This revised edition of Applied Economics is about fifty percent larger than the first edition. It now includes a chapter on the economics of immig...
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Jun 29, 2011
Bojan
rated it: 
Many political considerations have the underlying economic dimensions. In fact, probably every political decision has major economic ramifications. Unfortunately, it is not always easy to discern all of those ramifications and the consequences of those decisions that come up further down the road sometimes take time to manifest themselves. This book provides the reader with some basic tools of analysis in order to fully appreciate some of the major political issues of today. The main focus is on
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Nov 20, 2008
Jarrod
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Reinforces the idea that working hard in America leads to success. Like it or not, those who are poor or fail almost certainly made a series of wrong choices throughout their lives. There is simply too much opportunity in our country. Incentives are everything.
Memorable quotes:
"Even the top FIVE percent of households by income had more heads of household who worked full-time for 50 or more weeks a year than did the bottom 20 percent. In absolute numbers, there were 3 More...
Memorable quotes:
"Even the top FIVE percent of households by income had more heads of household who worked full-time for 50 or more weeks a year than did the bottom 20 percent. In absolute numbers, there were 3 More...
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Feb 06, 2011
Carla
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I remember reading several articles/essays/excerpts from Thomas Sowell in undergrad. He has the great ability of making economics accessible though his clear writing style and simple presentation of ideas. However, in this particular book, it was just that - the simplicity - that bothered me.
The whole premise of the book is that we should "think beyond stage one" and consider long-term effects of policies and practices. Sowell describes the (usually unintended) negative effec More...
The whole premise of the book is that we should "think beyond stage one" and consider long-term effects of policies and practices. Sowell describes the (usually unintended) negative effec More...
Jul 26, 2010
Lucas
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After chapter upon chapter telling of the counter-productiveness of government intervention in markets, the immigration section is entirely out of place. Apparently there's nothing wrong with heavy regulation and central planning in the case of workers wanting to cross borders. The lack of an appropriately weighty explanation for the inconsistency with the rest of the book casts everything else into doubt. Instead of a coherent and principled set of arguments, all the rest could be cherry pic
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Jul 15, 2009
Denise
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This book is a must read for understanding what is happening in the political arena with health care and a variety of issues that are threatening the economics of the free market. Stage one is where politicians and the people want solutions but there are three stages afterwards where the consequences follow. These consequences are what will destroy the effectiveness of the free market and the constraints put upon it by supply and demand and other economic principles. I loved his assessment of
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Mar 27, 2009
Doran
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While on vacation in southern California, I hit a Barnes & Noble in Costa Mesa to look for something to read and something for my wife's birthday. I was looking for a book I'd read about like New Deal or Raw Deal? How FDR's Economic Legacy Has Damaged America, but the store I was at seemed chock-full of books about President Barack Obama, Global Warming, what was wrong with the Republican Party, and not much of anything that would interest a conservative like me. I did find, however, this book:
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Dec 30, 2010
Michael
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The title _Applied Economics_ doesn't sound exciting, so I expected the text to read like a textbook. But the book was very easy to listen to and is filled with insightful, economic analysis about a whole range of topics (immigration, housing prices, commuting, slavery, drug prices, medical care, etc.).
The author's position is that the public and politicians need to think beyond stage one (i.e., the immediate future) and instead consider the effects of particular policies far down t More...
The author's position is that the public and politicians need to think beyond stage one (i.e., the immediate future) and instead consider the effects of particular policies far down t More...
Aug 28, 2010
Clifton
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Thomas Sowell does an amazing job revealing, the much ignored fact, that political decisions have (long term) economic consequences.
What one should be able to take from this book is that political decisions have a cost associated to them, but the difficulty lies in thinking beyond the decision itself and seeing the cost involved (realizing that "not all costs are [direct:] money costs").
I felt that the chapter on immigration did not flow well with the rest of the More...
What one should be able to take from this book is that political decisions have a cost associated to them, but the difficulty lies in thinking beyond the decision itself and seeing the cost involved (realizing that "not all costs are [direct:] money costs").
I felt that the chapter on immigration did not flow well with the rest of the More...
