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Basic Economics Hardcover – December 2, 2014

by Thomas Sowell (Author)

4.9 4,525 ratings

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The bestselling citizen's guide to economics

Basic Economics is a citizen's guide to economics, written for those who want to understand how the economy works but have no interest in jargon or equations. Bestselling economist Thomas Sowell explains the general principles underlying different economic systems: 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.

This fifth edition includes a new chapter explaining the reasons for large differences of wealth and income between nations.

Drawing on lively examples from around the world and from centuries of history, Sowell explains basic economic principles for the general public in plain English.

Print length

704 pages
Language

English
Publisher

Basic Books
Publication date

December 2, 2014
Dimensions

6.5 x 2.13 x 9.5 inches
ISBN-10

9780465060733
ISBN-13

978-0465060733
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Popular Highlights in this book

What are popular highlights?

Economics is the study of the use of scarce resources which have alternative uses.
Highlighted by 2,328 Kindle readers
There has never been enough to satisfy everyone completely. That is the real constraint. That is what scarcity means.
Highlighted by 1,726 Kindle readers
Economic policies need to be analyzed in terms of the incentives they create, rather than the hopes that inspired them.
Highlighted by 1,575 Kindle readers

Editorial Reviews

Review

“Clear and concise… Among economists of the past thirty years, Thomas 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…Thomas 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

“Basic Economics reveals in every chapter why Thomas Sowell is one of America’s greatest thinkers. It is must-reading for anyone who wants the truth about how the laws of economics govern so many of the events in our daily lives.”―Arthur C. Brooks, President, American Enterprise Institute and author of The Battle: How the Fight Between Free Enterprise and Big Government Will Shape America’s Future

“Basic Economics demonstrates Thomas Sowell’s ability to make economics understandable to a person who hasn’t set foot in an economics class. It’s a book rich with explanations and examples of everyday economics issues.”―Walter E. Williams, John M. Olin Distinguished Professor Economics, George Mason University

“The unyielding truths of economics befuddle social engineers of all stripes. Thomas Sowell, in exemplary fashion, strips the mystery from those truths, making them intuitive—even obvious.”―David Boaz, Executive Vice President, Cato Institute and author of Libertarianism: A Primer

“[Basic Economics, 4th Edition] covers the whole range of economic concerns…It eliminates the usual graphs and equations, presenting readable text instead that any reader might find convincing.”―Book News, Inc.

“Sowell’s volume [Basic Economics, 4th Edition] does a fantastic job in cultivating the reader’s ‘economic imagination’…[Sowell] does a masterful job in helping to fill in the process of economic adjustment that blackboard equilibrium analysis often leaves out.”―Choice

“Thomas Sowell's classic provides an engaging — and at times entertaining — crash course through economics and its application to public policy and personal finance…Sowell helps readers understand how economics applies to everyday life. It isn’t about revenue, profits, stocks and bonds, as much as it is about making choices…His language is eloquent, as well as accessible…Basic Economics is a useful guide for someone who wants to know more about how the business world operates and also how to interpret public policy proposals.”
―Deseret Morning News

“It [Basic Economics, 4th Edition] is also one of the most — if not the most — lucid, comprehensive and eminently readable overviews of economics fundamentals you are ever likely to encounter.”―Redstate (blog)

“A valuable book…Basic Economics is a comprehensive, yet understandable explanation of how economics works…Sowell presents economics in prose that is easily understood and engaging to read…Basic Economics is one of those books anyone wishing to be an informed citizen should read — and it is interesting enough to make enjoyable reading.”
―The Daily News, Galveston County Texas

About the Author

Thomas Sowell is a senior fellow at the Hoover Institution, Stanford University. He is the author of dozens of books including Charter Schools and Their Enemies, winner of the 2021 Hayek Book Prize. He is the recipient of numerous other awards, including the National Humanities Medal, presented by the President of the United States in 2003.

Product details

ASIN ‏ : ‎ 0465060730
Publisher ‏ : ‎ Basic Books; 5th ed. edition (December 2, 2014)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 704 pages
ISBN-10 ‏ : ‎ 9780465060733
ISBN-13 ‏ : ‎ 978-0465060733
Item Weight ‏ : ‎ 2.14 pounds
Dimensions ‏ : ‎ 6.5 x 2.13 x 9.5 inches

Best Sellers Rank: #5,909 in Books (See Top 100 in Books)
- #4 in Political Economy
- #5 in Theory of Economics
- #7 in Economic Conditions (Books)

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Should be in EVERY high school and home school curriculum.

