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Basic Economics: A Citizen's Guide to the Economy

Basic Economics A Citizen s Guide to the Economy This is the revised and enlarged edition of a new kind of introduction to economics for the general public without graphs statistics or jargon In addition to being updated Basic Economics has also

  • Title: Basic Economics: A Citizen's Guide to the Economy
  • Author: Thomas Sowell
  • ISBN: 9780465081455
  • Page: 463
  • Format: Hardcover
  • This is the revised and enlarged edition of a new kind of introduction to economics for the general public without graphs, statistics, or jargon In addition to being updated, Basic Economics has also become internationalized by including economic problems from countries around the world, because the basic principles of economics are not confined by national bordThis is the revised and enlarged edition of a new kind of introduction to economics for the general public without graphs, statistics, or jargon In addition to being updated, Basic Economics has also become internationalized by including economic problems from countries around the world, because the basic principles of economics are not confined by national borders While most chapter titles remain the same, their contents have changed considerably, reflecting the experiences of many different peoples and cultures.

    • [PDF] Download Å Basic Economics: A Citizen's Guide to the Economy : by Thomas Sowell
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    Basic Economics: A Citizen's Guide to the Economy

    About Author

    1. Thomas Sowell says:
      Thomas Sowell is an American economist, social commentator, and author of dozens of books He often writes from an economically laissez faire perspective He is currently a senior fellow of the Hoover Institution at Stanford University In 1990, he won the Francis Boyer Award, presented by the American Enterprise Institute In 2002 he was awarded the National Humanities Medal for prolific scholarship melding history, economics, and political science.Sowell was born in North Carolina, where, he recounted in his autobiography, A Personal Odyssey, his encounters with Caucasians were so limited he didn t believe that yellow was a hair color He moved to Harlem, New York City with his mother s sister whom he believed was his mother his father had died before he was born Sowell went to Stuyvesant High School, but dropped out at 17 because of financial difficulties and a deteriorating home environment He worked at various jobs to support himself, including in a machine shop and as a delivery man for Western Union He applied to enter the Civil Service and was eventually accepted, moving to Washington DC He was drafted in 1951, during the Korean War, and assigned to the US Marine Corps Due to prior experience in photography, he worked in a photography unit.After his discharge, Sowell passed the GED examination and enrolled at Howard University He transfered to Harvard University, where he graduated magna cum laude with a Bachelor of Arts degree in Economics He received a Master of Arts in Economics from Columbia University, and a Doctor of Philosophy in Economics from the University of Chicago Sowell initially chose Columbia University because he wanted to study under George Stigler After arriving at Columbia and learning that Stigler had moved to Chicago, he followed him there.Sowell has taught Economics at Howard University, Cornell University, Brandeis University, and UCLA Since 1980 he has been a Senior Fellow of the Hoover Institution at Stanford University, where he holds a fellowship named after Rose and Milton Friedman.

    Comment 748 on “Basic Economics: A Citizen's Guide to the Economy

    1. Trevor says:
      You are, of course, familiar with the German word schadenfreude the malicious joy one gets on hearing of the misfortune suffered by others I can t deny that there were times while listening to this book this week a week in which the US decided to pour 700 billion into the black hole that is the credit crunch that this word popped unbidden to the front of my mind Listening to the rants of a radical free market economist in the week that the world is forced to pay for the excesses of market capita [...]

    2. Toe says:
      Thomas Sowell is a god I m a big fan of his writing style because it s clear and concise Basic Economics is highly informative and easily accessible This book should be required reading, not just for econ majors or business majors, but everyone.Big ideas 1 Economics is about trade offs, not solutions 2 Every policy or law has consequences, many of which are negative and unforeseen 3 Capitalism is the least oppressive or racist system for allocating resources very few people will refuse to prospe [...]

    3. JP says:
      Trevor s views below are an extreme version of what I felt while reading this book I picked Basic Economics up thinking that it would be somewhat similar to Naked Economics, by Charles Wheelan a guide to a wide range of economic topics that gives both sides of an issue when both sides exist Thomas Sowell gives a guide to a wide range of economic topics, but unapologetically ignores or misrepresents leftist views in any shape or form This is detrimental to readers and the general discourse in our [...]

