Professor Jesus Huerta de Soto, Professor of Political Economy, Universidad Rey Juan Carlos, has graciously written an introduction to my Principles of Economics book, which will be included in future printings. I am publishing it here for the first time.

Principles of Economics: An Introduction to Economic Foundations

Professor Saifedean Ammous is among the most talented young economists of the Austrian School. His brilliance and clarity of explanation were evident in his first book, The Bitcoin Standard, which quickly became a worldwide bestseller. He now offers this introductory manual on the foundations of economics, helping to fill the shortage of quality introductory texts that make the surrounding world comprehensible to young students encountering the discipline for the first time through the basic postulates of the Austrian School of Economics. This school, which could properly be called the Spanish School given its origin in the contributions of our scholastics from Spain’s Golden Age, is characterized by the realism of its assumptions and by grounding its analysis in entrepreneurial action - both creative and coordinating - that every human being engages in by freely interacting with others.

Over 18 chapters, Professor Ammous presents the basic foundations concerning value, time, technology, labor, capital, and energy; the spontaneous order of the market with the emergence of money and the formation of prices; the theory of time preference, interest, and business cycles; and, finally, a study of violence and state interventionism, together with their possible overcoming through a purely voluntary “anarcho-capitalist” social order. Moreover, the book is written in very clear and accessible language and incorporates timely and interesting examples and illustrations that help make economics - through the Austrian School lens - a fascinating discipline that is never dull.

This notable introductory book fulfills its purpose: it helps awaken many new vocations among young economists who wish to continue studying the postulates of the Austrian School, based on the concepts of “dynamic efficiency” and the “social big bang” of entrepreneurial creativity and coordination, leaving behind the inevitable simplifications that, especially in initial encounters with economics, are introduced by analyses focused on equilibrium and on the mechanistic and functional determination of prices.

For all these reasons, we should be very grateful to Professor Ammous and congratulate him on the brilliant result of his scholarly work, which the reader is about to enjoy.

Jesús Huerta de Soto
Professor of Political Economy
Universidad Rey Juan Carlos

Principles of Economics is available for purchase through The Saif House or Amazon. Orders placed via The Saif House can be paid in either fiat or bitcoin (on-chain or Lightning). Payments made in bitcoin receive a 10% discount automatically at checkout.

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