[losvedir]

Be careful out there reading blogs. Maybe I'm biased because I have a degree in Econ from MIT, but I'd highly recommend starting out with the "orthodox" treatment of the subject, as you'd learn at a university. To that end Core Econ[0] is a very solid, free, engaging, easy to read book that covers it. Chapter 10, "Banks, money, and the credit market", is particularly what you're asking about. You can take a look at the authors and editorial board[1] and you'll see they're a bunch of professors and professional economists at banks, that sort of thing.

I've had some thought provoking fun reading, e.g. unorthodox "Austrian School" economics by Mises, but you should be wary of reading blogs, as lots of incorrect things in Econ can sound convincing if you don't have the right background.

[0] https://www.core-econ.org/the-economy/book/text/0-3-contents... [1] https://www.core-econ.org/meet-core/

[hgomersall]

In the words of Joan Robinson "The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists." Everything written by mainstream economists should be taken in such light. Being a professional economist is not the authority you suggest it is.

[andruby]

As opposed to the arm-chair economists writing blogpost with an agenda?

Economics is not an exact science like maths or physics. "The Economy" is the collective human activity. It depends on so many actors. Actors who don't have full information, and who don't actually behave in a rational way.

Yes, I would be weary of anyone who speaks in absolutes and you should use your own common sense and judgement.

[reginaldo]

That the Austrian School is being singled out is particularly interesting right now, given that they are highly critical of fractional-reserve banking precisely because it might generate crises such as the one we're living through. Chapter 10 of the Core Econ book does not feature the word "fractional" and only talks about reserves and money creation in passing [0]

So I hope that, like the Index, you warning steers people towards instead of away from austrian aconomics :)

[0] https://www.core-econ.org/the-economy/book/text/10.html#108-...

[_heimdall]

+1

I started college as a business major focusing on finance. Ended up switching to software but got enough finance under my belt to know the basics.

Definitely start with learning the basics of the "standard" models used by mainstream economists today. Whether you end up going down the rabbit hole of Austrian economics or bitcoin madness, it's best to know what the mainstream view is first IMO. Know your enemies, and all that

[cyclecount]

https://twitter.com/moshik_temkin/status/1637033761794674688

>> The thing that people don't understand about these elite, neoclassical economists from Harvard, MIT, etc. is that while their whole brand is being "empirical" and objective, they are as ideological and politically driven as the most ardent Maoist who ever existed