I'm looking for good suggestions on what/who to read to get a better understanding of mainstream economics. Although I've never taken an economics class formally, I've been reading in Austrian Economics for three years, so I've got a basic understanding of this School. Unfortunately, I have a hard time following some mainstream economists' arguments because I'm not familiar with the terminology, references, etc. Anyone have any good suggestions?
Well, if you're looking for a general summary of the received wisdom, Greg Mankiw's "Economics" textbook is a good start.
After that, you will want to get a good grounding in microeconomics. I think David Friedman has a pretty good textbook that is available for free online:http://www.daviddfriedman.com/Academic/Price_Theory/PThy_ToC.html
After that, wade into the field that most interests you.
Ambition is a dream with a V8 engine - Elvis Presley
Economics, Trade Deficit, Government Spending Deficit, Jobs for Americans, and the Buying Power or value of the US Dollar are all interrelated. Each of these principles affect each of the others, and each is very important. These subjects need to be understood by the General Public. Economics is not that complicated. It is interlocked with understandable cause and affect principals of various economic action options that can be totally understood by almost any High School Graduate, and/or most High School Drop outs.
Real wealth and real monetary value is created and/or acquired ONLY when the members of a family (or a nation, tribe, city-state, etc.) plant, grow and/or harvest something of commercial value from the earth, extract something of commercial value from the earth, provide professional services (medical, legal, dental, engineering, architecture, accounting, land surveying, technology, etc.) to others outside of that family, and/or manufactures or constructs something of commercial value that is consumable (or permanently useful for income or rent) and then SELLS, LEASES OR RENTS these items and/or services to parties outside of their family, IN RETURN FOR A NET TRANSFER OF GOLD, CURRENCY OR COMMODITIES from other parties outside of their family into their own family. The members of that family can reflect their real wealth with the accumulation of grain, gold, cattle, jewels, land, buildings, commodities and/or other marketable products for reserve use in times of emergency and/or also to raise the standard of living for the members of that family. US government policies encouraged the US companies to cease making things for US consumption and export in order to generate national wealth, and instead to import these consumer items in exchange for titles to existing US wealth such as privately owned land, hotels, farms, businesses, casinos and other assets located in the USA that were created by previous generations of US citizens transferred to the foreign nations that elected to industrialize and generate wealth by making and exporting consumer items to the USA.
Did the Biblical Jacob squander his assets unwisely and then became hungry when a famine occurred? Did Jacob sacrifice all of his cattle to his god? Or sell his assets for food & wine to have a bunch of parties? Did Jacob burn his tents, grain and other assets as sacrifice to his god? When the Jacob's family faced starvation, Jacob took his family to Egypt where there was grain stored and hoarded by the greedy Egyptians to insure the survival of Egyptians during times of drought and famine. Jacob and his descendants probably submitted themselves to be slaves of the Egyptians in return for food and shelter. Is the US government repeating these actions?