Reviewed in the United States on February 9, 2024

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This book, and “The Thomas Sowell Reader,” are masterpieces of critical thinking, logic and practical economics. You don't need to be an expert to understand economics. Mr. Sowell delivers common-sense essays anyone can comprehend.

If you truly want to understand what works - and what doesn’t - in terms of economic policy, this easy to digest and thorough text from the thoughtful and brilliant mind of Thomas Sowell is your ticket.

I highly recommend this comprehensive work, together with anything written by Ludwig von Mises as well as Henry Hazlitt's “Economics in One Lesson.”

Additionally, if you want your loved ones to get a dose of timeless, practical critical thinking in short, entertaining and thought-provoking essays on wide ranging topics applicable to events relevant anytime (even to right now), PLEASE pick up, read, gift, include in your curriculum, etc., “The Thomas Sowell Reader.”

One person found this helpful

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C. Wallace

Know Your Role

Reviewed in the United States on January 7, 2024

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Thomas Sowell never disappoints. Economic knowledge is important for us to know and Mr. Sowell always breaks it down in ways to understand.

2 people found this helpful

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Richard B. Schwartz

Pure and simply, a must-read.

Reviewed in the United States on June 29, 2020

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This is a superb introduction to Economics, written without mathematical symbols or equations. It is written for the general reader and should be accessible to any interested general reader. It is a doorstop at nearly 700 pp. but it reads quickly and holds the attention well.

TS begins with a single concept and plays it out in a multiplicity of contexts: resources are scarce and can be put to multiple uses. Wood can be used to make desks, paper, mulch, etc. Beginning with that notion he explores prices, markets, work, pay, time, risk, the national economy, international economy, and so on. He provides a brief history of Economics and even asks a set of questions that a teacher (particularly a home schooler) might utilize.

Beginning as a Marxist, TS studied Economics with Milton Friedman at the University of Chicago. He is a 'Chicago-style' economist as well as one of the country's top public intellectuals. A few of his key comments will indicate his general orientation. He is skeptical of governmental intrusions and controls and is quick to point out the fact that many intelligent and educated people have a way of forgetting the basic laws of economics. Economics is often called the 'dismal science' because it has a way of undercutting wishes and dreams that may ultimately be delusionary. Rent control is a prime example of a 'nice' idea that inevitably brings negative results. Two lovely comments from his summation at the end of the book:

"Invidious comparisons and internecine struggles are the stuff of social melodrama, which in turn is the lifeblood of the media and politics, as well as portions of the intelligentsia" (p. 633).

"Empirical questions are questions that must be asked, if we are truly interested in the well-being of others, rather than in excitement or a sense of moral superiority for ourselves. Perhaps the most important distinction is between what sounds good and what works. The former may be sufficient for purposes of politics or moral preening, but not for the economic advancement of people in general or the poor in particular. For those who are willing to stop and think, basic economics provides some tools for evaluating policies and proposals in terms of their logical implications and empirical consequences" (p. 634).

Since logic, reason and empirical argument are in particularly short supply these days, this fifth edition of a contemporary classic is particularly useful. Note that it adds a new chapter (Chapter 23) on international wealth disparities. It may just be the best chapter in the book, because it takes a subject on which we are endlessly harangued and approaches it by offering examples from across the globe and from the beginnings of history. This is characteristic of TS; rather than mucking about in simplistic controversy he offers material from across the social sciences, diluting the issues of their fiery (and often irrational) atmospherics and provides insights and examples from areas and times with which contemporary controversialists are often unfamiliar.

This is a must-read.

44 people found this helpful

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Richard I.

common beliefs put to the test against facts and come up grossly short

Reviewed in the United States on December 3, 2023

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Book's strengths for me: 1. A tremendous pleasure to read such that often I couldn't put it down (and read it in just 3 days; 2.clear and easy to understand; 3. Examines the common justifications for cultural-political-economic policies and beliefs against the easy to understand facts (eg, before and after historical facts across communities and nations, the plain clear statistical facts before and after various policy implementations based on erroneous justifications). incredibly eye-opening and a real indictment of the economics classes I took as an undergraduate at an ivy league university

8 people found this helpful

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Craig.E

Economic review

Reviewed in the United States on January 13, 2024

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Excellent to read

One person found this helpful

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Raymond

Great book

Reviewed in the United States on January 5, 2024

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Dr. Sowell is a national treasure

2 people found this helpful

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Amy Kroll

thanks

Reviewed in the United States on January 27, 2024

thanks

A Classic, And A Must Read for Anyone..

