and its firebrands—think Bernie Sanders, Alexandria Ocasio-Cortez, Elizabeth Warren—you might find some chapters challenging. Rest assured though, it never devolves into a compendium of grievances. However, if you’re on the fence about their proposals or have doubts about their viability, this book might as well be the poison-pill you need.
Subjective value theory thus turns the labor theory on its head. The value of outputs isn’t determined by the value of labor inputs (from which, if you’re a Marxist or Alexandria Ocasio-Cortez (AOC), capitalists then “steal” profits). No. The value of inputs like labor, or land, or capital is determined by the value that their outputs could have in terms of usefulness in the future to others, at the margin. Not in total, and not in the past. Such prices arise naturally from human interaction. People facing them will make the correct decisions about what to do next.
Part 1 delves into Inflation through the lens of the "Quantity Theory of Money," encapsulated by the equation MV = PQ . This theory not only explains the relationship between money, economic activity, and price levels but also provides a robust framework to dissect and evaluate the myriad arguments surrounding post-pandemic inflation. The authors convincingly demonstrate that while the supply shocks from the pandemic-induced shutdowns initially triggered shortages, it was the excessive emission of money through benefits, stimulus packages, and the subsequent excess spending that fueled the prolonged and intensified inflation we now see. Populist narratives blaming greed, opportunism, or increased government intervention fall short in explaining the true drivers of inflation.
Confusing inflation and relative prices can have dire consequences, not only for understanding the economy, but for public policy as well. Diverting resources from one industry to another (as was done by the misleadingly named Inflation Reduction Act and other industrial policy interventions) will artificially modify relative prices, but cannot reduce inflation. Inflation can only be controlled by drying up its source, which lies in the Federal Reserve’s monetary policy. Relative prices, on the other hand, must be free to adjust to movements of supply and demand. Therefore, there is much at stake in clearing up this mistaken conflation.
Part 2 tackles Prices and Price Controls, presenting some of the most robust research and arguments against these mechanisms for societal change and prosperity. Building on the foundations laid in Forty Centuries Of Wage And Price Controls, this section covers a range of contemporary issues, including interest rate caps, healthcare pricing, minimum wage laws, anti-price gouging regulations, and zero-price controls for kidneys and plasma.
The authors meticulously argue that price controls distort the natural balance of supply and demand, leading to inefficiencies and unintended consequences. Whether it's interest rate caps reducing access to credit for the riskiest borrowers or minimum wage laws inadvertently increasing unemployment among low-skilled workers, the essays highlight how these interventions often do more harm than good. By restricting prices, the government not only misallocates resources but also stifles innovation and economic growth.
Part 3 explores Value, taking a critical look at deeply entrenched concepts such as the labor theory of value, gender pay inequality, dynamic pricing, and the infamous pink tax. Here, the authors dismantle the notion that prices reflect inherent societal values or judgments, instead emphasizing that prices are the result of individual, subjective valuations based on supply and demand dynamics.
The price system doesn’t guarantee nirvana, heaven, perfection. But beware of making the imagined perfect the enemy of the actual pretty good. Money prices don’t value us ethically. But they have yielded a 3,000 percent increase in human material welfare since 1800. Not too shabby. Let’s keep it going.
The chapter on the pink tax, for example, debunks the myth that products marketed to women are inherently overpriced due to gender bias. Instead, it attributes price differences to legitimate factors like varying product attributes, higher production costs, and specific consumer preferences. Similarly, discussions on gender pay gaps challenge the simplistic attribution of wage disparities to societal biases, presenting evidence that highlights the complexity of wage setting and the limitations of attributing pay differences solely to gender.
