“Economic Policy: Thoughts for Today and Tomorrow” is a concise book with six essays that provide Mises’s rational view on economic policy. The book is assembled from a series of speeches he made at the University of Buenos Aires, in Argentina in 1958, at a time of change when Argentineans were in need of economic reforms. The lectures were designed for people who are unfamiliar with market freedom and therefore Mise used very simple and clear language to enable them to understand. Mises advised the people of Argentina to turn away from socialism and dictatorship and embrace full liberty (Mise, 2010). This book is an illustration of the author’s beliefs and the level of enthusiasm he had for what he believed in. This piece is an introduction to the author’s truth of history with regard to economic principles.
In a very eloquent, clear, concise and a straight-forward language and using ordinary examples, Mise explains topics such as capitalism, inflation, economic policies, socialism, foreign investment, interventionism, private property, money, free trade, interest and prices among others. As the author discusses every topic, he tackles the numerous advantages of market institutions, as well as the risks of intervention. A particular chapter of interest is Chapter 2, where the author keenly refutes the basis of feudalism, socialism, fascism. Instead, he provides the free market policy and capitalism as the solution to economies of the world (Mise, 2010). It is quite enlightening, taking into consideration the length of the chapter. This book is probably Mise’s best-selling book, and its continuous popularity has been attributed to its simplicity and clearness of explanation on how the economic policy impacts on everybody’s lives. According to Fritz Machlup, an economist, the book is a full reflection of the basic position of the author, both in the past and currently. He recognizes that each of Mise’s lectures can be used independently; however, he praises the harmony of the series of lectures, saying that they provide an aesthetic pleasure comparable to that drawn from staring at the architecture of a structure that is well-designed.
Something to note in Mise’s book is the shallow way in which he covers topics such as inflation, foreign investment, socialism and interventionism. I would recommend Mise’s other book, “Socialism Lib Works Ludwig Von Mises PB”, for people who want a comprehensive analysis and coverage on socialism. Overall, the book is very good as an introduction to basic economics, making it an excellent choice for undergraduate students who are studying economic policy or new students who are taking economics course. It can also be helpful to advanced readers who need a basic understanding of how the market forces interact, as well as government intervention. People who are already familiar with the topics discussed in the book, may find the book repetitive, and probably they may not gain much from reading it.
In conclusion, “Economic Policy: Thoughts for Today and Tomorrow” has a very simple and clear message with regard to economic policy. Governments should protect the lives and property of people under its jurisdiction from local and foreign aggression, resolve disagreements that arise, as well as, give citizens the freedom to pursue their various goals in life (Mise, 2010). I found this book very informative, enlightening and interesting to read. Economic policy is a subject that affects each and every one of us and therefore having an economic knowledge is the first step towards taking control of our economies. This book is highly recommended for anyone who wants to learn more about economic policy.