Jan 09, 2012
Ben
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This book explores the far-reaching and (mostly) unintended consequences of economic policy and other interventions in the free market. It is a very concise primer on economic policy decision-making, and Sowell explores the true costs and benefits of intervention in a way that is both readable and robust. The book can give any reader the basic economic literacy that is so lacking in in our society and (perhaps more importantly) our electorate. More advanced readers will also find plenty of artic
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Jul 02, 2010
Rob
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Sowell's ability to look at a topic objectively is powerful, and as I read this book I found myself also looking at the world around me through more objective eyes. He discusses topics that polite society refuses to even think about, and does it in a way that is engaging and thought-provoking. His prose is easy to follow, and his style is often funny but just as often ironic. The irony comes from the gullibility of humans, and he repeatedly shows how what we want, and what we get, are not the sa
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Dec 22, 2011
Tim
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I found this book to be a great introduction to free market economics. Sowell works by showing how seemingly solid legislation on economic issues tends to lead to damaging effects. For example stage one thinking says that legislating price controlls on medication to make them affordable sounds great and is easy to pass through legislation. But what is unseen is the millions of dollars a company spends to develop better drugs, and how they have to recoop that money by higher prices. By price cont
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Dec 29, 2009
Ben
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The subtitle of this book reveals its underlying theme: our decisions (economically and politically) should take into account their potential effects. When we act without thinking beyond stage one, the long-term effects can be more costly than the apparent short-term gain. I generally agree with Prof. Sowell's points of view, which seem to be of the libertarian/classical liberal ilk. Each chapter is devoted to applying multi-stage thinking to a specific subject matter--the mortgage crisis, im
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Jul 11, 2009
Nicholas
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Jun 11, 2008
Eric
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This book is vintage Thomas Sowell - clear, concise, logical, informative, and very boring.
Yes, boring. This reads more like a textbook. Sowell isn't trying to persuade anyone of anything. Education seems his goal.
I've read Sowell's columns for years in The Conservative Chronicle and they're great - witty, persuasive, and at times even fun. For some reason, that enjoyable style doesn't translate to his books. I've read a couple of his other books and thought they were bor More...
Yes, boring. This reads more like a textbook. Sowell isn't trying to persuade anyone of anything. Education seems his goal.
I've read Sowell's columns for years in The Conservative Chronicle and they're great - witty, persuasive, and at times even fun. For some reason, that enjoyable style doesn't translate to his books. I've read a couple of his other books and thought they were bor More...
Oct 11, 2010
I sampled the intro and the first two chapters on Kindle. This book looks like it is going to be more accessible than most of Sowell’s works, and it also seems to be non-partisan. He looks at the effects of economic policies regardless of party, critiquing policies of both Democrats and Republicans. He also notes that many of the Democrat policies that Republicans associate with long-term economic damage are actually policies that were begun under Republicans and only continued or expanded under
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Feb 14, 2009
Ger
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I read the updated version. Mr. Sowell takes the reader on a journey beyond shallow thinking to the results of a policy, law, or movement. It is clear that often the expected or intended results are not achieved, but rather something entirely different. Sometimes the very opposite results. Every student and citizen should read this book for an eye opening education on why what sounds good initially can be a disaster if we don't think beyond stage one.
Dec 07, 2008
Wayne
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A thought provoking book that gets just a bit tedious at times. Still a good book that I am glad I read. After the introduction and first chapter or two you could just choose the topics in which you have the most interest. I especially enjoyed the gun control and housing sections. The book explores the unintended or "stage two" or "stage three" consequences of political responses to problems and how those consequences aren't realized for years. By then the consequences a
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Nov 17, 2010
Jonathan
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Reminiscent of Henry Hazlitt's Economics in One Lesson, Thomas Sowell's Applied Economics centers around the premise that most economic mistakes stem from a failure to think beyond "stage one" or the immediate effects (or beneficiaries) of an economic policy. As I recall (though it's been several years since I read Hazlitt) this is more detailed than the former book. He has a detailed discussion on immigration patterns, geography and its economic consequences, and medical care among ma
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Jul 28, 2011
Michael
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This book really explore the core cause of the state of the current economy. From politicians offering band-aide solutions and making decisions solely to get themselves reelected to the failing notion of price controls that the government could institute in socialized health care to attempt to keep medical care costs down. A definite must read particularly along side of Capitalism and Freedom by Milton Friedman.
