Basic Economics 5th Edition

by Thomas Sowell (Author)

607 customer reviews

ISBN-13: 978-0465060733

ISBN-10: 0465060730

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In this fifth edition of Basic Economics, Thomas Sowell revises and updates his popular book on common sense economics, bringing the world into clearer focus through a basic understanding of the fundamental economic principles and how they explain our lives. 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.

Basic Economics, which has now been translated into six languages and has additional material online, remains true to its core principle: 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.

Basic Economics

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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

''At last there is a citizen's guide to the economy, written by an economist who uses plain English . . . A comprehensive survey.'' --Business Wire --This text refers to the Audio CD edition.

About the Author

Thomas Sowell is the Rose and Milton Friedman Senior Fellow at the Hoover Institution and has taught economics at Cornell, UCLA, and Amherst. Author of Intellectuals and Society and the classic Basic Economics, among others, Sowell lives in Stanford, California.

Hardcover: 704 pages
Publisher: Basic Books; 5 edition (December 2, 2014)
Language: English
ISBN-10: 0465060730
ISBN-13: 978-0465060733
Product Dimensions: 6.5 x 1.9 x 9.5 inches
Shipping Weight: 2.2 pounds (View shipping rates and policies)
Average Customer Review: 607 customer reviews
Amazon Best Sellers Rank: #8,544 in Books (See Top 100 in Books)
- #2 in Books > Textbooks > Business & Finance > Economics > Economic Theory
- #4 in Books > Business & Money > Processes & Infrastructure > Government & Business
- #15 in Books > Business & Money > Economics > Theory

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Top customer reviews

Proof You Shouldn't Judge a Book by its Cover

ByGeorge Willikerson January 16, 2015

Format: HardcoverVerified Purchase

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.

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LOGICAL, CONCISE AND VERY INFORMATIVE!!

Byluison August 25, 2015

Format: HardcoverVerified Purchase

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!!!

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All you ned to know about all you need to know

ByJohn Larrimeron February 19, 2016

Format: HardcoverVerified Purchase

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.

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but it will help in making better decisions in one's everyday life

By7% Solutionon October 20, 2014

Format: HardcoverVerified Purchase

Wow. Eye-opening. Dr. Sowell's magnum opus Basic Economics equips the reader with the tools to understand universal, everyday economic issues and concepts, and the U.S. and international economy at large. Anyone who cares about dealing with reality, and not being fooled by politicians (left, right, and in between), media and special interests, should read this book. Not only will it help one to understand more clearly what is going on in the world around them, but it will help in making better decisions in one's everyday life. A marvelous book and one of the best intellectual values out there in light of all the practical information and insight packed into 650 pages (excluding index).

(Also complementary to this book are Dr. Sowell's Economic Facts and Fallacies and The Housing Boom and Bust.)

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Easily the greatest book ever written if you want to understand how the world we live in actually works

ByAlanon February 15, 2016

Format: HardcoverVerified Purchase

This is easily the greatest book ever written if you want to understand how the world we live in actually works. I loved it, so I gave it to my 15 year old son and he also loved it. He says he learned more from this book than anything he ever learned at school (shocker!), and I have to admit I feel the same way, and I have an MBA. Literally everything can be explained through the lens of economics and once you've seen the light that Mr Sowell opens up you will always see the world differently. Thomas Sowell takes the complex and makes it simple. He boils down seemingly complicated patterns of human behavior in ways that will have you shaking your head in agreement, wondering how you didn't see it before. If you're thinking this book is too advanced or too technical, or likely to be boring....think again. It's fantastic! Thank you, Mr. Sowell!!!

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One of the best books I have read that explains economics

Excellent read. Covers a broad range of topics that touch our daily lives in straight-forward, understandable language.

Published 6 days ago by b losey

One of the best books I've ever read

One of the best books I've ever read. Interesting and yet immensely informative. There are so many good nuggets of information in here about brands and companies that I've grew...Read more

Published 7 days ago by booktay

Excellent

I want to hug this man. All the concepts are presented so clearly that anyone should be able to understand them and, as importantly, anyone should be able to see that these...Read more

Published 9 days ago by Jo

Five Stars

uncommon sense

Published 16 days ago by Andrew Anderson

It is a good choice

It is my first book on Economics. It sounds a bit repetitive sometimes but it is a good choice.

Published 16 days ago by Durval

Back to the basics

A well written intro to economics

Published 18 days ago by Pekka Hänninen

Five Stars

excellent read.

Published 29 days ago by Amazon Customer

Four Stars

It can be a bit wordy otherwise It's great

Published 1 month ago by Benjamin

The plot of the film feels very close to reality.

I like the hero. The filming technique is breathtaking. The film is too good to be true. The plot is exciting. The ending is not perfect, but I like it very much.Read more

Published 1 month ago by Benson

So these are not what I was expecting...but I love them!!

looks new though this set has been with me for a month now. high quality Super portable work Good value. it actually works...Read more

Published 1 month ago by Morton Holmes

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