The new book by our august Director, Dr Eamonn Butler, is now out. It explains in simple language how markets work and why the politicians who try to thwart markets or harp on about 'market failure' are in fact instruments of pure evil. Indeed, Dr B says that he's written the book so simply 'that even politicians can understand it' so let's hope they will take his message on board.
The book will be finding its way to a bookshop near you soon, but it's on Amazon, where you can actually flick through the contents pages – which contain intriguing headings as Zen and the art of price maintenance, That ol' black market, In God we trust – others pay cash, and (presumably a reference to Mrs Thatcher) Handbagging the state.
You can also read the first half-dozen pages, where Butler gets into the subject by describing his foray through a bizarre and rowdy street market in the wilds of China as he searched for someone to fix his trousers. And you can check the index, which references, among other things, Cabbage Patch Kids, Churchill, Coca-Cola, Princess Di, Hammurabi of Babylon, The Good Life, Hobson's choice, Nike shoes, Paying for lighthouses, and Probibition.
My favourite index entry is 'equilibrium, meaninglessness of'. As Butler says, when you get to this section in your economics textbook, 'rip it out'. An amusing and instructive read.
Buy it here.