Basic Economics

Basic Economics

by Thomas Sowell

Hardcover(Fifth Edition)

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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.

Product Details

ISBN-13: 9780465060733
Publisher: Basic Books
Publication date: 12/02/2014
Edition description: Fifth Edition
Pages: 704
Sales rank: 50,484
Product dimensions: 6.50(w) x 9.40(h) x 2.40(d)

About the Author

Thomas Sowell is a Senior Fellow at the Hoover Institution, Stanford University. He is the author of dozens of books and the recipient of various awards, including the National Humanities Medal, presented by the President of the United States in 2003.

Table of Contents

Preface     vii
What is Economics?     1
Prices and Markets     9
The Role of Prices     11
Price Controls     38
An Overview     62
Industry and Commerce     87
The Rise and Fall of Businesses     89
The Role of Profits-and Losses     108
Big Business and Government     138
An Overview     162
Work and Pay     181
Productivity and Pay     183
Controlled Labor Markets     207
An Overview     237
Time and Risk     255
Investment and Speculation     257
Risks and Insurance     282
An Overview     307
The National Economy     323
National Output     325
Money and the Banking System     342
Government Functions     364
Government Finance     393
An Overview     419
The International Economy     431
International Trade     433
International Transfers of Wealth     457
An Overview     480
Special Economic Issues     493
Myths about Markets     495
"Non-Economic" Values     518
Parting Thoughts     544
Questions     553
Sources     569
Index     615

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Basic Economics 5 out of 5 based on 0 ratings. 2 reviews.
Anonymous More than 1 year ago
Excellent and readable step-by-step introduction to economic thinking with an emphasis on real life examples of how intentions and results can be widely divergent. Deliberately downplays mathematical terminology and treats economics as the verbal and social science of human behavior and choices that it actually is.
Anonymous More than 1 year ago
This book should be required reading by every public official in the US. Dr. Sowell is just brilliant.