    4. Skylar Burris says:
      I would recommend this introduction to anyone who wants to learn the basics of economics in order to be a better informed citizen It doesn t use technical jargon, but outlines basic principles clearly and in plain language, without graphs or equations, using real life examples Sowell is obviously annoyed by the general ignorance of economics experienced by your average person, particularly by journalists and even politicians, and he sets out to make the basics clear The basic principles he outli [...]

    5. Carli says:
      Thomas Sowell is a genius I knew that going into this book, but now I m completely convinced In the spirit of refusing to be passively educated by pop culture and the media, I have decided to educate myself on hot topics by reading material from authorities on the subject Thomas Sowell and this book fit into that profile and, yes, I am that much of a geek that I m exclaiming over an economics book Please note that, although this is not written in high academic prose, it is still not happy fluffy [...]

    6. Stephen says:
      I listened to the audio version of this book while commuting to and from work My biggest complaint is that my commute is not long enough For a subject that I expected to be very dry, Mr Sowell did an excellent job in keeping my attention It was a relief to hear clarification of many thoughts that I have had in the past A big one is the whole rent control thing in NYC I saw this first hand, never knew anyone of low income to benefit from it, and always felt that it accomplished the exact opposite [...]

    7. Gavin says:
      This is one the the most important books I have ever read It is clear, concise, and very pertinent to modern day politics and public policy It explains economic thinking without any of the math What this book will give you is a understanding of how to use scarce resources that have alternative uses within an economy This book scrutinizes policies that are meant to help people, but actually do damage than good such as rent control, education subsidies, minimum wages, social security, free health [...]

    8. Brian says:
      Economic policies need to be analysed in terms of the incentives they create, rather than the hopes that inspire them page 45My first observation about most reviewers is that they condemn an author based mostly on his her political views Sowell is conservative and if the reviewers are somewhat intelligent they will hint at a problem or two, offer a few rants about what their SYMPATHETIC SOCIALIST leader would do, which turns out to always place debt, lose jobs, create less competition and leav [...]

    9. Elyse says:
      This is an amazing book and absolutely a must read if you want to understand the basic causes and effects of a free market economy Here s a warning If you have any passion at all about politics, or concern about government intruding into your life, or if you re the least bit cynical about politicians, be prepared to pull your hair right out of your head I wanted to throw this book across the room several times, but finally promised myself I would write a letter to Dr Sowell when I finished it An [...]

    10. Erik says:
      Nothing is easier to proclaim than a wonderful goal Much confusion comes from judging economic policies by the goals they proclaim rather than the incentives they create and by extension, the results they achieve This overarching idea, along with numerous examples from history of how government intervention in the economy has almost always led to worse overall outcomes were two strong messages that I took away from this book I was very disheartened by the discussions in the book about economic d [...]

    11. Justin Larson says:
      I picked up this book hoping to extend the economics education i got in college What I got instead was an ideologically charged diatribe of the government and a love fest of the free market.Everything is backed up with anecdotal evidence and sweeping statements made with much hand waving It sells itself on the fact that it has no equations, graphs or jargon, but I find that to be a weakness While it doesn t need be filled with graphs and such, some proofs would be nice Instead he simply asserts [...]

    12. John Brown says:
      4.5 stars Karl Marx was not a scientist Nor was Adam Smith before him They were philosophers Theorists Idea men That s what all economists in those days were They had little tested knowledge, and so which economic system was best was all a matter of opinion.But things are now much different Nations and local governments tried the various theories And we ve seen the results We now have a whole century of data Further, economists now are scientists They use scientific methods and deal with tested [...]

    13. Vicky Liu says:
      Professor Sowell can be quite biased and overly sarcastic at times but I still count this book as one of the most important books I ve read in the last few years Anyone of voting age should seek out a greater understanding of our market economy and this book is a great resource particularly because of the emphasis on how economics affects and is affected by government policy After reading this book, I am now very interested to find a book that argues against the pro free markets arguments in thi [...]

    14. Mary Catelli says:
      Exactly what the title describes The basics of economics for the general audience Starting out with the observation that we may think we don t own beachfront property because of its price The reality is we don t own beachfront property because there s a lot people who d like to own it than there is property to be owned Price is just the way to sort things out.Full of concepts and concrete examples For instance, in the Soviet Union, they usually used about two and a half metal to produce the sa [...]

