What do you think?
Rate this book
Essentials of Economics : A Brief Survey of Principles and Policies
Perhaps the best brief primer on economics ever penned, Ballve's little classic explains such basics as what economics is -- and is not -- all about, the role of the entrepreneur, the factors of production, money and credit, international trade, monopoly and unemployment, socialism and interventionism -- all from an "Austrian School" perspective, and all in 100 pages!
109 pages, Paperback
First published January 1, 1956
14 people are currently reading
279 people want to read
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 20 of 20 reviews
May 9, 2010
Essentials of Economics is a delightful read. In fact, I will go on to say that it is one of the best books of economics that I have ever come across. Faustino Ballve, though an Austrian economist himself, doesn’t limit himself to AE itself. The book traces the development of various schools of economics.
Ballve’s knowledge shines through the entire length of book. For example, he talks about how Aristotle had clearly differentiated between value in use and value in exchange of any commodity, a distinction that is credited to Adam Smith twenty two centuries later. Another illustration is his criticism of Communist Manifesto, authored by Marx and Engels in which they talk about an increasingly international economy with goods from far away lands finding place in ordinary households. This phenomena, Ballve correctly points out, was not as new as Engels and Marx would have us believe, as he proves by outlining evidences of international trade and trade routes since times immemorial.
Ballve doesn’t prescribe AE, in that, he doesn’t merely raise economic questions and answers them through arguments that are commonly found in litereature of AE. Thus, the book doesn’t end up as a blatant criticism of all that is Marxist or Keynesian, but a logical rebuttal of their policy prescriptions.
The book is such a delightful read because of the way it is written. Ballve has very systematically divided the book into various chapters, each addressing a question / aspect that confounds a diligent student of economics. Therefore, there are chapters titled Market, Money &Credit, International trade and so on. Each of these chapters builds on the previous ones, without confusing the reader by heaping in too many concepts at once. Different topics aren’t jumbled up, and each chapter tries to elucidate only the topic under study in those pages.
Each question and each topic is viewed through the lens of different schools of economics and what earlier economists have had to say about them. Ballve then very methodically analyses what each school / economist / theorist says and points out to the reader the fallacies or the strengths of each standpoint. The reader is therefore not left with an impression of having heard a tirade of AE in oblivion to all other theories, but a systematic appraisal of theories that are popular, their strengths and weaknesses, and what they may lead to if implemented.
Overall, a simple, wonderful treatise (though Ballve would himself not approve of his work being called a treatise because of the way other so called treatises in vogue approach economics). Definitely a must-read.
Ballve’s knowledge shines through the entire length of book. For example, he talks about how Aristotle had clearly differentiated between value in use and value in exchange of any commodity, a distinction that is credited to Adam Smith twenty two centuries later. Another illustration is his criticism of Communist Manifesto, authored by Marx and Engels in which they talk about an increasingly international economy with goods from far away lands finding place in ordinary households. This phenomena, Ballve correctly points out, was not as new as Engels and Marx would have us believe, as he proves by outlining evidences of international trade and trade routes since times immemorial.
Ballve doesn’t prescribe AE, in that, he doesn’t merely raise economic questions and answers them through arguments that are commonly found in litereature of AE. Thus, the book doesn’t end up as a blatant criticism of all that is Marxist or Keynesian, but a logical rebuttal of their policy prescriptions.
The book is such a delightful read because of the way it is written. Ballve has very systematically divided the book into various chapters, each addressing a question / aspect that confounds a diligent student of economics. Therefore, there are chapters titled Market, Money &Credit, International trade and so on. Each of these chapters builds on the previous ones, without confusing the reader by heaping in too many concepts at once. Different topics aren’t jumbled up, and each chapter tries to elucidate only the topic under study in those pages.
Each question and each topic is viewed through the lens of different schools of economics and what earlier economists have had to say about them. Ballve then very methodically analyses what each school / economist / theorist says and points out to the reader the fallacies or the strengths of each standpoint. The reader is therefore not left with an impression of having heard a tirade of AE in oblivion to all other theories, but a systematic appraisal of theories that are popular, their strengths and weaknesses, and what they may lead to if implemented.
Overall, a simple, wonderful treatise (though Ballve would himself not approve of his work being called a treatise because of the way other so called treatises in vogue approach economics). Definitely a must-read.
April 30, 2018
Good intro to basic economics.
I liked the perspective - free market/Austrian school, but was not real impressed with how persuasive the author was about the various ideas contained.
I liked the perspective - free market/Austrian school, but was not real impressed with how persuasive the author was about the various ideas contained.
April 29, 2018
3,7 stars
This is a little introduction to economic principles and policies, originally published in Mexico in 1956.
The style is very concise, and I recommend it as a good first contact with the ever-prevalent economic issues of modern societies, from an Austrian (School) perspective. The summarized approach of the book succeeds in avoiding its being outfashioned. However, that also means it lacks the subtlety that a reader well versed in economics would like to encounter.
