Why is a book about economics written in 1946 relevant in today's environment? The ideas in play are the same! Here is some of the most important elements of this book:
-Automation has been a factor for hundreds of years in 1800’s was a serious concern but automation does not lose jobs historically - it just creates them in other sectors (such as needing to make the machine
-Government must not stimulate the economy itself but instead preserve a free market and not work to distribute wealth on the whole (this idea has been challenged several times in history, even currently by the pandemic of coronavirus)
-Why would a man who is unemployed only work for a small difference of money? This is true in NORMAL TIMES but in dire times of struggle unemployment is a laughable amount, you need to immediately get a job. During Covid-19, we've seen jobs actually be ELIMINATED COMPLETELY. This is a rare situation where these principals, while logical...start to break apart completely but I still believe that the logic is sound but desperate times do call for desperate measures and no economy is safe from those
-Over the long term the market has grown
-The structure of an economy is described in broad terms
-Inflation is dangerous and it dilutes the economy in the long term