Basic Economics: A Common Sense Guide to the Economy
The fourth edition of Basic Economics is both expanded and updated. A new chapter on the history of economics itself has been added, and the implications of that history examined. Among other additions throughout the book, a new section on the special role of corporations in the economy has been added to the chapter on government and big business.
Basic Economics, which has...more
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...more
Please note that, although this is not written in high academic prose, it is still not happy...more
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...more
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 i...more
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 -...more
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. Furthermore, economists now are scientists. They use scientific methods and d...more
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 disaster...more
I've long held a somewhat fuzzy understanding of economics— people buy things they want, companies make things for people to buy, people always want more than they could have, and so forth. What Basic Economics did was lucidly lay out the principles of economic behavior in a way that...more
As much as I enjoy learning about economics, I've been purposely working through a pile of book...more
This book contains enough knowledge, for an entry-level insight into economics. It is extremely well written, easy to understand and explains just about everything you need to know. It repeats itself slightly but only on major issues, so it has it's fact and point hammered in. It doesn't take side to any kind of political dogma, neither does it belittle the thinking and ideas behind the socialist economies of the former Soviet Union. In the first part of the book, it ev...more
"Soviet Russia did not have a free market. They all starved and it sucked. Notice how countries with free markets tend to do better? Notice how Soviet Russia sucked? An unregulated free market is the only way to avoid nuclear holocaust."
EVERY CHAPTER follows that same basic formul...more
Be warned - if you are not a supporter of free-market economics, you will disagree with much in this book, as the author ascri...more
"For those who are willing to stop and think, basic economics provides the tools for evaluating policies and proposals in terms of logical implications and empirical evidence."--This is the end which the book...more
Sowell is an excellent writer. His thoroughness might be a bit wearing on someone with little interest in the subject matter, but none of his theories or models are presented in a way that would be over the head of any average reader. That is not true of all his books (many of them academic work...more