Pros:
- I really enjoyed the historical details and examples. That's perhaps the best feature of the book (although not one of its main focuses). This was specially noticed in the chapter on International Trade and every time the author delved for a while in the history of ideas.
- As a rule of thumb, this book gets things right. If this is the only book a reader would pick on economics, then he would finish the ninety or so pages with the right impression, and mostly the right answers. The book avoids the technical jargon, and the mathematical sophistry of mainstream textbooks, and gives a clear focus on: the importance of time in the market process, the importance of the entrepreneur, the importance and pervasiveness of human action as the object of the economic science, the importance of uncertainty in the real world. These features are seldom emphasised on most textbooks and here they get the space they deserve. The influence of LvMises on the author is clear.
Cons:
- Some topics are superficially covered (as would be expected), and sometimes one would wish the author would develop his reasoning a bit further before presenting his conclusions as unavoidable. I get the impression that this book would only be effective with people already sharing the author's ideological tendencies. For readers unpersuaded by the market economy, this book could end up doing more harm than good...
This is a little introduction to economic principles and policies, originally published in Mexico in 1956.
The style is very concise, and I recommend it as a good first contact with the ever-prevalent economic issues of modern societies, from an Austrian (School) perspective. The summarized approach of the book succeeds in avoiding its being outfashioned. However, that also means it lacks the subtlety that a reader well versed in economics would like to encounter.
Pros:
- I really enjoyed the historical details and examples. That's perhaps the best feature of the book (although not one of its main focuses). This was specially noticed in the chapter on International Trade and every time the author delved for a while in the history of ideas.
- As a rule of thumb, this book gets things right. If this is the only book a reader would pick on economics, then he would finish the ninety or so pages with the right impression, and mostly the right answers. The book avoids the technical jargon, and the mathematical sophistry of mainstream textbooks, and gives a clear focus on: the importance of time in the market process, the importance of the entrepreneur, the importance and pervasiveness of human action as the object of the economic science, the importance of uncertainty in the real world. These features are seldom emphasised on most textbooks and here they get the space they deserve. The influence of LvMises on the author is clear.
Cons:
- Some topics are superficially covered (as would be expected), and sometimes one would wish the author would develop his reasoning a bit further before presenting his conclusions as unavoidable. I get the impression that this book would only be effective with people already sharing the author's ideological tendencies. For readers unpersuaded by the market economy, this book could end up doing more harm than good...
January 4, 2014
As the lay-person, I found this book an incredibly good read. I intend to go back to it now and again because within it's pages are the fundamentals of the Austrian School. I've now started Rothbard's 'Man, Economy and State with Power and Market' and using Robert Murphy's 'Study Guide to Man, Economy and State...' in parallel.
If we learn these principles, there will never be a time that we are prisoners to the likes of pseudo-intellectuals such as Paul Krugman. Krugman, having received the NON-Nobel prize for Economics (In short: There IS no Nobel Prize for Econ) Krugman is spouting Keynesian BS to anyone who will listen and he's leading people to destruction. He is the Rasputin of our time.
...however, I digress...
If you haven't read this book, put it on your list to do SOON...if you truly want to know the subject, it's a great start.
B$
If we learn these principles, there will never be a time that we are prisoners to the likes of pseudo-intellectuals such as Paul Krugman. Krugman, having received the NON-Nobel prize for Economics (In short: There IS no Nobel Prize for Econ) Krugman is spouting Keynesian BS to anyone who will listen and he's leading people to destruction. He is the Rasputin of our time.
...however, I digress...
If you haven't read this book, put it on your list to do SOON...if you truly want to know the subject, it's a great start.
B$
January 26, 2016
Este es un must read junto con Economía en una lección de Hazlitt y la Introducción a la Economía Austríaca, es corto, conciso y explica muy bien como funciona el mercado y qué aporta la economía.
June 20, 2016
This is such an easy to understand book on basic economics.
November 21, 2019
A great, succinct and clear take on what economics is and what it is not. An annual read type of book.
October 18, 2020
I read this out loud to my son his junior year of homeschool and I wanted to underline every other sentence! Highly recommended, firm five stars.
August 8, 2022
فاستینو بالوه یه اقتصاددان اسپانیایی بوده که به مکزیک مهاجرت میکنه و کرسی استادی داشته. توی دهه پنجاه، سالهای اولیه بعد از جنگ دوم، این کتاب رو مینویسه.
بالوه توی این کتاب مقدماتی اشاره متعددی به اقتصاددانهای مکاتب مختلف میکنه که نشون میده خیلی اهل مطالعه بوده. مشخصا به لسهفر گرایش داره و به سوسیالیسم و ناسیونالیسم انتقاد میکنه. به اتریشیها نزدیکه ولی بعضی تفسیرهاش کمی با اتریشیها فرق داره.
