Applied Mainline Economics: Bridging the Gap between Theory and Public Policy

by Matthew D. Mitchell, Peter J. Boettke

How do human societies work, and how can we make them work better? What methods, ideas, and strategies should we use to help us answer these questions? Economists have more empirical tools—more data and more sophisticated ways of testing those data—than ever before. But unless those who employ these techniques also practice what the authors call “mainline” economic thinking, these new empirical methods are liable to generate more heat than light.

In this book, Matthew D. Mitchell and Peter J. Boettke summarize the ideas of mainline economics. They begin with a puzzle that has vexed economists for more than 200 years: Why are some societies fabulously wealthy while others are miserably poor? They briefly survey the empirical tools that might answer this question and show that this puzzle cannot be understood without grounding the analysis in theory, suggesting that the first place to start is with mainline economic theory. Throughout the discussion, Mitchell and Boettke offer the reader examples of how these tools have helped researchers and policy analysts bridge the gap between ideas and real-world problems.

Genres: Economics, Nonfiction

157 pages, ebook

First published March 27, 2017

About the author

Matthew D. Mitchell is a senior research fellow at the Mercatus Center at George Mason University, where he is the director of the Project for the Study of American Capitalism. His research has been featured in numerous national media outlets, including the New York Times, the Wall Street Journal, the Washington Post, U.S. News and World Report, National Public Radio, and C-SPAN. ~ Amazon bio

Reviews

[Vance Ginn · Rating 4 out of 5]

Excellent overview of mainline economics that is the foundation for the Austrian School of economics and contrast with mainstream economics based primarily on Keynesian economics.

The authors dive into applications of mainline economics regarding the market process, institutions matter, political process, and much more.

If you want to read a well-written, succinct book on the core foundations of free market economics, this book is for you. I give it 5 stars and highly recommend it.

[Pedro Almeida Jorge · Rating 5 out of 5]

This book will make you want to become a political economist :)
Great introduction to several topics and approaches covered by the best market oriented traditions in economics. Provides a great amount of further bibliography, very good to have a sense of what's going on in terms of current analysis and problems. If you want to become an economist, this is a must. And it's free online!

[Trey Malone · Rating 4 out of 5]

Short read- worth the weekend.

[Alfredo Flores · Rating 5 out of 5]

Excellent book to understand what is mainline economics about. "It is economics with attitude." Mainline economics combines law and economy, property rights, public choice and Austrian school. It is in the line of classical liberal economists like Adam Smith, F.A. Hayek, James Buchanan. As Hayek said, "nobody can be a great economist who is only an economist". I recommend this book to any economist that was disappointed by mainstream economics education, this book can make you find a new appreciation for Economics.

[Michael Wu · Rating 4 out of 5]

Great introduction to the recent wave of economic inquiry with a resurrected appreciation of classical economic thought & a renewed interest in engaging with the fundamental questions of markets, institutions and politics, applied to our society today.

[The Rugged Communitarian · Rating 5 out of 5]

If you could only read one economics book in your life it would have to be this one. A concise, accessible read that covers all the fundamentals, written by contemporary experts in the field.

Note: The title undersells the value of its contents

[João Pedro Bastos · Rating 5 out of 5]

Really fantastic book for both students and masters of economics. Whenever someone asks for a recommendation in economics, this is my top pick.
For students, it captures the real essentials of what economics is; for masters, it provides interesting points for reflection on what the “economic way of thinking”, and what teaching economics should be.