    15. Jesse Schexnayder says:
      Thomas Sowell exposes the fallacies and outright lies the American people have been subjected to in the advancement of progressive entitlement centric economic programs by the modern crop of corrupt politicians If you take anything from this book, it should be this The intended goals of any type of economic aid can never be considered separately from the actual economic incentives the policies implemented to ostensibly reach that goal will create, without causing destruction and harm to the ec [...]

    16. Joseph says:
      A clearly and concisely written analysis of how incentives impact the economic decisions people make Most notable is the idea that communism fails not only because of people s propensity to cheat in an environment free of incentives, but because of the fact that even in a world full of non cheaters, a price control system cannot allocate resources with the same efficiency that a market does automatically Sheds some light on how a country like the USSR can sit on such expansive natural resources [...]

    17. Hadrian says:
      Excellent overview of modern economics for the lay person Covers a wide variety of topics simply and easily Economics is still a very fuzzy field, especially in comparison to other sciences, and many people profess ignorance of large swaths of it This books helps, although it is necessary to understand both the free market stance and the relative lack of terminology.Be warned if you are not a supporter of free market economics, you will disagree with much in this book, as the author ascribes so [...]

    18. Michael Smith says:
      Has its biases but definitely offers a valid way of thinking about economics I think the Chicago School of economics offers a good framework to work off of and this book is a good introduction to the intricacies of various economic frameworks with an obvious bias towards the Chicago School.I found the last 5 or so chapters really insightful especially the chapter on the international disparity of wealth so try to make it through the book and you might learn something new irrespective of which ec [...]

    19. Mary says:
      Fascinating, edifying, accessible, and insightful An invaluable book for understanding an important topic Everyone who intends voting ought to read this book so that they understand economic issues.

    20. Douglas says:
      If everyone read this book, the Democratic Party would be out of business, and for good reason There are certain economic laws there is economic history there are economic limits Liberals ignore this and proceed on good supposedly good intentions Reality be damned.

    21. Todd Woods says:
      This is a book that anyone who works, spends or saves in today s world should read before doing any of those activities.I also think that it should be mandatory reading for anyone who does or plans to vote.

    22. Tom Schwerbrock says:
      An easily understood, common sense guide to basic economic principles Should be required reading at all institutions of higher learning.

    23. Sabareesh Sundaravel says:
      A guide to throw your misconceptions into garbage.

    24. Ken says:
      Everyone who can read should read this book otherwise, get the audiobook.

    25. Kelly says:
      I wanted a clearer version of the Econ 101 I muddled through in college, and I admired Sowell s work, so I started reading this book Then I found out it s not about M1 and M2 and how the Fed works Rather, it s about really meaningful economics the kind every adult should understand.To a large extent, Sowell was preaching to the choir with me I already understood why rent control is bad and how the minimum wage contributes to unemployment I knew that cuts in the tax rate tend to increase not decr [...]

    26. Петър Стойков says:
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    27. Bernie says:
      A must read for any intelligent voter Sowell clearly explains why the market system is the most efficient method of allocating goods in a world where resources are scarce and the negative,and sometimes unintended effects of other methods One of my favorite quotes was Careful and complex mathematical calculations can make the difference between having an astronaut who is returning to earth crashing in the Himalayas or landing safely in Florida We have also seen similar social disasters from misun [...]

    28. Brian says:
      To be fair, the only part of this book I find truly disagreeable is the title Basic Economics implies a presentation of universal principles that would generally be agreed upon by most who study the subject This book does no such thing, but I m not sure any book on the topic of economics could While economics as a subject attempts to use an empirical approach to study human interactions regarding available resources in varying levels of scarcity, at it s heart it is social science As such it is [...]

    29. Leo Lakpa says:
      For those who are willing to stop and think, basic economics provides some tools for evaluating policies and proposals in terms of their logical implications and empirical consequences Thomas SowellHonestly I couldn t have summed up this book any better than that Dr Sowell has a way of plainly and concisely presenting economic principals In this book he solely no pun intended used words to illustrate economic concepts I feel like this book is a perfect introduction to economics and it has sparke [...]

    30. pavana Kumar Varanasi says:
      what an excellent book This book clearly explains the role of prices, why capitalism is better form of governance when compared to other alternatives and corrects some of the misconceptions that people have regarding internation trade The following are some of the copy paste from book just like underlining things when reading a book.1 how rent controls in sweeden, russia, newyork city, britain and practically everywhere else are of no use its affect on both on supply and demand.2 economic polici [...]

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