I'm not being too generous when I say that we are living in "interesting times." From Canada to Argentina, we're witnessing radical shifts in the rhetoric, direction, and intensity with which the ruling class is seeking to address society's challenges. Immigration, tariffs, annexations, austerity measures—nothing is off the table. Which is why destructive macroeconomic forces such as inflation become especially pernicious when they are exploited to impose nonsensical policies that ultimately disenfranchise the very people they intend to benefit. Thus, I wholeheartedly believe that, in addition to being a masterful compilation that challenges prevailing economic misconceptions and equips readers with a deeper understanding of how market mechanisms truly operate, books like The War on Prices are crucial tools for transforming citizens into better-informed voters, activists, and stewards of their future.
This book is an essential read for anyone looking to cut through the noise of economic dogma and grasp the fundamental truths that drive our economy. If you’re ready to have your economic beliefs tested and refined, and to arm yourself with the knowledge to advocate for more effective and rational policies, this book is the update your economic policy toolkit desperately needs.
Highest possible recommendation.
June 8, 2024
Very good targeted essays debunking lots of misconceptions. The essays that mixed in real world examples were the better ones.
October 3, 2024
I wish more things were based on supply and demand. It would stop a lot of the shenanigans going on to take advantage of people.
January 12, 2025
“Taxi drivers think they know everything about economics,” my macroeconomics professor would complain. “Sometimes I wish they would just stop talking about things they don’t understand.” This book has all the answers when it comes to taxicab economics. Even though the “War” appears not as a coordinated attack, but as the creeping rust and binding plaque of ignorance.
It's hard to unify a book of essays, but you can tell that the Cato authors are friendly with each other, and it helps. A footnote to Chapter 8 reads “One of us (Miron) served as a paid consultant to the campaign that banned rent controls in Massachusetts in 1994.” You can almost feel one suit stepping into another’s office when a reference to another chapter appears. You’re writing a chapter on rent controls, right? And so it proceeds, in metronomic style, though Dierdre McCloskey cuts in with a far-out solo.
I was pleasantly surprised that two articles addressed the limitations of the price system: “The West Needs Water Markets, but Achieving That Is Tough” by Peter Van Doren and “Market Prices Are Not Inherently Corrupting” by McCloskey. The latter is one of the two most stimulating chapters in the book, the other is “Inflation: An Introduction” by Ryan Bourne. Other chapters stand out for their clear exposition of a simple topic. The best of these is “Price Ceilings of Zero Can Cause Deadly Shortages” by Peter Jaworski. That chapter is expository economics at its best. A few chapters were duds. Bourne’s introduction to the Value section, for example, takes the oomph out of McCloskey’s rant by delivering the punchline before the setup.
While each chapter is generally focused on a specific policy issue, the typical MBA would be well on her way to becoming a pricing expert after reading this book. And the taxi driver would be poised for a rewarding conversation with my old professor.
Chapter Rating
Introduction: The War on Prices, by Ryan Bourne None
PART 1: INFLATION
Inflation: An Introduction, by Ryan Bourne Excellent
1. A Rising Product Price Doesn’t Cause Inflation, by Pierre Lemieux Good
