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Thomas Sowell

Basic Economics Hardcover – December 2, 2014

by Thomas Sowell (Author)

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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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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 ‏ : ‎ 2.13 pounds
Dimensions ‏ : ‎ 6.5 x 2.13 x 9.5 inches

Best Sellers Rank: #4,800 in Books (See Top 100 in Books)
- #1 in Political Economy
- #1 in Libertarianism
- #1 in Economic Conditions (Books)

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Top reviews from the United States

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mathematician

Intelligent, insightful, but unbalanced

Reviewed in the United States on October 11, 2018

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Not really an introduction to economics but more like a presentation of a point of view on economics. I enjoyed and learned a lot from this book. His arguments of the dangers/pitfalls of government regulation and interference in the market are convincing and insightful. Unfortunately, this is not a balanced book, but rather one with an agenda of promoting his own point of view. As such, he only presents facts which support his case, mostly omitting anything which would go against it. For example, no mention that historically government regulation has stopped children from working long hours in dangerous factories, or stopped lead in gasoline from poisoning communities. If you accept that "some" regulation in markets is necessary for society, then he doesn't do a good job in explaining what an effective regulation would be. From his arguments I can only surmise that he does not want any government involvement at all. I also don't agree with the perspective that everything in society can be interpreted as a "market", including for example education. Unfortunately in today's climate people seem to take to the extreme. It should be possible to understand and acknowledge a variety of points of view in a complex world, but this book does not present such a balanced perspective. For this reason, I would recommend the reader to think critically while reading and not just accept everything he says as the final word.

434 people found this helpful

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Carlton Michael Simmons Jr.

This book was one of the main reasons why I no longer support Bernie Sanders and now a market anarchist.

Reviewed in the United States on September 21, 2017

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Very well written and informative. It showed me just how wrong I was about how the economy functions and what Capitalism truly is. I realized that all of the policies I supported only felt good, didn't address the true causes of problems, and would exacerbate them.

261 people found this helpful

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K. Wolf

A must read for literally everyone. Everyone. Everyone.

Reviewed in the United States on February 26, 2018

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Many of the other 5 star reviews explain better in words than I could just how profoundly important, yet easy to read, this book is. My only contribution to these reviews is to say that I see this book as being like "Freakonomics for grown ups". It offers excellent insight into economic phenomenons with relatable examples, without simply scratching the surface of the implications of such, as Freakonomics does.

Basic Economics has mass market value without obvious mass market appeal. A must read for literally everyone. Everyone. Everyone.

177 people found this helpful

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George Willikers

Proof You Shouldn't Judge a Book by its Cover

Reviewed in the United States on January 16, 2015

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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. Sowell explains why increasing the price an employer must pay his employees--though put into law for benevolent reasons--can have unintended bad effects, like an increase in unemployment. He also explains why, for similar reasons, rent control decreases the quality of apartment buildings, or why lowering the price of gas can cause a shortage.

This 5th edition of Basic Economics includes a new chapter on international disparities in wealth. An insightful chapter, Sowell explains why some countries enjoy luxury while others suffer poverty, pointing to such commonly overlooked factors as geography and culture. Another addition is that this book ends with a section of questions covering important economic issues. If you don't know the answer to a question, it tells you where in the book you can find it. This is especially helpful for someone forgetful like me, who must regularly return to refresh on economics. It's also helpful for quizzing yourself to see how well you understood the information.

To say that Sowell's books have boring covers and titles is an understatement. But they provide strong evidence for the claim that "you shouldn't judge a book by its cover." I recommend this book as a must-read to everyone, not just to aspiring economists. (I also highly recommend Henry Hazlitt's Economics in One Lesson.) However, I would be remiss if I did not include in this review any drawbacks, and there's a big one. Basic Economics will leave you more pessimistic for your country than before you opened it.

612 people found this helpful

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Top reviews from other countries

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mister tom

Basic Economics, oder: Was jeder Mensch über Ökonomie wissen sollte!

Reviewed in Germany on September 18, 2018

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(Zum Zeitpunkt der Rezension las ich 50% des Buches;
Negatives kommt am Ende zur Sprache)

Das Buch wurde von Thomas Sowell, der in den 1960ern als Schwarzer an Harvard studierte, und die affirmative actions aufs schärfste verurteilt, geschrieben! Alleine das ist Grund genug das Buch in die Hand zu nehmen.

