Applied Economics: Thinking Beyond Stage One
Applied Economics is an accessible guide to how our economic decisions develop. It explains the application of economics to major world problems, including housing, medical care, discrimination, and the economic development of nations, illustrating with examples from around the world. This new, expanded edition has been updated to address economic questions that are partic...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 effects of certain polici...more
"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 3.9 million heads of household...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 boring too.
Oh well. The in...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 the line. Too...more
Now that I've finished the book I can say this was well worth the re...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 use of both resources and f...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 scarce resources.
He shows that the failure to ask...more