Basic Economics is a citizen’s guide to economics, written for those who want to understand how the economy works but have no interest in jargon or equations. Bestselling economist Thomas Sowell explains the general principles underlying different economic systems: 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.
This fifth edition includes a new chapter explaining the reasons for large differences of wealth and income between nations.
Drawing on lively examples from around the world and from centuries of history, Sowell explains basic economic principles for the general public in plain English.
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Proof You Shouldn’t Judge a Book by its Cover What sets Thomas Sowell apart from many economists and intellectuals is his ability to present complex ideas with both clarity and simplicity. As he himself once noted, “If academic writings were difficult because of the deep thoughts involved, that might be understandable, even if frustrating. Seldom is that the case, however. Jaw-breaking words often cover up very sloppy thinking.” For Sowell, economics is no exception.In Basic Economics, he reminds you that economics is…
A must read for literally everyone. Everyone. Everyone. Many of the other 5 star reviews explain better in words than I could just how profoundly important, yet easy to read, this book is. My only contribution to these reviews is to say that I see this book as being like “Freakonomics for grown ups”. It offers excellent insight into economic phenomenons with relatable examples, without simply scratching the surface of the implications of such, as Freakonomics does.Basic Economics has mass market value without obvious mass…