Introduction to “The Price of Everything” -2

This is the start of a series of posts discussing a fiction book that teaches economics.

Russell Roberts offers an explanation of how prices coordination the actions of people throughout the economy resulting in the market delivering what people want at the time and location they want it.  Check out his book The Price of Everything – A Parable of Possibility and Prosperity. As a bonus, the author explains how we developed into a rich economy.

In the last few years I’ve thoroughly enjoyed books that are called “didactic fiction.” These are teaching tools written in the form of a novel. This gives the author the opportunity to teach in an entertaining format.

The story line of the book is an ongoing visit between a college provost, Professor Ruth Lieber, and a star tennis player at the university, Ramon Fernandez.

In the sources section of the book, he explains:

This book is my attempt to give the beginner and the expert a better understanding of the role prices play in our lives – how they create harmony between the competing desires of consumers and entrepreneurs, and how they steer resources and knowledge to transform and sustain our standard of living.

As you will soon be obvious, I thoroughly enjoyed the book. I heartily recommend it as a very entertaining way to learn how our economy works and why we are so much better off now than 100 years ago.

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