Dennis Paulaha, PhD

Dr. Paulaha received B.S. and M.A. degrees in economics from the University of Minnesota and a Ph.D. in economics from the University of Washington. As a college and university professor, he taught macroeconomic and microeconomic theory at the principles, intermediate, advanced and graduate level, monetary theory and policy, environmental economics, and special issues courses. In the real world, he wrote investment newsletters with more than 70,000 paid subscribers and was Vice President of research and marketing for a national brokerage firm.

The ghost of Adam Smith

It was a dark and stormy night.
Give me your money.
What?
Give me your money.
Who are you?
Adam Smith.
Adam Smith?
Well, I’m actually the ghost of Adam Smith.
That doesn’t make any sense. No one can talk to a ghost. Ghosts aren’t real.
Well, we’re talking, right? So what’s the problem?
I don’t believe in ghosts.
Too bad.
Can anyone else see you?
Not right now.
But everyone knows who you are. Or who you were.
They do. Everyone knows me. Everyone loves me. I’m famous. I wrote the book that changed the world. So give me your money.
How much?
All of it.
You want me to give you all my money, and you’re not even real?
Exactly.
Okay. Let’s say I decide to give you my money. How do I do it?
It’s easy. You sign this piece of paper and you’re done.
I’m done? What does that mean?
It means I will be controlling your profits if you are in business, your income if you work for someone else, your investments, your spending, your safety, security, health, and even your happiness.
That’s a lot. What do I have to do?
Nothing.
What do you mean nothing? I don’t understand how you are going to get my money and do all those things with it, given that you are a ghost.
It’s simple. You don’t even have to think about it. Every day and every night an invisible hand will simply take some of your money and give it to someone else.
Who?
Don’t worry about it. Trust me.
Trust you? I don’t even believe in you.
That’s okay. You can see all the great things that are done in my name.
Like what?
All the supply and demand stuff. All the free-market stuff. It’s everywhere. It’s in the news every day. Everyone loves it. Everyone loves me. So are you ready to sign up?
I don’t know.
What’s not to know?
I’m thinking.
What’s to think about?
What’s real and what’s not.
You still think I’m not real?
I’m not sure.
Well, it’s not really about me anyway. It’s about the book. My book. Everything is in the book.
I haven’t read it.
Okay, then. You read it. Then we’ll talk again. It will be good. Trust me.

I finished your book. It’s pretty long. Even the title is long.
An Inquiry Into The Nature And Causes Of The Wealth Of Nations? I suppose it is, compared to today’s titles. But there was a lot to do. So are you ready to sign up?
Not yet. I have some questions.
Like what?
The first is, why is it about the wealth of nations, and not about the wealth of people?
It’s sort of the same.
No it’s not. You even say it is a plan to make nations based on manufacturing, not agriculture, wealthy, while most of the workers, or people, will continue to live in abject poverty.
Most people skip over that part.
I did like the Pin Factory example, but then you started making up a lot of stuff about supply and demand, and markets, and equilibrium market prices, and you know none of that is real.
Most people don't care.
So you want me to trust all my money to some knowingly false fictional ideas?
Everyone else does. That's why I am so famous.

Books

The book to accompany the FACTONOMICS web site. The book no economist wants anyone to read and no politician or financial writer wants anyone to see. A two-page book (plus a prologue and an epilogue) that will change the way you see the world. It could be the most valuable fifteen minutes you will ever spend reading and the best thing you can do for your business and investment profits.
$9.99 from iBooks and Amazon

 

Because all of economics is based on unrealistic and knowingly false assumptions, economists have said for years they will use it anyway until something better comes along. This is a college textbook that offers the “something better” economists have been looking for.
$9.99 from iBooks and Amazon.

A print version can be ordered through Ingram. 

 

Every decision in business and investing is a wager, so it only makes sense to follow economic laws that can put the odds in your favor. Who’s the boss? Everyone, because being a boss is not about not having to answer to anyone. Being a boss is about making decisions. And because everyone makes countless decisions every day, everyone is a boss. A one-year old deciding which toy to play with, an investor, and everyone in business, from CEOs to secretaries to someone on a cleaning crew.
$9.99 from iBooks and Amazon