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 | | Basic Economics 3rd Ed: A Common Sense Guide to the Economy by Thomas Sowell ISBN-10: 9780465002603 ISBN-10: 0-465-00260-9 ISBN-13: 9780465002603 ISBN-13: 978-0-465-00260-3 Hardcover 2007-04-02 Basic Books Find Lowest Price |
Editorials | ||
Product Description Basic Economics is a citizen’s guide to economics-for those who want to understand how the economy works but have no interest in jargon or equations. Sowell reveals the general principles behind any kind of economy-capitalist, socialist, feudal, and so on. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. With clear explanations of the entire field, from rent control and the rise and fall of businesses to the international balance of payments, this is the first book for anyone who wishes to understand how the economy functions. | ||
Reviews | ||
Free Market Ideological Rant This extremely long "concise intro to economics" can be summarized in one sentence: Free market prices are good everything else is bad. While I believe in free market prices for many markets, Sowell gives no distinction as to the type of market. For example, curing cancer, police, judges, fire departments, bookstores, candy shops are all the same and free market prices are the most efficient means of distributing these resources. Basically all economics is: all governments and economists do nothing and the world will prosper. The jacket says that "Sowell has thrown out graphs, statistics and jargon." What Sowell has replaced facts and statistics with is anecdotes. Endless (many hours - 15 CDs in the audiobook) of anecdotes. Always anecdotes of where he feels the free market has worked and never anecdotes (like the great depression or the recent Bear Sterns/Mortgage crisis where they went out of control). While many of his anecdotes seem reasonable; many are ridiculous. He claims the UK's socialized medicine is more inefficient than the US because one 12 year old girl got a breast implant in that system. While failing to mention that the United States is the only wealthy, industrialized nation that does not ensure universal coverage. Or that the U.S. spends the most on pharmaceuticals per capita in the world. Or that the World Health Organization (WHO) in 2000 ranked the U.S. health care system first expenditure per capita, but 37th in overall performance and 72nd by overall level of health (among 191 member nations included in the study). Sowell also claims that the effects of rent control on damaging a city are worse than bombing that city. What? I'm sure people in Dresden, Hiroshima, Nagasaki would agree. Of course, he doesn't back this up with anything and it would be very easy to come up with counter anecdotes where bombed cities were much more devastated than rent controlled cities. Basically, Sowell's "concise intro to economics" is a bunch of anecdotes that are "empirical evidence" that free market capitalism is good everything else is bad. He does not discuss 30 years of world prosperity after WW2 under "socialist" economies. He does not discuss whether/why all markets would be the same. He does not discuss the externalization of costs. He does not discuss things like the computer, the internet or nearly every drug in existence which are the direct result of government grants and were not initially developed in a "free market." Overall a very one sided and incomplete view of free markets that does a disservice to free market believers because it gives the impression that they are ideologes rather than rational and empirical thinkers. | ||
Thorough, informative, educational, engaging. Great book. If I ever meet Dr. Sowell I will shake his hand for writing this book. It's jam-packed with logic, reason, and numerous compelling -- IMHO irrefutable -- arguments for the importance of EVERYONE (that's right -- everyone) to understand economic theory. And like another reviewer wrote, this should be required reading for all politicians. Liberals would greatly benefit from this book too -- I doubt they'd be liberals much longer if they actually understood it. Basic Economics is a classic must-read. If it's length and level of detail are daunting to you, I recommend first starting with Naked Economics by Charles Wheelan (another outstanding book on Economics). | ||
Should be required reading Dr. Sowell's "Basic Economics" should be required reading for anyone graduating from college in any field or running for public office at any level. If you can't pass a test based on reading the book, no degree or no spot on the ballot. Not likely to happen, I know, but we'd all have a higher standard of living if it did. Had I the finances, I'd give a copy to every member of Congress and the state legislatures, and every governor and federal or state educational policy maker,not to mention Sens. Obama and McCain. Robert A. Hall Massachusetts Senate, 1973-83. | ||
Basic Economics As usual Thomas Sowell has written a book "Basic Economics" that can provide a vital assist in understanding economics by the average American without the need for an extensive background in the complicated subject. Fundamental understanding of the basics of economics by Americans is essential to the understanding of the use of our limited resources by making choices in using those resources. Thomas Sowell provides the essential knowledge of the subject matter through this 3rd edition that will provide the average person with the ability to follow the ups and downs of various economic decisions with some understanding of what is behind those ups and downs as related to the use of our limited resources. | ||
Basic Economics Thomas Sowell should be required reading in schools. No one articulates complex subjects in such simple, understandable terms than this man. He's a great read. Simply great. | ||