by Thomas Sowell
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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.
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Average Customer Review:
0 of 0 people found the following review helpful:
 Basic Economics, 2008-06-22
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.
0 of 0 people found the following review helpful:
Should Be Mandatory, 2008-06-02
My background is in computer science and engineering, not economics. I've been on a kick reading economics books lately. This book is by far the clearest and easiest to understand of the few that I've read. The topics are laid out very thoroughly with language that is easy to understand for a layman without being tedious. He makes the basics of economics understadable enough that I had many "doh, why wasn't I taught this in school" moments. I quickly got a "big picture" view of what I had previously thought were daunting topics.
I wish I would have read this in High School and if I were "teacher for a day" it would be required reading. Highly recommended.
0 of 0 people found the following review helpful:
Required Reading, 2008-05-29
This book is required reading for anyone wanting to vote in any country.
He starts with how prices, supply, and demand interact which is really basic economics and applies these principles to other aspects of economics such as labor, commodities shortages, housing prices, money supply, interest rates and international trade among others. Along the way he points out the unintended consequences of interrupting the signals that prices send in an economy.
Again, you don't have to agree with everything, but if you don't at least understand what is in this book you shouldn't be voting.
1 of 3 people found the following review helpful:
 Interesting read..., 2008-05-28
Mr. Sowell does an excellent job of writing. Also, he does outline some very interesting conditions backed by compelling argument as to their roots. I admit I was rather far along in this book before it hit me. Mr. Sowell has an agenda. Mr. Sowell has political views that manifest themselves in his problems and solutions. For the record, I agree with some of his points on the downsides of communism and socialism. I am currently torn between advocating a 100 percent capitalist society or some sort of hybrid. I also agree with Mr. Sowell's depiction of politicians and their blind ambition and EXTREME lack of foresight. What I do not agree with is Mr. Sowell's obvious beliefs that money solves everything and any policy that encourages economic growth should be embraced at any cost.
At the risk of being unfair by taking a small snippet of an entire book to prove my point (or look dumb by doing so and proving nothing), at one point Mr. Sowell suggests that Poland's economic health can be assessed by the fact that as of 2005 only two percent of purchases in Poland were made with a credit card (among other indicaters). How is that indicative of any fundamental economic deficiency? I understand the need of foriegn countries to adapt sophisticated financial/banking tools and policies used in more "advanced" countries. Immatation can lead to success. I do beleive though that there could be an aurgument as to the "value" of credit cards as a viable economic tool. Such ramblings of economic theory should not be presented as well known, proven economic fact. This is but one example of how, at times, objectivity is lost and Mr. Sowell's opinions become clear. This is a good book for those interested in studying the different economic theories and philosophies that exist.
In response to above: You don't have to agree with everything, but if you don't at least understand the basic principles of how people's opinions and bias can be reflected in their writings, you shouldn't be voting...or reading for that matter.
1 of 1 people found the following review helpful:
Knowing what leads to what in economics, 2008-05-27
Sowell describes fundamental principles in language that anyone who has earned a high school degree can understand. He illustrates the principles with clear and compelling examples. The book contains a wealth of information that explains why good intentions so often lead to bad results in economic matters such as rent controls and "excess profits." The 3 chapters in Part I Prices and Markets are worth the price of the book. There is a priceless sentence on page 544: "...no listing of economic fallacies can be complete, because the fertility of the human imagination is virtually unlimited." Sowell provides further examples of this fertility in his other books, especially "Applied Economics" and "Economic Facts and Fallacies." If I were to make a list of the top 10 books an educated person should cherish, Basic Economics would be on the list.
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