Basic Economics: A Citizens Guide to the Economy, Revised and Expanded

by Thomas Sowell

book data

336 ratings, 4.20 average rating, 78 reviews (more data...)

rating	frequency	%
5		44%
4		35%
3		15%
2		3%
1		0%

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published

December 24th 2003 (first published 2000) by Basic Books

binding

Hardcover, 496 pages

isbn

0465081452 (isbn13: 9780465081455)

description

Basic Economics has been written with the thought that learning economics should be not only a relaxed experience, but also an enjoyable one.

This is

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10/05/08

Trevor rated it:

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 ...more

Like this review? yes (15 people liked it)

7 comments

01/04/08

Skylar Burris rated it:

bookshelves: economics

Read in September, 2008

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 ou...more

Like this review? yes (3 people liked it)

1 comment

01/22/09

Carli rated it:

Read in February, 2009

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 s...more

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11/15/08

Jarrod Jenkins rated it:

(review of isbn 0465002609)

bookshelves: nonfiction

Read in June, 2007

recommends it for: everyone

Thomas Sowell is a god. Basic Economics is informative and accessible. I'm a big fan of his writing style; it's clear and concise. This should be required reading not just for econ majors or business majors, but everyone.

Big ideas:
Economics is about trade-offs, not solutions.
Every policy or law has consequences, many of which are negative and unforeseen.
Capitalism is the least oppressive or racist system for allocating resources; very few people will refuse to pr...more

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07/24/08

Paul rated it:

(review of isbn 0465002609)

A good book covering what it says it will: Basic Economics - Prices and Markets, Industry and Commerce, Work and Pay, Time and Risk, The National Economy, and The International Economy. My favorite section is the last section of the book, Special Economic Issues, in which Sowell deals with "Myths about Markets" and the so-called "Non-Economic Values."

Myths include confusion about the "role of prices" and "different prices for the same thing" (...more

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02/05/09

Elyse Martin rated it:

(review of isbn 0465002609)

bookshelves: political-historical-or-economic

Read in June, 2008

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 ...more

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04/26/08

Gavin rated it:

Read in May, 2008

recommends it for: Everyone

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 more damage than good such as rent control, education subsidies, minimum wages, social security, "...more

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01/27/08

Joseph rated it:

(review of isbn 046508138X)

Read in April, 2007

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 resour...more

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02/11/09

George rated it:

Read in September, 2008

This book is a decent introduction to the alien concepts of the other half of the population who see everything in dollar amounts, numbers and the infinite anonymous interactions between people. Sowell promises at the beginning that he will relate these concepts to you without resorting to numbers, graphs, charts or math. He's pretty true to his word on that count. Instead, he uses everyday examples that involve things that most of us do without giving them much thought.

He establishes his man...more This book is a decent introduction to the alien concepts of the other half of the population who see everything in dollar amounts, numbers and the infinite anonymous interactions between people. Sowell promises at the beginning that he will relate these concepts to you without resorting to numbers, graphs, charts or math. He's pretty true to his word on that count. Instead, he uses everyday examples that involve things that most of us do without giving them much thought.

He establishes his mantra early on saying that an economy is the management of scarce resources that have alternative uses. This phrase is repeated throughout the book probably 75 times. The main point behind it is that the value of a resource varies depending on how scarce it is, what else it can be used for, and where the demand for the various uses is the greatest. While all of this seems pretty elementary, it's the examples in the book that illustrate the point in various ways that most of us never think about.

Those are the positive points of the book. I would also say that the more beneficial information is probably in the first 3/4 of the book because sadly and contrary to his own advice, the end of the book becomes quite political. He takes great care earlier in the book to keep politics out of his explanations, but as he approaches the end he attempts to synthesize everything that he has imparted to you into an attempt to convince you that his libertarian free-market capitalist views are free of the taint of politics that "the left", "liberals" or "intellectuals" seem to have a monopoly on.

I was disappointed that he squandered the opportunity to enlighten those of us who have little interest in economics as to it's true importance in daily life on the parting cheap shots against other institutions that have as much validity as private industry to be a part of our society. I am thankful that he at least kept this portion of his book at the end since I found the earlier chapters to be quite interesting and eye opening. But his attempt at political persuasion failed to move me as I have a natural and equal distrust of politicians, government and private industry.

