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Thomas Sowell

Basic Economics A Citizen's Guide to the Economy Hardcover – January 1, 2003

by Thomas Sowell (Author)

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There is a newer edition of this item:

Basic Economics
$25.49
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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.

Print length

448 pages
Language

English
Publisher

Basic Books
Publication date

January 1, 2003
Dimensions

6.14 x 1.26 x 9.29 inches
ISBN-10

0465081452
ISBN-13

978-0465081455
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Product details

Publisher ‏ : ‎ Basic Books; 2nd Edition (January 1, 2003)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 448 pages
ISBN-10 ‏ : ‎ 0465081452
ISBN-13 ‏ : ‎ 978-0465081455
Item Weight ‏ : ‎ 1.7 pounds
Dimensions ‏ : ‎ 6.14 x 1.26 x 9.29 inches

Best Sellers Rank: #599,640 in Books (See Top 100 in Books)
- #9,993 in Economics (Books)
- #28,517 in Politics & Government (Books)

Customer Reviews:
185 ratings

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2 star		1%
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Joshua P.

Clear, concise, and relevant; a must read for millennials.

Reviewed in the United States on August 10, 2021

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The amount of information crammed between the covers of this book will help each reader to develop an accurate perspective of economics... and an understanding that economics is not simply the study of the market; trading of goods, and profit and loss (as at least one such simpleton once thought). I only wish that I had read this book 20 years ago. Many of the conclusions I’ve reached in my life through first-person observations, mistakes, and limited understanding, might well have been reached much sooner if I’d read this book years ago.

Dr. Sowell helps to clarify the complex topic of economics in a manner that even a moron can understand, and he does so without dumbing down it’s complexity. Sowell simply defines the subject of economics, presents the many variables which affect economics, and provide examples throughout history which help the reader to truly understand and develop their own processes by which to determine the effects which different actions may have on the economy under a variety of conditions.

I was so impressed, that I purchased “Knowledge and Decisions” (also authored by Dr. Sowell) as soon as I finished this book. By the way... K&D is superb as well; Sowell is brilliant.

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Di

Anybody interested in any of the social sciences needs a basic understanding of economics

Reviewed in the United States on May 23, 2018

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Anybody interested in any of the social sciences needs a basic understanding of economics and this book is a great way to get it. Most of the civil unrest we deal with in the world today is likely due to intellectuals postulating about society without regard for the dramatic effect the economic backdrop of a country has on the social experience.
When I am benevolent dictator of the world, a minor in economics will be required for entry into even the most basic of social science and social work courses.

5 people found this helpful

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Economics based in the real world

Reviewed in the United States on September 7, 2004

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Economics, like other fields of inquiry, has its basics and its advanced concepts. However, writers on the subject seem to have a lot of trouble making that distinction.

A physicist knows that first you explain the basics - the law of gravity, laws of motion, concepts of weight and mass, and so forth. Then, for those who really need to know, you go on to optics, relativity, quantum mechanics, etc.

Unfortunately, most economics texts insist on delving right into the equivalent of quantum mechanics. The result is both soporific and deceptive. It gives the reader the idea that this stuff is really too hard to understand except for "professionals". (I sometimes wonder if they're poor writers, or if they are just trying to set themselves above the masses.)

Sowell does the best job I've ever seen of explaining the basics in a lucid, engaging style. We're talking basics of supply and demand, why subsidies cause oversupply, while taxes and controls cause undersupply. Comparitive advantage and why free trade between nations helps both sides overall (though individuals may suffer).

I've seen reviews that blast this presentation as "biased". I think such criticism is misplaced. Economics is about what happens under various conditions, and doesn't pretend to make political or moral judgements about the outcome.

For example, economics says clearly that having a forced "high-risk" pool for automobile insurance causes distortion in the price of automobile insurance policies - some drivers end up subsidizing those with bad records. That's a simple prediction, akin to saying that if you drop a hammer, it will fall downwards, not hover or rise. It does *not* indicate whether or not such a pool is a good or bad idea. It just lets you know something about the costs of the law, and allows some cost-benefit analysis to see whether it's worth it (perhaps society comes off better because there are fewer uninsured drivers, for example).

