Basic Economics: A Common Sense Guide to the Economy 4th Edition

by Thomas Sowell (Author)

302 ratings

ISBN-13: 978-0465022526

ISBN-10: 0465022529

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Basic Economics
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The fourth edition of Basic Economics is both expanded and updated. A new chapter on the history of economics itself has been added, and the implications of that history examined. A new section on the special role of corporations in the economy has been added to the chapter on government and big business, among other additions throughout the book.Basic Economics, which has now been translated into six languages, has grown so much that a large amount of material in the back of the book in previous editions has now been put online instead, so the book itself and its price will not have to expand. The central idea of Basic Economics, however, remains the same: that the fundamental facts and principles of economics do not require jargon, graphs, or equations, and can be learned in a relaxed and even enjoyable way.

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Editorial Reviews

Review

“Clear and concise…among economists of the past thirty 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

“Basic Economics is a healthy main course disguised as a rich dessert. The expanded Fourth Edition now weighs in at well over 600 pages. Readers will celebrate the girth. Tom Sowell’s smooth writing, irresistible logic, deep knowledge and flawless economics make each page an explanatory treat to experts and novices alike.” —Thomas Hazlett,Professor of Law & Economics and Director, Information Economy Project, George Mason University

“Badly needed…. Anyone who has been subjected to biased and dreary economics textbooks should read Basic Economics as a bracing corrective.”—Claremont Review of Books

About the Author

Thomas Sowell l has taught economics at Cornell, UCLA, Amherst, and other academic institutions. He is currently a scholar in residence at the Hoover Institution, Stanford University. He has published in academic journals and in such popular media as the Wall Street Journal, Forbes, and Fortune, and he writes a syndicated column that appears in newspapers across the country.

Product details

Publisher : Basic Books; 4th edition (December 28, 2010)
Language : English
Hardcover : 786 pages
ISBN-10 : 0465022529
ISBN-13 : 978-0465022526
Reading age : 13 years and up
Grade level : 11 and up
Item Weight : 2.2 pounds
Dimensions : 6.5 x 2 x 9.5 inches

Best Sellers Rank: #199,854 in Books (See Top 100 in Books)
- #415 in Theory of Economics
- #633 in Economic History (Books)
- #1,277 in Economics (Books)

Customer Reviews:
302 ratings

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psychoinhell

It is more like drinking a fine wine or smoking an expensive cigar

Reviewed in the United States on January 27, 2016

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This took me forever to read! It is not that it is difficult to read or understand. It is more like drinking a fine wine or smoking an expensive cigar. You intentionally take your time to enjoy the knowledge that is being imparted to you, to fully absorb it.
Say what you will about that comment, I have a MBA and many of the concepts he share or shot down, should have been obvious to me. Yet I ignored what should have been common sense to believe what is propaganda that is repeated constantly until we are start to believe that 2 + 2 = 5.
Well Dr Sowell screams to remind you that it is 4.
Must have for anyone that hasn't taken economics to the graduate level.

43 people found this helpful

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luis

LOGICAL, CONCISE AND VERY INFORMATIVE!!

Reviewed in the United States on August 25, 2015

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The book is very good because it gets you to start analyzing things with a logical and economical mind set. Sowell makes complex subjects easy and accessible to the general public, with straightforward explanations, logical methods of thinking and analysis and clear and simple language. Sowell debunks many of the things that people believe to be true, such as rent control, minimum wage, price controls, etc... You get to realize that in economics intentions do not necessarily lead to results, that there are trade-offs, that there is an invisible side to the visible side, that one has to realize that in a world where there are scarce resources with alternative uses, where there are human incentives, and many other economic factors, talking about achieving certain results is not as easy as people would think and he gives many examples to show this (Soviet Union, price controls, minimum wage, tariffs etc..) This book is also great in that it shows you how senseless intellectuals, policy makers, politicians can be. It also shows you that government intervention in the economy is not desirable. This book is great, I'm glad I picked it up and read it, and recommended it to my friends. Sowell has a great mind. This book will either fix your logic or make it stronger. Truly A GREAT BOOK!!!

6 people found this helpful

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Julia

Good book for beginners

Reviewed in the United States on December 18, 2018

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Of all the books I have purchased about economics, this one explains better and clearer on how economics work as a system and how it affects a nation's and the global economy. It also helps me see better both the Republican and the Democrat approach to tackling our economic challenges specially around election time. It becomes clear to me that economics can never be free from political influence and conflict of interest abounds specially when a leader is purely transactional in his mode of operation and therefore world view. I come to understand better the relationship between oligarch, politics, legislation and the imperfect human nature.

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Robert Fately

Should be read by every politician

Reviewed in the United States on April 28, 2012

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This is an excellent book because it makes its case (for free markets) without any jargon or technical formulae; Sowell just points out the matter-of-fact commonsense of the concepts. I defy anyone with a left-leaning bent or from the "Occupy someplace" gang (or anyone at all, really) to point out some logical inconsistency or flaw in the points Professor Sowell makes here. Mind you, while Sowell is known as a conservative thinker, this book is not written with any language bias (as might be said of his "Vision of the Anointed") - he just points out what anybody who can think critically will understand easily.

