Basic Economics 3rd Ed: A Common Sense Guide to the Economy (Hardcover)

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Key Phrases: greater physical scarcity, myths about markets, incremental substitution, United States, Basic Economics, Third World (more...)

Editorial Reviews

Review

"Clear and concise... Among economists of the past 30 years, (Sowell) stands very proud indeed." Wall Street Journal "Basic Economics is not only valuable for a general lay-person audience; it would also benefit lawyers, politicians, and yes, economists as well." Washington Times"

Product Description

This completely revised and updated third edition of Thomas Sowell's instrumental work includes a new chapter on government finance. Basic Economics is a citizen's guide to economics--for those who want to understand how the economy works but have no interest in jargon or equations. Sowell reveals the general principles behind any kind of economy--capitalist, socialist, feudal, and so on. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. With clear explanations of the entire field, from rent control and the rise and fall of businesses to the international balance of payments, this is the first book for anyone who wishes to understand how the economy functions.

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Product Details

• Hardcover: 640 pages
• Publisher: Basic Books; 3 edition (April 2, 2007)
• Language: English
• ISBN-10: 0465002609
• ISBN-13: 978-0465002603
• Product Dimensions: 9.4 x 6.2 x 1.8 inches
• Shipping Weight: 1.8 pounds (View shipping rates and policies)
• Average Customer Review: 4.4 out of 5 stars  See all reviews (74 customer reviews)
• Amazon.com Sales Rank: #2,419 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

103 of 114 people found the following review helpful:

5.0 out of 5 stars The one book to read for a good understanding of economics, June 11, 2007

By	J. Combs (Centreville, VA USA) - See all my reviews (REAL NAME)

This is simply the best book on understanding rudimentary economics available. This book takes a sophisticated subject and makes it very clear and understandable. While not as detailed as a textbook on the subject would be, it gets across the main theories of economics with real examples that can be understood and related to by almost anyone. This is simply the best and most readable source available to get a basic understanding of economic principles.

61 of 69 people found the following review helpful:

5.0 out of 5 stars Fascinating inquiry into a seemingly benign subject, June 7, 2007

By	oribiasi (Cleveland, OH USA) - See all my reviews

When one thinks of economics, one is typically confronted with the kind of malaise that Jimmy Carter once spoke of. However, Sowell's book is filled with concrete examples of how to apply some basic and interesting principles of economics in daily life, and he explains why these principles are so fundamental to our lives. I think all high-school graduates with any sense should read this before signing up for credit cards or getting a job, and certainly any college student looking for work as well. A fantastic read, which is certainly difficult to do when one is speaking about the economy.

37 of 41 people found the following review helpful:

5.0 out of 5 stars A "must read"...., August 23, 2007

By	DIY_Man "Guru" (Charlotte, NC USA) - See all my reviews

Everyone without a degree in Economics should read this book. This is a very easy and practical way to understand basic economic principles. Sowell is a master at making seemingly complex concepts into something very understandable by removing all the unecessary jargon and replacing it with real life examples we can all understand. I'e read this book twice. The second reading two years later than the first. I got as much out of it the second time as I did the first. I'll share this book around the family, but will definately be getting it back again.