Basic Economics 3rd Ed: A Common Sense Guide to the Economy | 
 enlarge | Author: Thomas Sowell
Publisher: Basic Books
Category: Book
List Price: $39.95
Buy New: $22.35
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Avg. Customer Rating:  43 reviews
Sales Rank: 1071
Media: Hardcover
Edition: 3
Number Of Items: 1
Pages: 640
Shipping Weight (lbs): 2.2
Dimensions (in): 9.1 x 6.1 x 2
ISBN: 0465002609
Dewey Decimal Number: 330
EAN: 9780465002603
ASIN: 0465002609
Publication Date: April 2, 2007
Availability: Usually ships in 1-2 business days
Condition: Hardcover, 3rd Edition, 2007; Tiny rip on front DJ edge, otherwise brand new book!
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Product Description
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 any kind 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 economy functions.
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| Customer Reviews: Read 38 more reviews...
 Timely and in Great Condition October 3, 2008
The book was delivered timely and was in the exact condition as detailed in the description. I was pleased with this transaction.
A great economic treatise for non-economists September 28, 2008
This is a great general overview of economics for so-called "laymen" outside the field of economics. I have often consulted and referred others to this book, and I rely on it often.
I especially recommend Dr. Sowell's discussion of the "wealth disparity" between the rich and the poor. Dr. Sowell demonstrates how--for the most part--the rich and the poor in America are the same exact people, at different stages of their lives. Quite well written.
--Roger Roots
Very Informative on Economics September 19, 2008
1 out of 1 found this review helpful
I recently purchased this book to better my study in the field on economics. So far I've found the book very well developed. Thomas Sowell is obviously an economist in favor of free-market. Although the book does use the same concept as one would find in textbooks, for example being very specific, Thomas Sowell's gives a better perspective of what Economics really is. His work provides a LOT of examples based on the principles of economics. He does this by reflecting his knowledge to past human history. His examples are also very credible as they are data gathered from highly reliable sources. He provides information in a way that allows people of non-economic study to easily understand. The only problem that some consumers might worry about is that economic is after all a boring science. Obviously, this book is not for someone who neglects economics. To read this book, I suggest that one would already have some knowledge of how the economy works. But it is essential for more people to understand economics. Overall, the book will do just that; it is brilliant.
 Free Market Ideological Rant August 28, 2008
9 out of 24 found this review helpful
This extremely long "concise intro to economics" can be summarized in one sentence: Free market prices are good everything else is bad.
While I believe in free market prices for many markets, Sowell gives no distinction as to the type of market. For example, curing cancer, police, judges, fire departments, bookstores, candy shops are all the same and free market prices are the most efficient means of distributing these resources. Basically all economics is: all governments and economists do nothing and the world will prosper.
The jacket says that "Sowell has thrown out graphs, statistics and jargon." What Sowell has replaced facts and statistics with is anecdotes. Endless (many hours - 15 CDs in the audiobook) of anecdotes. Always anecdotes of where he feels the free market has worked and never anecdotes (like the great depression or the recent Bear Sterns/Mortgage crisis where they went out of control).
While many of his anecdotes seem reasonable; many are ridiculous. He claims the UK's socialized medicine is more inefficient than the US because one 12 year old girl got a breast implant in that system. While failing to mention that the United States is the only wealthy, industrialized nation that does not ensure universal coverage. Or that the U.S. spends the most on pharmaceuticals per capita in the world. Or that the World Health Organization (WHO) in 2000 ranked the U.S. health care system first expenditure per capita, but 37th in overall performance and 72nd by overall level of health (among 191 member nations included in the study).
Sowell also claims that the effects of rent control on damaging a city are worse than bombing that city. What? I'm sure people in Dresden, Hiroshima, Nagasaki would agree. Of course, he doesn't back this up with anything and it would be very easy to come up with counter anecdotes where bombed cities were much more devastated than rent controlled cities.
Basically, Sowell's "concise intro to economics" is a bunch of anecdotes that are "empirical evidence" that free market capitalism is good everything else is bad. He does not discuss 30 years of world prosperity after WW2 under "socialist" economies. He does not discuss whether/why all markets would be the same. He does not discuss the externalization of costs. He does not discuss things like the computer, the internet or nearly every drug in existence which are the direct result of government grants and were not initially developed in a "free market."
Overall a very one sided and incomplete view of free markets that does a disservice to free market believers because it gives the impression that they are ideologes rather than rational and empirical thinkers.
Thorough, informative, educational, engaging. Great book. August 24, 2008
2 out of 3 found this review helpful
If I ever meet Dr. Sowell I will shake his hand for writing this book. It's jam-packed with logic, reason, and numerous compelling -- IMHO irrefutable -- arguments for the importance of EVERYONE (that's right -- everyone) to understand economic theory. And like another reviewer wrote, this should be required reading for all politicians. Liberals would greatly benefit from this book too -- I doubt they'd be liberals much longer if they actually understood it. Basic Economics is a classic must-read. If it's length and level of detail are daunting to you, I recommend first starting with Naked Economics by Charles Wheelan (another outstanding book on Economics).
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