The Best Book on the Market
‘Market’ was the sixth word I ever learnt – after ‘This little piggy goes to…’ But I learnt first hand about the market as I watched my father serving customers at his car repair shop. And yet more as my mother added up the countless rows of pounds, shillings and pence in the business’s ledgers.
So when I studied economics at St Andrews University in Scotland, I knew something wasn’t right. The textbook writers were trying to make their subject a science, like mechanics. They treated people like robots, not human beings. By stripping out every trace of human psychology – irrationality, generosity, habit, ignorance – they stripped out everything that makes markets actually work.
Now I’m Director of one of the world’s leading free-market policy think-tanks, and at last I can explain why college economics is just wrong. And more importantly, how most of what politicians build on this crumbling foundation is wrong too.
I wanted something that everyone – even politicians – could understand, so I’ve cut out the jargon and show how markets really work through my own story, and the stories of countless others of people in real-world markets. Because markets are only human.
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