چون دهه پنجاه کتابهای خلاصه و مقدماتی زیادی وجود نداشته، این جزوه محبوبیت زیادی پیدا کرده. اما امروز با توجه به منابع متعددی که برای آموزش اقتصاد به مبتدیها نوشته شده، این کتاب توانایی رقابت نداره. فقط یه جزوه قدیمیه.
خود من تقریبا با همه مطالب کتاب از طریق اتریشیها آشنا شده بودم و به نظرم خوندنش ارزش یک روز وقتی که براش گذاشتم رو نداشت. کسی که مبتدی هست، بهتره این کتاب رو نخونه، چون بیشتر جاهای کتاب خلاصه وار و سطحی به مطالب اشاره کرده. توصیه به ترجمهاش نمیکنم.
بالوه توی این کتاب مقدماتی اشاره متعددی به اقتصاددانهای مکاتب مختلف میکنه که نشون میده خیلی اهل مطالعه بوده. مشخصا به لسهفر گرایش داره و به سوسیالیسم و ناسیونالیسم انتقاد میکنه. به اتریشیها نزدیکه ولی بعضی تفسیرهاش کمی با اتریشیها فرق داره.
چون دهه پنجاه کتابهای خلاصه و مقدماتی زیادی وجود نداشته، این جزوه محبوبیت زیادی پیدا کرده. اما امروز با توجه به منابع متعددی که برای آموزش اقتصاد به مبتدیها نوشته شده، این کتاب توانایی رقابت نداره. فقط یه جزوه قدیمیه.
خود من تقریبا با همه مطالب کتاب از طریق اتریشیها آشنا شده بودم و به نظرم خوندنش ارزش یک روز وقتی که براش گذاشتم رو نداشت. کسی که مبتدی هست، بهتره این کتاب رو نخونه، چون بیشتر جاهای کتاب خلاصه وار و سطحی به مطالب اشاره کرده. توصیه به ترجمهاش نمیکنم.
January 1, 2021
While touted as the pinnacle of readable economics, this book did a terrific job of walking through a broad array of common economic misconceptions, though I do not believe it met the lofty goal of being readable economics for the average person. This book did get me thinking a lot about how the world economy works and how various mechanisms affect to global economy as well as my daily life. The political attempts to correct the economy were particularly enlightening and the viewpoints and historical examples were excellent. I felt the author dove too much into theory for the average person, and spent, in my opinion, too much time discussing economists and their varying theories which were somewhat disconnected from reality. I also believe that something was lost in translation and I would consider reading the original Spanish version to see if it is more readable (although with my Spanish skills, it may not be any better for me).
June 2, 2025
A fascinating look into the Austrian school of economics (it's big thing is "methodological individualism"). The author makes you want to return to the gold standard, scoff at "mathematical" economics, and abolish all barriers to international trade (he argues that a "national economy" doesn't exist but is purely a myth). The book is persuasive and lucid. I'm eager to read more books on economic philosophy, especially now that I'm working in finance.
December 19, 2016
A great introduction to economics. The book has 10 chapters. Each chapter deals with an economic concept. The chapters are short and not too technical. What I liked most about the book was that each chapter is an essay that does not require previous knowledge.
August 31, 2025
It's a solid book, but your better off just reading Economics in One Lesson or Thomas Sowell's Economic facts and Fallacies.
The concepts are spot on, but it doesn't offer a lot you can't find in other books.
The concepts are spot on, but it doesn't offer a lot you can't find in other books.
February 21, 2018
Great primer on economics. Easy to read. You can download it for free from FEE.
May 18, 2020
Pigułka w której zawarte są podstawy ekonomi. Polecam każdemu niezależnie od stopnia wiedzy ekonomicznej
February 5, 2018
While, like Economics in One Lesson: The Shortest & Surest Way to Understand Basic Economics, it is mildly hindered by an older vernacular, it has a further restraint in that it's a translation from the original Spanish. That said, it's short enough to get everything across in just under a hundred pages. Recommended.
July 13, 2019
A short and quite brilliant introduction to basic economic theory. Ballvé combines history, theory, and clear exposition to present what might be called an orthodox Austrian view of the way the world works. In contrast to Henry Hazlitt Ballvé is more historical and theoretical and writes shortly about several economists and different economic schools of thought. Highly recommended as an introduction.
July 31, 2013
A great introduction to the Austrian School of Economics. Although there may be a few other better written books on the subject, this one does the topic justice in its treatment. You will get what you pay for with this book.
March 12, 2018
I had heard this book is for the “intelligent layperson,” and I agree wholeheartedly. I think everyone who is capable should read this book, and it’s within the capability of a whole lot of people. It’s not easy, but at 99 pages, it’s not intimidating, either. A great introduction to economics.
March 6, 2013
Remarkably easy-to-understand introduction to Economics, including the history of economic ideas.
Displaying 1 - 20 of 20 reviews