Dec 25, 2011
Matthew
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This is the third Economics book by Thomas Sowell that I have read this month. It is another expansion of some of the ideas started in his excellent "Basic Economics", and further outlined in "Economics: Facts & Fallacies". Although it's a good book, the expansion of ideas is pretty straightforward, so I'd still rank the Basic Economics text as the best of the bunch.
Aug 27, 2009
Lynn
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First Bastiat writes about what is seen and not seen, then Hazlitt expands this idea in Economics in One Lesson; now Thomas Sowell writes a contemporay explanation of these basic ideas in Applied Economics. All good economists think beyond stage one. Unfortantely "good" politicians don't, and they know most voters don't (see Bryan Caplan's, Myth of the Rational Voter).
Mar 12, 2010
Beau
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I've read this book twice and once on audio book. It's entertaining, educational and a must reference. Thomas Sowell is a great sources of information and his books stick with you. This is a great regular guy's field guide to the economy. That's high praise coming from me, the guy that had to take math in summer school every year.
Jan 22, 2010
Eric
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This is not a textbook; it is a well-reasoned and well-researched essay on how economics is applied to modern travails, from the housing credit crisis the development of nations.
Thomas Sowell identifies with the conservative Right, but I think this book is even-handed enough to be enjoyed by all in the spectrum.
Thomas Sowell identifies with the conservative Right, but I think this book is even-handed enough to be enjoyed by all in the spectrum.
Nov 11, 2011
"Applied Economics is full of...good sense-and serves as an excellent defense against the counterproductive promises of political candidates." - Wall Street Journal
Listen to Applied Economics on your smartphone.
Listen to Applied Economics on your smartphone.
Feb 13, 2011
After reading the reviews, I have my doubts but I put it on my 'candidates' shelf. My considering shelf. I don't think I'l agree or be convinced. But I expect it to be a reasoned point of view. But if he's just a right-wing mouth piece then it won't remain long in my collection.
Dec 05, 2009
Dwain
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This book forcefully fulfills its goal of showing that most of the fallacious economic arguments put forth by politicians, the media, and issue groups can be debunked simply by thinking beyond the immediate effects upon a single group.
Nov 15, 2011
Jerry
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Insightful wisdom on a smorgasbord of issues facing the US right now. The chapter on medical care is worth the price alone and would save us trillions if politicians read and understood it.
May 09, 2009
Lisa
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This is a very readable book about economics with a lot of real-life examples. The chapters about medical care and housing were especially relevant.
Apr 08, 2009
Daisy
rated it:
Recycling:
"prices play many roles in allocating time and effort, as well as goods and services, recycling, requires time and effort, and the incremental value of teh things being recycled may or maynot be worth the time and effort spent in salvaging them.
" all economic systems operate within the inherent constraint that what everyone wants adds up to more than they can possibly get. This means that all economic systems have to find ways of restricting and denying the More...
"prices play many roles in allocating time and effort, as well as goods and services, recycling, requires time and effort, and the incremental value of teh things being recycled may or maynot be worth the time and effort spent in salvaging them.
" all economic systems operate within the inherent constraint that what everyone wants adds up to more than they can possibly get. This means that all economic systems have to find ways of restricting and denying the More...
Jul 08, 2008
Francis
rated it:
I agree with those who proclaim that Sowell is a genius.
This book looks at "do gooder" solutions to perceived problems, and show why they invariably fail. Thus, countries to which we give "foreign aid" become poorer, affordable housing programs result in housing scarcity and price increases, minimum wage laws reduce employment and drive prices up,and various other topics.
He shows that the failure of most programs results from the misallocation of scar More...
This book looks at "do gooder" solutions to perceived problems, and show why they invariably fail. Thus, countries to which we give "foreign aid" become poorer, affordable housing programs result in housing scarcity and price increases, minimum wage laws reduce employment and drive prices up,and various other topics.
He shows that the failure of most programs results from the misallocation of scar More...