Sowell erklärt sehr genau (teilweise zu genau) wie die Wirtschaft funktioniert, bzw. wie sich verschiedene Eingriffe des Staates in die Wirtkschaft auswirken. Er zeigt mit einer unglaublichen Anzahl an Beispielen aus den verschiedensten Teilen der Welt und zu unterschiedlichsten Zeiten, wie das Prinzip von Angebot und Nachfrage bis ins Detail funktionieren.
Man merkt ihm dabei an, dass er seine Theorien nicht auf Ideologien basiert, sondern auf Beobachtungen des Marktes.

Ein Beispiel: Mietpreisdeckelung. Es hat mich zutiefst erstaunt, wie Sowell mit Beispielen erklärte, dass eine staatlich verordnete Mietpreisbremse mehr negative Konsequenzen nach sich zieht, als wenn man den Markt freie Hand lässt.
Noch mehr erstaunte mich, dass alles was er über Mietpreisdeckelung in seinem Buch vorhersagt 1:1 in Wien beobachtbar ist!
Wenn ein Staat die Mieten deckelt passieren mehrere Dinge:

1. Bauträger nehmen Abstand vom Bau neuer Immobilien, da der Immobilienmarkt einen der langsamsten Umschlagraten hat, Kapital also tröpfchenweise (über mehrere Jahre und durch kleine Zahlungen (Mieten)) wieder reinbekommt. Deckelt man Mieten, dauert der Umschlag noch länger. Und Bauträger bauern entweder in anderen Gegenden (wo sie entsprechende Miete für ihre Leistung bekommen), oder sie bauen Eigentumswohnungen (wo sie das Kapital sofort wieder bekommen, und das verlangen dürfen, was die Wohnung wert ist).
Mittel- und Geringverdiener können sich Eigentumswohnungen nur schwer leisten. Zudem werden kaum neue Wohnungen gebaut und die Meite in bestehenden Wohnungen ohne Mietpreisdeckelung steigt.
Lässt man hingegen dem Markt freie Hand, steigen die Mieten, aber dadurch steigen auch die Neubauten, weil Bauträger sehen, dass sich in dieser Stadt mehr Gewinn durch Mieten erwirtschaften lässt, als wo anders. Es wird mehr gebaut. Der Markt sättigt sich langsam und die Mieten fallen wieder. Bis der Bedarf wieder steigt. Simples Gesetz von Angebot und Nachfrage.

2. Bestehende Wohnungen werden nur mehr an Menschen vermietet, die zuverlässig ihre Miete zahlen (können). Das heißt, dass man Nachweise über Einkommen vorlegen muss. Auch bevorzugen Vermieter höher Gebildete und höher Verdienende grundsätzlich, weil diese Gesellschaftsschicht am zuverlässigsten Miete bezahlt. Und diejenige, die eigentlich von der Mietpreisbremse profitieren sollten (Mittel- und Geringverdiener) bekommen erst recht keine Wohnung.

3. Wohnungen, die durch die Mietpreisdeckelung unrentabel werden, weil die Betriebs- Renovierungs- und Erhaltungskosten die Mieteinnahmen übersteigen, werden nichtmehr vermietet. Die Vermieter wollen verständlicherweise nicht ins Minus wirtschaften. Dadurch verfallen Häuser und Wohnungen, die von Mietpreisbremsen betroffen sind. Die Stadt Wien löst dieses Problem zum Beispiel durch Strafen auf Leerstand.

Warum werden also überhaupt Mietpreisdeckelungen von der Politik gefordert? Vassilakou forderte 2013 eine Miepreisdeckelung und Kern forderte sie 2018. Warum? Weil man mit dieser Polemik auf jeden Fall gutes politisches Kleingeld schlagen kann. Niemand zahlt gern Miete. Aber man sollte es als Service betrachten. Ich zahle schließlich nicht für ein Zugticket, weil ich keine Strafe zahlen will, wenn ich beim Schwarzfahren erwischt werde. Ich zahle für ein Zugticket, weil ich einen Service in Anspruch nehme. Aus dem selben Grund zahle ich auch gerne Miete, weil ich nicht auf der Straße schlafen will und dem Vermieter für seine Bereitstellung seines Wohnraumes an mich einen fairen Preis zahlen möchte.
Und das bringt mich zum letzten Punkt:

