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Basic Economics: A Common Sense Guide to the Economy Hardcover – April 3, 2007

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Thomas Sowell (Author)
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4.7 out of 5 stars 552 customer reviews
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Product Details

  • Hardcover: 640 pages
  • Publisher: Basic Books; 3rd edition (April 3, 2007)
  • Language: English
  • ISBN-10: 0465002609
  • ISBN-13: 978-0465002603
  • Product Dimensions: 6.1 x 1.6 x 9.2 inches
  • Shipping Weight: 1.8 pounds
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (552 customer reviews)
  • Amazon Best Sellers Rank: #49,084 in Books (See Top 100 in Books)

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5.0 out of 5 starsProof You Shouldn't Judge a Book by its Cover
By George Willikers on January 16, 2015
Format: Hardcover Verified Purchase
What sets Thomas Sowell apart from many economists and intellectuals is his ability to present complex ideas with both clarity and simplicity. As he himself once noted, "If academic writings were difficult because of the deep thoughts involved, that might be understandable, even if frustrating. Seldom is that the case, however. Jaw-breaking words often cover up very sloppy thinking." For Sowell, economics is no exception.

In Basic Economics, he reminds you that economics is the study of the use of scarce resources which have alternative uses. And with this fundamental truth in mind we see a master expositor at work. He derives many economic principles from this easily forgotten fact, offering you real-life examples along the way. This book was, of course, written for the layman. In fact, no prior knowledge of economics is needed before you read it. Yet the book is of such breadth and depth that economist Dr. Walter Williams says "it provides an understanding of some economic phenomena that might prove elusive to a Ph.D. economist."

As you read and become familiar with how Sowell thinks, you will yourself begin to think like an economist. You will learn to judge policies not by their proposed goals, but by the incentives they are likely to create, which may have the opposite effect of their intended goals. You will learn to think about not only a policy's immediate effects, but also its effects in the long run, and not only its effects to a specific group of people, but to everyone. In the process, many of your long-held cherished beliefs may be challenged.

Consider, for instance, minimum wage laws.Read more ›
1 Comment 106 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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5.0 out of 5 starsGreat upgrade to essential volume
By John R. Smith on January 3, 2011
Format: Hardcover
Basic Economics has become an institution in itself. With this, its fourth edition, the publisher offers the same great essential survey of economics with more examples and new material in the form of a chapter on the history of economics. If there was anything lacking in the first three editions, it was this general history of the study. The history is provocative and rings of new theories like that in Juggernaut: Why the System Crushes the Only People Who Can Save It.

In Basic, Sowell mainly addresses the various principles of economics through the problems and concerns of modern society such as the effect of price controls, the role of profits and losses, and international trade.

Altogether, Sowell covers some very complex and relevant topics. The theme that becomes clear upon reading this book, however, is that all of these issues have at their root very basic principles based on supply and demand, and the inherent risks of "unintended consequences" that stem from government intervention. As he states in the introduction, basic economics apply in many different kinds of economies--capitalist, socialist, feudal, and so on.

The upgrade over the 3rd edition is definitely worth the extra cost (this coming from someone who has read both). For anyone debating whether to add Thomas Sowell to their shelves, this would be a great start.
14 Comments 204 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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5.0 out of 5 starsBlows Away Any Other Book You Will Read On Economics - 5 Stars for CLARITY!!!!
By Richard of Connecticut on February 5, 2011
Format: Hardcover
There's a story Milton Friedman use to tell when he was the Nobel Prize winning Professor of Economics at the University of Chicago. He would say that an economist is a man that knows a thousand ways to make love, but has never been with a woman. The truth of this statement is embodied in just about every concept you will study in economics, and the people responsible for those concepts. It is as though they go out of their way to be as confusing as possible. They use language that only a fellow economist could hope to understand but probably doesn't.

This book by noted scholar Thomas Sowell seeks to DEMYSTIFY ECONOMICS, and it gets the job done very well. If you ever wanted to understand economics but could not get the job done, guess what? You now have your chance. This book is clear, readable, to the point, deep, logical, and gripping. You will never read the weekly jobs report or economic output release from the government in the same way again, what's more, you will understand it. We have all been involved with jargon. Some esoteric thinker lays a paragraph on you in such a way that you don't understand a word he is saying. It's all intentional. Here's your chance to get even. You read this book; it will be you laying out the economic concepts for your friends. Here's just a taste of what you will learn.

There are SEVEN distinct sections to the book. All of them will hold your attention. They are:

I Prices and Markets

II Industry and Commerce

III Work and Pay

IV Time and Risk

V The National Economy

VI The International Economy

VII Special Economic Issues

The author chooses his words in such a way as to make the topic highly readable.Read more ›
6 Comments 222 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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5.0 out of 5 starsThe one book to read for a good understanding of economics
By J. Combs on June 11, 2007
Format: Hardcover
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.
3 Comments 162 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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