If you're more to the left, you'll want to read this book guardedly, especially near the end. The book has value especially for lefties because it does make one aware of the importance of economics and raises awareness of how it really does affect you every day no matter if you want it to or not.(less)

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02/24/09

Bernie rated it:

Read in March, 2009

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 si...more

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12/03/08

Bertpass rated it:

(review of other edition)

bookshelves: business---econ, classics

Read in December, 2007

recommends it for: Any student before they enter college

This should be required reading for students or anyone wishing to understand the way economics works in a free society. In very plain language, Mr. Sowell lays out the way incentives work in free societies to meet the ultimate needs of humanity. He mainly describes the way scarce resources are distributed in the best way possible...by using pricing mechanisms and profits as enabled by a free market. He also spends quite a bit of time describing the reasons centrally planned economies are impossi...more

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05/29/09

Nathan rated it:

Read in June, 2008

I read 12 economics books over the summer of '08. This was the best. This is the book that I would recommend to someone without a background in economics that wanted a solid footing in the dismal science.
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 acad...more

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10/23/08

Nicholas rated it:

(review of isbn 0465002609)

bookshelves: economics, politics

Read in December, 2009

This review has been hidden because it contains spoilers. To view it, click here.

This is where to start. Sowell lays the foundation.

He explores many of the same themes as the other books.

Quotes:

"Economics is the study of the use of scarce resources which have alternative uses."

"But it is not something as man-made as a budget which constrains them: Reality constrains them. There has never been enough to satisfy everyone completely. That is the real constraint. That is what scarcity means."

"...more

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10/19/08

Brian rated it:

(review of other edition)

Read in January, 2009

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...more

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09/11/08

Mara rated it:

bookshelves: nonfiction

Read in October, 2008

I'm actually pretty sure I haven't read the updated version that I'm tagging here, so take the lower rating with a grain of salt--maybe Sowell has fixed some of the problems with his earlier work. As a basic economics text, though, the book is stellar and will wing you through every basic econ concept in clear, concise language and with solid real world examples. Sowell is definitely of the laissez-faire, free market economist variety and he doesn't try to hide it, but anyone looking for a funda...more

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01/16/08

Drew rated it:

bookshelves: non-fiction

Read in February, 2008

Its a very good look at how the free market economy works from an insider's perspective. Its the first such book I've ever read, and I must admit, its surprisingly persuasive. The theory behind the market is amazing. I have a lot more respect for the architects of the system. And it makes me feel guilty for writing some of the things I wrote so naively during my senior year.
The issue I had with the book, and ultimately the reason why I couldn't finish the last couple chapters, is tha...more

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04/25/08

Anthony rated it:

bookshelves: non-fiction, politics-political-thought

Read in April, 2007

Very educational. I have no doubt that many political and governmental philosophies would quickly fall out of favor, having been exposed for the unsustainable frauds they are, if more people understood the fundamentals of basic economics.

I would recommend this book for anyone who believes that (or wonders if) increased taxation, whatever the justification, results in increased prosperity for a government or it's people.

"Economics is a study of cause-and-effect rela...more

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02/24/09

Marcel rated it:

Read in February, 2009

Like many people of late, I have become increasingly concerned with the state of the economy. I chose this book because I am weak in the field of economics, having taken no business courses at all in college. I wanted a "primer" on the subject. This book fit that bill quite nicely. It encapsulates in a book that can be read easily in one sitting the basic priciples of economics in a manner that is easily digestible and understandable.

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02/09/08

Sam rated it:

bookshelves: read-and-recommend

Read in February, 2008

I found that trying to soak this book up all at once was not a good thing for me. I would read a chapter and ponder it a good while before I went on to the next one. I've been a fan of Sowell for quite some time now and fondly describe him as one of the smartest thinkers alive today. In this book a clear delineation is drawn between knee jerk policies and free market tendencies. When I was a kid I asked my Mom "Why can't everything just be free?" Probably in want of some dumb toy I'm s...more

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05/18/07

msondo rated it:

(review of isbn 046508138X)

recommends it for: people very aware of political bias and interested in economic theory

This book is extremely biased and seems more and more like an attempt to brainwash people into Sowell's way of thinking. Regardless, it's a great explanation of basic economic theory and is full of interesting examples. I intend on writing an extensive review and researching areas I find biased but the greatest problem I have with the book so far is the lack of context. For example, the book makes great efforts to convince the reader that price controls are always a bad thing and that price f...more

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"Economics is a study of cause-and-effect relationships in an economy. It's purpose is to discern the consequences of various ways of allocating resources which have alternative uses. It has nothing to say about philosophy or values, anymore than it has to say about music or literature." More quotes...