Reviewed in the United States on August 14, 2021

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..wanting to further their understanding of economics whether they're of introductory or advanced level. I have read all of Sowell's major works, and this was actually the first of his I ever read, so I decided to finally write a review for it. One of the main reasons I decided to write a review is because I noticed that a lot of the negative reviews on here can be very misleading for those looking to purchase this book, and probably used by those with an agenda as a means of deterrent in order to help preserve their ideological house of cards..

The foremost complaint I see from negative reviewers (as well as the top critical comment listed on the page) is that "not all government regulation is bad.." and that the "book doesn't go into explaining government regulation.." etc. (1) The book has an entire chapter entitled "Government Function", and Sowell does elaborate on necessary government regulation such as "external costs" and more. (2) If anyone wants to further advance their understanding of the "how" and "why" of economic function in a complex modern society (whether capitalist, socialist etc.), as well as a detailed analysis on government regulation, I HIGHLY RECOMMEND his landmark work "Knowledge and Decisions", which I consider to be his most profound alongside "A Conflict of Visions"..

Also, many of those that have reviewed negatively seemed to nitpick and criticize certain parts of an argument while disregarding the rest of the argument - rent control for example - that is further embellished upon and strengthened later on throughout the book. This leads me to believe that many of those complaining in this way did not read the entire book, and decided to set it down when they could not read past their emotions - especially when it comes to sensitive topics that are still in vogue. Others seem to say that this book is heartless, which completely misconstrues the purpose of why it was written: that forcing immediate results and/or political intention does not equal outcome and almost always leads to unintended and unwanted consequences. Again, the reader not looking past bias and allowing emotions to get in the way..

That said, this is perhaps Sowell's most popular work, as well as his greatest contribution to the world in that he is able to help the general population become economically literate in a way that has never before been achieved. He possesses a great gift for translating the most complex and abstract topics into logical and easy to understand language, which always manages to be entertaining and hard to put down. Highly Recommend.

20 people found this helpful

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Alexander

This book changed my life.

Reviewed in Canada on October 29, 2022

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I've been a marxist most of my life. Since 2015 or so, I started my transformation into more of a centrist as I kept learning more facts about reality leftism started making less sense. However, in 2020 I was introduced to Thomas Sowell and I became intrigued. Since I have already been lied to by leftists essentially my whole life, I didn't trust anything anyone told me and I started fact checking everything from him and for all the stuff I've been able to fact checked, it's turned out to be completely accurate. I'm impressed with how humble and thorough this man is. I am now a rightist, because as some people have said, the facts of life are right-wing and the more I learn, the more I realise this to be true. It was also relatable to know that Sowell also fell for the lies of Marxism/leftism for a big chunk of his life.

Basic Economics is the first book of Sowell's I read and the more books from Sowell I read the more I feel like I can see the code in the Matrix and really know how the world works.

18 people found this helpful

Sandra Cecilia García Farías

No tiene tablas, gráficas y pocos números EXCELENTE LIBRO incluso para los que no saben de economía

Reviewed in Mexico on September 21, 2021

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Este libro me convenció a iniciar a estudiar la carrera universitaria de economía, ha sido uno de los más influyentes en mi vida. La manera en la que el Dr. Sowell resume temas complejos, explicando la manera en la que distintos factores influyen en la economía hace que este libro sea bueno para casi cualquiera, sin importar tu conocimiento previo acerca de la economía.

3 people found this helpful

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A. M. FERN

Leitura obrigatória!

Reviewed in Brazil on September 2, 2021

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Leitura obrigatória! Sowell é um dos maiores pensadores vivos.

3 people found this helpful

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ranjupaulson

A book which even a layman can understand.

Reviewed in India on March 3, 2024

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A book on economics, written in a lucid style.

Mr. Trevor Morgan

No maths, just fluid prose

Reviewed in the United Kingdom on February 6, 2024

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I have a degree in economics.
This is the first text book I read from cover to cover and enjoyed the reading.
For the non economist this is a good reference book. Each chapter is a self contained essay on specific aspects of economics, no need to plod through it all.
There are no obscure diagrammes, no arkane calculus equations, no jargon terms known only to the anointed ones. It is all plain English written in a fluid prose style.
This book will still be in circulation decades from now.
Best economics book I have ever read.
Sowell is a master of his calling

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