Economics is not—or does not have to be—a mysterious science. Quite simply, it is the study of reconciling the unlimited wants of man with limited resources. Distilled further, it is the study of human action. In It Didn’t Have to Be This Way, I aim to demonstrate that economics involves certain immu¬table laws of human behavior. Further, I hope to show that the Austrian School has most clearly and effectively discovered those laws. The world has needlessly suffered unspeakable misery as a result of theories and policies that ignore these principles.

Businesses thrive in an environment of freedom. But enterprise is no longer free in any area. In boom times, the consequences are less obvious. In the bust, the regulatory thicket, the taxes and mandates, and the legislative threats all become decisive in a way they were not before.

None of these problems are intrinsic to the business cycle. They are all imposed by government. The same problem afflicted the economy during the Great Depression, but back then the central planning was newly imposed. Now is different: the old central planning is killing us day by day, even without dramatic new legislation.