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Title: Basic Economics: A Citizens Guide to the Economy, Revised and Expanded by Thomas Sowell ISBN: 0-465-08145-2 Publisher: Basic Books Pub. Date: 23 December, 2003 Format: Hardcover Volumes: 1 List Price(USD): $35.00 |
Average Customer Rating: 4.64 (73 reviews)
Rating: 5
Summary: I wish I had this book in college... Invaluable!
Comment: "Economics is the study of the use of scarce resources which have alternative uses."
From this simple premise, Dr. Thomas Sowell, one of the most analytically brilliant minds of the 20th century, explains a subject that has forever baffled and frustrated many a college student, government official, and your average layperson (present company included). Basic Economics: A Citizen's Guide to the Economy explains economics in a way that I have yet to see done anywhere else: in laymen's terms. No fancy graphs or charts - just an easily readable explanation of basic economic principles that everyone - even our political leaders - can understand.
Dr. Sowell uses historical and present-day examples to explain the basic economic principles of supply and demand, the role of prices, free-market competition, investment and risk, the role of business and government, and international trade. The book clearly explains how and why these principles work when applied properly, and the negative consequences when they are either applied improperly or not at all. Examples include the economies of socialist societies; examining why goods and services are more expensive on average in low-income neighborhoods than in the suburbs; the effects of rent control policies, minimum wage laws and protectionist trade restrictions; and how policies implemented during the Hoover and FDR years only served to unnecessarily worsen (and maybe prolong) the Great Depression.
Dr. Sowell brilliantly uses the former Soviet Union, a region of the world rich in natural resources and, thus, enormous economic potential, as the benchmark for the disastrous long-term economic consequences of policies implemented in a centrally planned (as opposed to a free-market) society. In numerous cases he shows that
"The Soviet Union did not lack for resources, but was in fact one of the most richly endowed nations on earth. What it lacked was an economic system that made efficient use of scarce resources. Because Soviet enterprises were not under the same financial constraints as capitalist enterprises... they were not forced to economize - that is, to treat these resources as both scarce and valuable in alternative uses."
Basic Economics encourages the reader to consider public policy issues in terms of the incentives created and their ensuing consequences, rather than their proclaimed goals. As the author points out, economics is not the study of the validity of such lofty social and moral goals as "affordable housing" or "a living wage." The reader will be in a position to examine the incentives and consequences of the actions taken in the name of these and other goals, as opposed to simply dwelling on how wonderful they would supposedly be if achieved.
Distinguishing between incentives and goals is particularly important when examining the political incentives of government officials. Dr. Sowell shows that most politically motivated laws and policies are not only devoid of even a basic understanding of economics, but can also lead to consequences far worse than either doing something "less popular" or doing nothing at all.
In the section dealing with international trade, Dr. Sowell explains why predictions that "a giant sucking sound" would accompany American jobs moving to Mexico in the wake of the North American Free Trade Agreement of 1993 (NAFTA) never came to past. I am not sure what sound goes with an increase in American jobs, including over 100,000 jobs created in the automobile industry over a six-year period, but that is exactly what happened after NAFTA went into effect. As the author points out, this should not have surprised anyone with a basic understanding of economics. International trade is not a zero-sum game; nations trade with each other because both parties expect to benefit.
The final section of the book examines common economic fallacies which, though they sound good, do not stand up to scrutiny. Examples include defining "non-economic values," the role of prices, and business and labor.
If there was ever a book available for public consumption that enables the average layperson to examine laws, policies and programs more objectively and critically (and less emotionally), thus becoming a more enlightened and better-informed citizen, Basic Economics is just such a book. Dr. Sowell has rendered a tremendous service to his fellow man.
Rating: 5
Summary: great intro to economics
Comment: Thomas Sowell is provides a basic introduction to the field of economics helping to explain key concepts in an easy to understand fashion that is easy to understand. I'm currently a college economics major and Basic Economics provides a good introduction to the field.
The book is split into seven sections-prices, industry and commerce, work and pay, time and risk, national economy, international economy, and popular economic fallacies. He ends each section with an overview of the topic and what he is trying to get at.
With prices, Sowell relates to issues of prices like surpluses, prices controls, shortages and its role in the distribution of goods and distribution.
With the section on industry and commerce, Sowell deals with how businesses have risen and fallen through time and why. He shows how centralized business models and state planning have failed because they fail to take into account place specific conditions and demands that decentralized plans can. He shows how the roles of profits and production costs play in business. He further shows how specialization of products help businesses cut costs and how outsourcing and buying certain inputs such as tires for cars from other companies as opposed to producing the inputs themselves can cut costs. He also looks at the role of government in industry such as anti-trust laws and regulatory commities
The next section is work and pay. In this section, Sowell looks at important issues of work and pay such as income distribution, pay differences, capital, labor, effeciency, and job discrimination. He also looks at controlled labor markets such as job securit, minium wage laws, and collective bargaining.
The next section is investments and speculation. Sowell deals with speculatin, returns on investment, risk and insurance. Such issues deal with are natural resources and country stability.
The next section is the natural output. In this section, Sowell looks at domestic influences on the economy such as the roles of money, a country's banking system, inflation/deflation, and law/order. This is an important area of the economy because it helps to determines personal property rights and the financial stabilityh of a country.
The sixth area is the international economy. In this sectin, Sowell looks at important topics such as free trade (and the different types of advantages-absolate, comparative...), tariffs and transfers of wealth (worker remittances, country-to-country investments...).
The last section, Sowell deals with popular economic fallicies such as non-economic values and prices and purchasing power (such as paying different prices for similar goods and the role of name brands).
Overall a great introduction to economics by Sowell
Rating: 4
Summary: Great book, but poorly edited
Comment: Having been confused for many years on economic matters by politicians and journalists, I found this book to be a breath of fresh air. It is well written, easy to understand, and has made many important issues clear to me.
Unfortunately, it is very poorly edited (i.e. it has lots of typos and grammatical mistakes), which is why I have only given it four stars. It is a bit like a new car with scratches all over the bodywork.
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Title: Applied Economics: Thinking Beyond Stage One by Thomas Sowell ISBN: 0465081436 Publisher: Basic Books Pub. Date: 11 November, 2003 List Price(USD): $30.00 |
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Title: Barbarians Inside the Gates: And Other Controversial Essays (Hoover Institution Press Publication, No. 450) by Thomas Sowell ISBN: 081799582X Publisher: Hoover Inst Pr Pub. Date: February, 1999 List Price(USD): $17.09 |
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Title: Economics in One Lesson by Henry Hazlitt ISBN: 0517548232 Publisher: Three Rivers Press Pub. Date: 14 December, 1988 List Price(USD): $11.00 |
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Title: Free to Choose: A Personal Statement by Milton Friedman, Rose D. Friedman ISBN: 0156334607 Publisher: Harvest Books Pub. Date: November, 1990 List Price(USD): $15.00 |
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Title: Capitalism and Freedom by Milton Friedman, Rose D. Friedman ISBN: 0226264211 Publisher: University of Chicago Press Pub. Date: November, 2002 List Price(USD): $13.00 |
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