Sowell lässt sich in einem Satz gut zusammenfassen: The allocation of scarce resources with alternative uses.
Diesen Satz liest man alle paar Seiten einmal. Er wird zum Mantra. Das erste Mal habe ich ihn noch unterstrichen, aber weil ich ihn so oft las, ging er mir in Fleisch und Blut über.
Im Endeffekt geht es in der Wirtschaft um die Verteilung von begrenzten Resourcen, die auch andere Verwendungen haben.
Beispiel Wohnraum. Nicht jeder kann in der Haupstadt leben! Warum? Weil es nicht genug Platz für alle gibt. In einem marktwirtschaftlichem System regelt der (fluktuierende) Preis die Verteilung. Eine Wohnung auf der Kärtnerstraße ist nunmal teurer als eine Wohnung im 10ten. Weil die Nachbarschaft anders ist, weil die Lebensqualität anders ist, weil das Angebot unterschiedlich ist.
Eine Mietpreisdeckelung setzt mit einem Schlag alle Wohnungen auf das gleiche Preisniveau. Es ist nichtmehr der Einzelne, der mit seinem Geld abstimmt, sondern der Staat nimmt die Entscheidung, was eine Wohnung zu kosten hat, ab. (Hier lassen sich die sozialistischen Tendenzen der Abhanme von Verantwortung gut erkennen.)

Ein zweites (kurzes) Beispiel:
Ich las Marx' Kapital (in Auszügen). Er setzt den Wert von 1 Rock und 20 Ellen Leinwand gleich. Laut ihm kann man die Gleichung auch beliebig oft umkehren, also: 1 Rock = 20 Ellen Leinwand; und 20 Ellen Leindwand = 1 Rock.
Das stimmt aber mit nichten.
Sowell lehrt: Dem Käufer einer Zeitung ist die Zeitung mehr wert als der eine Euro den er Zahlt. Und dem Verkäufer ist der eine Euro mehr wert als die Zeitung.
Es gibt einen Moment des Profits, den Marx für gierig und ungerechtfertigt hielt (Denn warum soll ich mehr für ein Produkt zahlen, als es tatsächlich kostet?!), und Sowell für notwendig erklärt (Weil Gewinn/Profit Incentives sind um überhaupt Handel zu treiben!).

Insgesamt gehört Basic Economics zu den drei besten Büchern, die ich je gelesen habe und die absolut jeder Mensch einmal pro Jahr lesen sollte!
-Basic Economics; Thomas Sowell
-Explaining Postmodernism; Stephen Hicks
-Gulag Archipelago; Alexander Solschenytzin

Negatives:
Zwei negative Anmerkungen zu Basic Economics:
Erstens, es ist extrem lang und es wir repetitiv (aber nicht weniger spannend), vor allem auch, weil die Mechanismen großteils die selben bleiben. Aber man könnte das Buch gut auf ein drittel zusammenkürzen und hätte trotzdem das meiste abgedeckt.

Zweitens, Kapitalismus hat nicht überall seine Berechtigung. Ich würde zu Sowell ergänzen, dass Privatisierung überall positiv ist, außer in Quasi-Monopolen, wie Wasserversorgung, Stromversorgung, Universitäten, Schulen, Krankenhäusern, Straßenbau u.ä.
Ich bin schon sehr froh darüber, dass ich in Österreich gratis in die Schule und die Universität gehen kann, und nicht 100.000de Euro Schulden machen muss, um mir eine tertiäre Bildung leisten zu können.

Und trotzdem finde ich das Buch ein MUSS für jeden mündigen Bürger! Allein schon um die Mechanismen und die Konsequenzen des Marktes verstehen zu können.

100 people found this helpful

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Adam

This is the best book that you can read in your entire life.

Reviewed in the United Kingdom on December 13, 2020

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This is the best book that you can read in your entire life. It is depressing that some people cannot jump over their bias when it comes to writing the review.

Professor Thomas Sowell writes about economics in clear language and bases his claims on facts. He provides observations made by Karl Marx and Milton Friedman. He persuades that the society needs to start think things and find the distinction between what sounds good and what works. This book is the best gift for any concern citizen from the left or right. You cannot go wrong with Professor Sowell.

The book is printed on high quality paper, fonts are easily readable and cover is very solid. Looks distinguished. I highly recommend to purchase a hard cover as this book is fantastic for reference and will require re-reading after some time.

19 people found this helpful

Miss Jk Atwal

Five Stars

Reviewed in the United Kingdom on November 4, 2017

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This needs to be given to every 18 year old, the future of our economic prosperity depends on it.

56 people found this helpful

Lawrence Timme

My first economics book.

Reviewed in the United Kingdom on September 29, 2018

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This was my first book on economics and i have to say it does what is says on the cover. It is in plain English with not much technical language so it is easy to understand. it also builds everything up in a sensible order.

34 people found this helpful

Pete

Subversive

Reviewed in the United Kingdom on June 1, 2016

Verified Purchase

This is an utterly fantastic read. Should be required reading in schools, although doubtful. Is probably deemed subversive and dangerous by left leaning institutions, like a modern day version of the bible being written in English and not Latin.

Thomas Sowell is a hero of mine.

69 people found this helpful

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