Basic Economics

Thomas Sowell

Dec 2014 · Sold by Basic Books

About this ebook

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.

Ratings and reviews

Dr.Thomas Sowell, is a senior Hoover Institute-Fellow [a think tank] affiliated to the American elite institution called "Stafford University" in the State of California. Dr. Sowell is a prolific author of no less than dozen books, in the classical & contemporary respectively, economics, oriented gesturic venture. In his fifties [50] years, as a classical economist, had provided economic imperative & testimonies to the United States of American Congress regarding the American economic recession during the 1960's & his economic predictions salvaged a portion of American economic rebounded toward proactively & positivity fruition; based on his economic theory rational empirical data & information statistical evidences. Best Regards & Unequivocal Mentor. From: Anthony Offu.,Ph.D. Author & SWC Consultant.

I've enjoyed watching several interviews and other recordings of Dr. Sowell, and it's great to finally read a work of his. I can honestly say I was economically illiterate before reading this book. I'd spew some jargon I picked up somewhere, but didn't know the most basic concepts or see how they related. This book offers an excellent high-level view of how a market economy works, why it works better than alternatives, and how it's grievously misconceived, especially by policy-makers.

Best book I've ever read. Made me completely rethink my stance on issues like housing, income inequality, discrimination, education, healthcare, and many more.

About the author

Thomas Sowell is a senior fellow at the Hoover Institution, Stanford University. He is the author of dozens of books including Charter Schools and Their Enemies, winner of the 2021 Hayek Book Prize. He is the recipient of numerous other awards, including the National Humanities Medal, presented by the President of the United States in 2003.