Basic Economics 3rd Ed: A Common Sense Guide to the Economy
by: Thomas Sowell
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This completely revised and updated third edition of Thomas Sowell's instrumental work includes a new chapter on government finance. Basic Economics is a citizen's guide to economics--for those who want to understand how the economy works but have no interest in jargon or equations. Sowell reveals the general principles behind anykind of economy--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 economyfunctions.
This completely revised and updated third edition of Thomas Sowell's instrumental work includes a new chapter on government finance. Basic Economics is a citizen's guide to economics--for those who want to understand how the economy works but have no interest in jargon or equations. Sowell reveals the general principles behind anykind of economy--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 economyfunctions.
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Customer Reviews
Average Rating:
Rating: 
- Unless you're in high school......ouch
If you are trying to pass high school economics, this book may give you some intuition as to the way of thinking required to pass the tests.
If you are actually trying to understand modern economic policy issues, especially in international trade/balance of accounts/monetary economics, you are better off lighting $40 on fire and getting a library card to the nearest research university.
Yes, Tommy, we know Communism sucks.It doesn't mean all regulation is bad, or ... Read More
Rating: - Too much Basic; not enough Economics
When I bought this book, I was hoping for, as the title promises, a basic foundation into the science of economics.Unfortunately, by the end of the first chapter, I despaired of receiving that, and by the end of the third, I had given up hope completely.I am a reader of Sowell's political columns and a fan of his philosophy, but this book simply does not provide a general enough basis in economic theory.
What it does do is provide example after example of why free markets are more ... Read More
Rating: 
- Required Reading For Anyone Over 13
Even though Mr. Sowell is a known Conservative, this book doesn't delve past economics 101. In fact, the "theories" put forth in this book are simple, basic economic FACTS. Which means this book is a great primer for Conservatives, and Liberals alike. What is sad is how many of us don't have even a basic grasp of these elementary, Universal economic principles. If more people just flipped-through this book (before voting, LOL), we would all be much, much better off. It's a must-read for anyone who ... Read More
Rating: - Basic Economics
Excellent book for a basic understanding of Economics. Mr. Sowell, as always, has insightful explainations that cut to the core of issues.
Rating: - Great book but......
I love this book but there is this nagging little thing... Mr Sowell is an economist and a supply sider, so he is working within a particular economic model. His observations are all correct and spot on but..... In light of the current recession/depression, it seems that we need a new "outside the box" way of thinking about economics. Too many people still subscribe to the same Milton Friedmann Chicago school or Keynesian school. I'm not saying Keynes or Friedmann was right, they're both valid. As ... Read More
- Unless you're in high school......ouchIf you are trying to pass high school economics, this book may give you some intuition as to the way of thinking required to pass the tests.
If you are actually trying to understand modern economic policy issues, especially in international trade/balance of accounts/monetary economics, you are better off lighting $40 on fire and getting a library card to the nearest research university.
Yes, Tommy, we know Communism sucks.It doesn't mean all regulation is bad, or ... Read More
- Too much Basic; not enough EconomicsWhen I bought this book, I was hoping for, as the title promises, a basic foundation into the science of economics.Unfortunately, by the end of the first chapter, I despaired of receiving that, and by the end of the third, I had given up hope completely.I am a reader of Sowell's political columns and a fan of his philosophy, but this book simply does not provide a general enough basis in economic theory.
What it does do is provide example after example of why free markets are more ... Read More
- Required Reading For Anyone Over 13Even though Mr. Sowell is a known Conservative, this book doesn't delve past economics 101. In fact, the "theories" put forth in this book are simple, basic economic FACTS. Which means this book is a great primer for Conservatives, and Liberals alike. What is sad is how many of us don't have even a basic grasp of these elementary, Universal economic principles. If more people just flipped-through this book (before voting, LOL), we would all be much, much better off. It's a must-read for anyone who ... Read More
- Basic EconomicsExcellent book for a basic understanding of Economics. Mr. Sowell, as always, has insightful explainations that cut to the core of issues.
- Great book but......I love this book but there is this nagging little thing... Mr Sowell is an economist and a supply sider, so he is working within a particular economic model. His observations are all correct and spot on but..... In light of the current recession/depression, it seems that we need a new "outside the box" way of thinking about economics. Too many people still subscribe to the same Milton Friedmann Chicago school or Keynesian school. I'm not saying Keynes or Friedmann was right, they're both valid. As ... Read More