2. There Is No Such Thing as a Wage-Price Spiral, by Bryan P. Cutsinger OK
3. Greed and Corporate Concentration Have Not Caused Inflation, by Brian C. Albrecht Fair
4. Our Recent Inflation Wasn’t Wholly Driven by the COVID-19 Pandemic and the War in Ukraine, by David Beckworth OK
5. World War II Price Controls Were Not a “Total Success”, by Ryan Bourne Good
6. Modern Monetary Theory Has No Road Map for Dealing with Inflation, by Stan Veuger Good, but a shame it had to be written at all
PART 2: PRICES AND PRICE CONTROLS
Prices and Price Controls: An Introduction, by Ryan Bourne OK
7. Price Controls Have Been Disastrous throughout History, by Eamonn Butler OK
8. Under Rent Controls, Everyone Pays, by Jeffrey Miron and Pedro Aldighieri OK
9. Oil and Natural Gas Price Controls in the 1970s: Shortages and Redistribution, by Peter Van Doren Excellent
10. Interest Rate Caps Do Not Protect Vulnerable Consumers, by Nicholas Anthony Excellent
11. Abolishing “Junk Fees” Would Be Junk Policy, by Ryan Bourne Good
12. Government Price Fixing Is the Rule in U.S. Health Care, by Michael F. Cannon Excellent
13. Anti-Price-Gouging Laws Entrench Shortages, by Ryan Bourne OK, doesn't mention freedom, the specific issue at hand
14. The West Needs Water Markets, but Achieving That Is Tough, by Peter Van Doren Good
15. Minimum Wage Hikes Bring Tradeoffs beyond Pay and Jobs, by Jeffrey Clemens Poor
16. Minimum Wages Are an Ineffective and Inefficient Anti-Poverty Tool, by Joseph J. Sabia Good
17. Price Ceilings of Zero Can Cause Deadly Shortages, by Peter Jaworski Excellent
PART 3: VALUE
Value: An Introduction, by Ryan Bourne OK
18. The Labor Theory of Value Is Mistaken, by Deirdre Nansen McCloskey Excellent
19. Market Prices and Wages Do Not Reflect Ethical Value, by Deirdre Nansen McCloskey Excellent
20. Market Prices Are Not Inherently Corrupting, by Deirdre Nansen McCloskey Best
21. The Gender Pay Gap Isn’t about Workplace Discrimination, by Vanessa Brown Calder Good
22. The Pink Tax Is a Myth, by Ryan Bourne Good
23. High CEO Pay Is Not a Simple Story of Rent Seeking, by Alex Edmans and J. R. Shackleton Good
24. Dynamic Pricing Can Benefit Consumers, by Liya Palagashvili Excellent, of particular interest to business readers
It's hard to unify a book of essays, but you can tell that the Cato authors are friendly with each other, and it helps. A footnote to Chapter 8 reads “One of us (Miron) served as a paid consultant to the campaign that banned rent controls in Massachusetts in 1994.” You can almost feel one suit stepping into another’s office when a reference to another chapter appears. You’re writing a chapter on rent controls, right? And so it proceeds, in metronomic style, though Dierdre McCloskey cuts in with a far-out solo.
I was pleasantly surprised that two articles addressed the limitations of the price system: “The West Needs Water Markets, but Achieving That Is Tough” by Peter Van Doren and “Market Prices Are Not Inherently Corrupting” by McCloskey. The latter is one of the two most stimulating chapters in the book, the other is “Inflation: An Introduction” by Ryan Bourne. Other chapters stand out for their clear exposition of a simple topic. The best of these is “Price Ceilings of Zero Can Cause Deadly Shortages” by Peter Jaworski. That chapter is expository economics at its best. A few chapters were duds. Bourne’s introduction to the Value section, for example, takes the oomph out of McCloskey’s rant by delivering the punchline before the setup.
While each chapter is generally focused on a specific policy issue, the typical MBA would be well on her way to becoming a pricing expert after reading this book. And the taxi driver would be poised for a rewarding conversation with my old professor.