Where Sowell does become impatient is when advocates of governmental intervention (read: liberals) fail to acknowledge the realities of economics. Many politicians and activists would really rather not look at the economic results of a policy, because it might turn out not to be such a stellar idea after all. Take rent control. By holding prices below market level, basic economics says it will cause supply to run under demand, thereby causing a housing shortage. That's not a moral judgment on rent control - it's just the way the market behaves. It's not being biased to point out that policies have economic costs. It's just reality.

If you are ready to gain a decent understanding of the basics, this is the place to get it. If you have an ideological ax to grind concerning how you think the economic world *ought* to work, instead of the way it does work, then you probably won't care much for this book.

14 people found this helpful

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Eugene Kasper

A great book - a real gift

Reviewed in the United States on March 31, 2001

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A great book, one that every educated person should read and understand. In only 350 pages Thomas Sowell provides the reader a very clear understanding of economics, money and banking, international trade and many other related subjects. He does this remarkable feat without using any math or charts. This book should be in every family's library. You can provide any high school kid a solid base for future learning and their personal prosperity by having them read this book and then discuss it with you.
The title is boring but the book is a real gift to all of us fortunate enough to read it and have it available as a reference. It is just amazing how much knowledge is available for $. I have taken many expensive courses in economics and finance both as an undergraduate and in a graduate economics program. This book covers most of the courses and then goes further.
I am recommending this book to everyone who wishes to better understand our society. It well deserves five stars and more. Thank you Thomas Sowell for a very fine book.

20 people found this helpful

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BC

Excellent starter book on Economics

Reviewed in the United Kingdom on April 30, 2001

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I have never been really interested in reading about Economics but a chance mention of the excellent writing by Thomas Sowell led me to select this his latest book. Once I started to read it I couldn't put it down. I think everyone who is capable of reading, especially politicians should study this book and learn from it. After reading and digesting the subject one wonders why we really need politicians. In fact I have reached the conclusion that we don't and that the only purpose of government is to grow and protect government. Politicians are needed to protect politicians and to create political jobs and so on forever regressing into a nightmare of escalating costs at the expense of those who actually create something of value.
The logic applied to the subject of price control is superb. He systematically destroys the argument that rent control creates low cost housing for everyone and goes on to demonstrate that time and time again it creates homelessness and housing shortages. Yet governments do it because it's popular with voters!!!
This book is easy to read and understand and I recommend it to anyone who is interested or inquisitive about the subject. Although Sowell refers mainly to the US economy, essentially it relates to any country where free market dynamics exist.

10 people found this helpful

Amazon Customer

Five Stars

Reviewed in the United Kingdom on March 4, 2017

Verified Purchase

Brilliant. He provides easy access to difficult ideas.

elliot wilson

great book, goes into great detail

Reviewed in Canada on December 5, 2017

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great book, goes into great detail. it's like a more in-depth version of economics in one lesson. provides many examples to highlight point and explains the general philosophy of the Chicago school of economics.

D. Hall

Economics can be exciting?

Reviewed in the United Kingdom on November 14, 2006

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I'm reading this book at the moment... i have been for some time, it is full of very useful information, but for some reason has failed to engage me. I know it contains much that i need to know, but it does not compel me to turn the pages.

Maybe i've been spoilt, reading a couple by Bill Bonner prior to this. Now he's funny! i was much more entertained than enlightened by Bonner's work, the reverse applies to Thomas Sowell's book.

(i think that's a compliment)

興津

外書講読にも

Reviewed in Japan on November 29, 2006

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　経済学の考え方を数式や図さえも使わず、論理を損なうことなく文章だけで解説していく。実際の国や企業（歴史上および現代）の様々な事例とともに、経済学の基本を学ぶことができる。

　扱う範囲は競争市場と独占・カルテル、労働市場、リスク、金融、公共経済、国際経済と幅広く、専門用語をあまり使わずに入門レベルの内容をカバーしている。

　比較的簡明な文章は大学の外書講読の授業にも最適だろう。全て文章なのでＣＤ版があり、リスニングの教材にするのも良い。

4 people found this helpful

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