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

by Thomas Sowell (Author)

145 customer reviews

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Basic Economics
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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.

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Editorial Reviews

Hardcover: 448 pages
Publisher: Basic Books; 2nd Edition edition (2003)
Language: English
ISBN-10: 0465081452
ISBN-13: 978-0465081455
Product Dimensions: 6.1 x 1.3 x 9.3 inches
Shipping Weight: 4.8 ounces (View shipping rates and policies)
Average Customer Review: 145 customer reviews
Amazon Best Sellers Rank: #243,676 in Books (See Top 100 in Books)
- #11792 in Books > Politics & Social Sciences > Politics & Government

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

May 23, 2018

Format: HardcoverVerified Purchase

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.

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Eugene Kasper

A great book - a real gift

March 31, 2001

Format: HardcoverVerified Purchase

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.

15 people found this helpful

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Economics based in the real world

September 7, 2004

Format: HardcoverVerified Purchase

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.

6 people found this helpful

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Important Book on a Critical but Much Neglected Subject

August 6, 2008

Format: HardcoverVerified Purchase

The basic principles of economics must be among the least understood principles to the average person today. Dr. Thomas Sowell does a great service by putting those principles into an exceedingly easy to understand book. He boils down the definition of economics as this: "the study of the use of scarce resources which have alternative uses." While on the surface a book on basic economics may seem dry, the author does a commendable job of making it easy to read. As others have said, this should be required reading for every citizen. (although some politicians may want you to remain ignorant of these principles) Understanding economics will help us to ensure this country remains free. Three cheers for Dr. Sowell and this book.

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Agee fan

Well-written, but not a textbook by a long shot

May 2, 2010

Format: HardcoverVerified Purchase

If you want to learn the basics of economics, then read some of the real textbooks, which passed thorough peer-review and which present balanced and reliable information. You can read summaries of chapters and sections of real academic textbooks, as they are written in lay language and will give you all the basics in under an hour. This book is mostly a libertarian manifesto and presents subjective views of the author. On the positve side, Dr. Sowell is an excellent writer and can explain complicated concepts in an easy and accessible language, without resorting to arcane academic terms.

5 people found this helpful

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Andrew B. Hopper

Reality Therapy for the Masses

July 21, 2001

Format: HardcoverVerified Purchase

This is one of Thomas Sowell's more cogent works, and it should form the basis for course on economics for every high school Senior. Sowell works very hard to explain technical matters without the use of graphs and formulas, sometimes to ill effect, but on the whole with clarity. His expose of popular fallacies is excellent, but falls far short of its potential. Many economists share Sowell's view of economic reality, and this book could use some of this outside support to keep those PC readers from dismissing this as the work of an out-of-step radical. Moreover, more hard statistical support is needed to illustrate the relative srengths of the various economic and political structures found throughout the world.
My major complaint, however, is with the fairly large number of obvious typographical errors found throughout the book.

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