Chapter Rating
Introduction: The War on Prices, by Ryan Bourne None
PART 1: INFLATION
Inflation: An Introduction, by Ryan Bourne Excellent
1. A Rising Product Price Doesn’t Cause Inflation, by Pierre Lemieux Good
2. There Is No Such Thing as a Wage-Price Spiral, by Bryan P. Cutsinger OK
3. Greed and Corporate Concentration Have Not Caused Inflation, by Brian C. Albrecht Fair
4. Our Recent Inflation Wasn’t Wholly Driven by the COVID-19 Pandemic and the War in Ukraine, by David Beckworth OK
5. World War II Price Controls Were Not a “Total Success”, by Ryan Bourne Good
6. Modern Monetary Theory Has No Road Map for Dealing with Inflation, by Stan Veuger Good, but a shame it had to be written at all
PART 2: PRICES AND PRICE CONTROLS
Prices and Price Controls: An Introduction, by Ryan Bourne OK
7. Price Controls Have Been Disastrous throughout History, by Eamonn Butler OK
8. Under Rent Controls, Everyone Pays, by Jeffrey Miron and Pedro Aldighieri OK
9. Oil and Natural Gas Price Controls in the 1970s: Shortages and Redistribution, by Peter Van Doren Excellent
10. Interest Rate Caps Do Not Protect Vulnerable Consumers, by Nicholas Anthony Excellent
11. Abolishing “Junk Fees” Would Be Junk Policy, by Ryan Bourne Good
12. Government Price Fixing Is the Rule in U.S. Health Care, by Michael F. Cannon Excellent
13. Anti-Price-Gouging Laws Entrench Shortages, by Ryan Bourne OK, doesn't mention freedom, the specific issue at hand
14. The West Needs Water Markets, but Achieving That Is Tough, by Peter Van Doren Good
15. Minimum Wage Hikes Bring Tradeoffs beyond Pay and Jobs, by Jeffrey Clemens Poor
16. Minimum Wages Are an Ineffective and Inefficient Anti-Poverty Tool, by Joseph J. Sabia Good
17. Price Ceilings of Zero Can Cause Deadly Shortages, by Peter Jaworski Excellent
PART 3: VALUE
Value: An Introduction, by Ryan Bourne OK
18. The Labor Theory of Value Is Mistaken, by Deirdre Nansen McCloskey Excellent
19. Market Prices and Wages Do Not Reflect Ethical Value, by Deirdre Nansen McCloskey Excellent
20. Market Prices Are Not Inherently Corrupting, by Deirdre Nansen McCloskey Best
21. The Gender Pay Gap Isn’t about Workplace Discrimination, by Vanessa Brown Calder Good
22. The Pink Tax Is a Myth, by Ryan Bourne Good
23. High CEO Pay Is Not a Simple Story of Rent Seeking, by Alex Edmans and J. R. Shackleton Good
24. Dynamic Pricing Can Benefit Consumers, by Liya Palagashvili Excellent, of particular interest to business readers
February 16, 2025
Honestly as a student who is currently in Uni studying economics I had a good time reading this book. I felt that it covered a lot of common misconceptions about inflation that I often hear about, as well as making points that I had never thought about.
Some of these topics were:
Price gouging laws
Minimum Wage
How increasing prices =/= inflation
Overall, solid read for those looking to get a better understanding of economics and wanting to understand the function of governments role with modern day examples (i.e, Covid and stimulus checks). It comes from an unbiased POV and I really appreciate that and find that is really important when discussing economics. Main complaint was how the information was great, I felt the writing style just a bit boring and the end of the book just stopped, but overall, solid book. I give 3.8, so round up to a 4
Some of these topics were:
Price gouging laws
Minimum Wage
How increasing prices =/= inflation
Overall, solid read for those looking to get a better understanding of economics and wanting to understand the function of governments role with modern day examples (i.e, Covid and stimulus checks). It comes from an unbiased POV and I really appreciate that and find that is really important when discussing economics. Main complaint was how the information was great, I felt the writing style just a bit boring and the end of the book just stopped, but overall, solid book. I give 3.8, so round up to a 4
April 15, 2025
Necessary reading
Most people misunderstand the role of prices and the pricing system in allocating resources efficiently and fairly in a society. Prices are a communication system and information: any policy interfering with them is tampering with such communication and leads to misallocation issues. This book is essential to explain that and debunks lots of myths along the way.
Necessary reading.
Most people misunderstand the role of prices and the pricing system in allocating resources efficiently and fairly in a society. Prices are a communication system and information: any policy interfering with them is tampering with such communication and leads to misallocation issues. This book is essential to explain that and debunks lots of myths along the way.
Necessary reading.
February 17, 2025
Unendingly condescending towards the public in general and the reader. State your conclusions and stop being so high opinionated; this isn’t an op-ed. And that’s if you can get over how highly ideological it is.
Displaying 1 - 7 of 7 reviews