In fact, if one doesn't want to read the entire book (this ain't no pamphlet) then reading the final chapter will give a sense of what Sowell is stating here - and the intrigued reader can then go back into the earlier chapters to get a better understanding of his points. But to those who are honest with themselves and don't blindly hold to an ideology, nothing in this book will come across as difficult to understand.

As I state in my review title, I believe if this book were mandatory reading for every elected official or at least taught in junior high school our citizenry would be far less swayed by the bogus declarations made by the former and our country would be better off.

4 people found this helpful

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John Larrimer

All you ned to know about all you need to know

Reviewed in the United States on February 19, 2016

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I cannot say enough about Dr. Sowell, who, in so many ways, is the man I wish I were. Many people have mastery of a subject, and can convey information about that subject. But he can convey UNDERSTANDING. I have undergraduate and graduate degrees in economics, and a law degree, but what I learned and UNDERSTOOD from this book put my formal education to shame. I am awed by the lucidity and insight of his writing, and the breadth of his knowledge. I am trying to read everything he has ever written, but he writes faster than I can read. Read this book, preferably two or three times, and you will have a Master's degree in economics, and an expanded vision of how the world works; or, all too often, doesn't.

3 people found this helpful

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Thomas C., Martin

An introduction to economics from a top flight professor -- the kind you always wished you had.

Reviewed in the United States on August 15, 2013

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I have owned a copy of Dr. Sowell's book for several years, and consider him one of the great teachers of all time. His columns and radio commentary have inspired me to great extents. I bought this book from Amazon as a gift to my grandson, who is an honor student and pursuing a career in finance and economics. He has been working as a life guard this summer at a gym pool, and spends his spare time reading the book, and is fascinated by it, particularly the easy style of writing which characterizes its author, an outstanding professor of economics and a champion of American capitalism. I have not found a better text for anyone beginning the study of economics, or wanting clarity to otherwise confusing or boring texts. I recommend it to anyone interested in studying economics or learning about it late in life.

6 people found this helpful

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jerseywithk

Logical, historical data driven.

Reviewed in the United States on March 26, 2019

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Wow. Doing what Sewell has done since 1970s. He makes very good points, presentation is easy to understand, based on established well known data in this book. Socialism BAD. Capitalism GOOD. Only thing recognize he's outside his territorial knowns is dealing with a "China" economy.
This fella should be in every President's cabinet.

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Top reviews from other countries

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Vladimir Weissman

Excellent. A "must read".

Reviewed in the United Kingdom on July 28, 2016

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The work of a master, both one of the best economists around, and a great professor, who knows how to explain economy to all kinds of readers.

5 people found this helpful

A. F. Lane

Great book

Reviewed in the United Kingdom on March 12, 2014

Verified Purchase

Worried it would be too high-brow but it is clear simple, concise, and well informed. So pleased I bought it.

J.J

DAS Buch über Wirtschaft

Reviewed in Germany on December 8, 2013

Verified Purchase

Es gibt mittlerweile dutzende oder gar hunderte Bücher die versuchen, wirtschaftliche Prozesse verständlich zu machen. Neben den Klassikern der großen Ökonomen finden sich auch kompaktere Ausgaben die angeblich besser zu verstehen sind. Auch hier gibt es einige sehr lohnenswerte Titel, dennoch kommt kein Buch auch nur annähernd an dieses Werk heran.
Solide Kenntnisse in Englisch vorausgesetzt, bietet dieses Buch eine Übersicht über wirtschaftliche Zusammenhänge, gespickt mit historischen Beispielen aus mehreren Jahrhunderten und Kontinenten.
Ohne schwer verständliche Sprache und Graphen.
Sowohl für Anfänger als auch für Studenten der Wirtschaftswissenschaften aus höheren Semestern ist dieses Buch empfehlenswert.

Ich habe wirklich viele Bücher über Wirtschaft gelesen; es sollten mittlerweile bestimmt an die 100 sein die sich explizit damit befassen. Wenn ich eines davon empfehlen sollte wäre es dieses.

Ganz klare Kaufempfehlung!

10 people found this helpful

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Eva Dahllof

Reviewed in Spain on January 10, 2015

Verified Purchase

Even if you have no former knowledge of economy, this is the book for you to start. Read it slowly to let the information sink in and you will find it fun and you get an insight of understanding of why and how the world looks like how it is today. I will also recommend the dvd "The Four Horsemen" as it helps to understand what the banks are doing with our savings.........

Leandro Cortiz

Economia pura e simples

Reviewed in Brazil on April 12, 2018

Verified Purchase

Com certeza esse livro é um divisor de águas para quem gosta de economia.

Quebrar os paradigmas e lugares comuns do economês de banca de jornal é sua principal função.

Um livro denso que explicita a realidade do que é economia.

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