The Basic Facts of Economics: A Common-Sense Primer for Advanced Students

A scientific publication written in the late 1920s. The work serves as an introduction to the principles of economics, aiming to clarify the foundational concepts that underlie economic phenomena. Post emphasizes a clear understanding of the relationship between economics, money, and trade, establishing a common-sense framework for readers to grasp economic principles effectively. The opening of the book sets the stage by addressing the common misconceptions about economics, notably that it revolves solely around money-making. Post argues that economics should be understood as a complex interplay of human activities driven by the pursuit of satisfying needs and desires through the production and exchange of goods—essentially framing it as the science of human cooperation in making a living. He distinguishes between money as merely a tool for measurement and trade as the essential social process, asserting that the dynamic relationships between humans, natural resources, and artificial objects form the bedrock of economic analysis. The groundwork laid in these initial chapters prepares the reader to explore deeper economic concepts with clarity and insight.