Basic Economics 2nd Ed: A Citizen's Guide to the Economy, Revised and Expanded Edition
Thomas Sowell | 2003-12-24 00:00:00 | Basic Books | 448 | Popular Economics
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 the revised and enlarged edition of a new kind of introduction to economics for the general public-without graphs, statistics, or jargon. In addition to being updated, Basic Economics has also become more internationalized by including economic problems from more countries around the world, because the basic principles of economics are not confined by national borders. While most chapter titles remain the same, their contents have changed considerably, reflecting the experiences of many different peoples and cultures.
Reviews
... but a really enjoyable read for a former left winger like myself. After reading the one star reviews, I can imagine that this must be a painful read for collectivists of all stripes (but since I accepted personal liberty and laissez-faire free market principles, this book is a breath of fresh air).
A word of warning to liberals: Common sense practiced inside this volume!
Reviews
This book is a reality check for those who do not get economics - I.e. Most of our politicians. It is too bad it is not required reading for every high school or college student.
Reviews
If you want to learn the basics of economics, then read some of the real textbooks, which passed thorough peer-review and which present balanced and reliable information. You can read summaries of chapters and sections of real academic textbooks, as they are written in lay language and will give you all the basics in under an hour. This book is mostly a libertarian manifesto and presents subjective views of the author. On the positve side, Dr. Sowell is an excellent writer and can explain complicated concepts in an easy and accessible language, without resorting to arcane academic terms.
Reviews
If you're looking to learn the basics of economics then do yourself a favor and search for a good Macroeconomics 101 textbook used to teach college students. Do not buy a basic economics book written by a political commentator because what you'll get is political ideology masquerading as basic economics.
Each chapter of "Basic Economics" begins as a basic intro into a topic (wages, investment, banking, trade) but then segues into a very specific discussion about one political issue or another meant to promote the author's political leanings. Here are a few examples:
"Chapter 17: The Role of Government" - Starts off innocently enough with a discussion of the role of government in providing basic services but by the end of the chapter Sowell has segued into how environmental regulations hurt the economy because the public can't understand the cost-benefit analysis of those regulations. Environmental laws meant to discourage pollution are dismissed as misguided government interference.
"Chapter 13: Risk and Insurance" - Starts off discussing the importance of risk transfer to the economy through insurance but soon degenerates into an attack on Social Security as a failed goverment program that is nothing more than a national Ponzi scheme.
"Chapter 10: Controlled Labor Markets" - This chapter starts off discussing the role of labor supply and demand but quickly turns into an anti-union lecture about how terrible organized labor is.
This is not an intro to economics book, it's a very thinly disguised political text written by a conservative political author who happens to have a degree in economics.
Reviews
This is a very good book for those searching for a down to Earth look at the way everything is effected by economics.
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