Basic Economics: A Citizens Guide to the Economy, Revised and Expanded 
asked by trailrider on November 8, 2006 11:35 PM
Basic Economics has been written with the thought that learning economics should be not only a relaxed experience, but also an enjoyable one.
This is the revised and enlarged edition of a new kind of introduction to economics for the general public-without graphs, statistics, or jargon. In addition to being updated, Basic Economics has also become more internationalized by including economic problems from more countries around the world, because the basic principles of economics are not confined by national borders. While most chapter titles remain the same, their contents have changed considerably, reflecting the experiences of many different peoples and cultures.
Reviews
0%
0%
The best book on basic economics I've ever read. It's clear, succint and covers the subject better than anything I've ever read on the subject. It should be required reading in our schools and for anyone holding public office. Every voter should have a copy of it just to find out how far from economic reality many of our public officials really are. I have several other books by Thomas Sowell - all of them excellent in their insightfulness. His writing is "Plain talk, easy understood."
reviewed by csean85 on November 12, 2006 8:08 AM
0%
0%
Page 328:
"... For example, out of a worldwide total of $9 trillion in international bank loans and deposits in 2001, only about $700 billion went to poor countries-less than one percent. Out of $12 trillion in international investment securities, only about $600 billion went to poor countries, an even smaller fraction of one percent. ..."
I really enjoyed this book until I read this passage, now I'm doubting everything I've ever learned about math.
"... For example, out of a worldwide total of $9 trillion in international bank loans and deposits in 2001, only about $700 billion went to poor countries-less than one percent. Out of $12 trillion in international investment securities, only about $600 billion went to poor countries, an even smaller fraction of one percent. ..."
I really enjoyed this book until I read this passage, now I'm doubting everything I've ever learned about math.
reviewed by bulldogs on November 12, 2006 10:35 PM
0%
0%
Sowell's "Basic Economics" discusses several economic principles in easily-understood language, making the topic accessible to those without a background in the subject.
The book primarily discusses various economic arrangments and their effects from primarily a causal standpoint. The book does contribute a valuable dissection of value arguments in its chapter on "Non-Economic Values," but the rest of the book focuses on how arrangments work and what consequences arise from those arrangments, rather than explicitly advocating one set of arrangments over another (although it does make a very strong case for free-market arrangments as a whole, due to more beneficial overall consequences).
An example of how this causal focus is maintained can be found in the discussion of how honesty and trust reduce monitoring costs, and thus, transactional costs. Even though the reduced transactional costs caused by honest behavior amongst a group of participants argues strongly for increased honesty, Sowell doesn't explicitly advocate honesty but maintains his focus on showing how it affects economic arrangements.
Sowell does strongly criticize economic fallacies and those who promote them. This feature of this book will not endear it to people who do not want to think through the probable consequences of the political or social opinions that they hold. However, Sowell's criticisms do not descend to ad-hominem attacks, and are backed up with very detailed explanations, buttressed by both facts, logic, and history, for why fallacious arguments do not work. This logical dissection prevents the book from being a mere polemic of unproven assertions, as some of the reviewers on Amazon have insinuated.
Some of the historical examples that Sowell uses to explain his arguments are recycled from his other works, but given their applicability to the discussion of Economics, I can't fault him for including them in this book.
I highly recommend this book.
The book primarily discusses various economic arrangments and their effects from primarily a causal standpoint. The book does contribute a valuable dissection of value arguments in its chapter on "Non-Economic Values," but the rest of the book focuses on how arrangments work and what consequences arise from those arrangments, rather than explicitly advocating one set of arrangments over another (although it does make a very strong case for free-market arrangments as a whole, due to more beneficial overall consequences).
An example of how this causal focus is maintained can be found in the discussion of how honesty and trust reduce monitoring costs, and thus, transactional costs. Even though the reduced transactional costs caused by honest behavior amongst a group of participants argues strongly for increased honesty, Sowell doesn't explicitly advocate honesty but maintains his focus on showing how it affects economic arrangements.
Sowell does strongly criticize economic fallacies and those who promote them. This feature of this book will not endear it to people who do not want to think through the probable consequences of the political or social opinions that they hold. However, Sowell's criticisms do not descend to ad-hominem attacks, and are backed up with very detailed explanations, buttressed by both facts, logic, and history, for why fallacious arguments do not work. This logical dissection prevents the book from being a mere polemic of unproven assertions, as some of the reviewers on Amazon have insinuated.
Some of the historical examples that Sowell uses to explain his arguments are recycled from his other works, but given their applicability to the discussion of Economics, I can't fault him for including them in this book.
I highly recommend this book.
reviewed by noreason on November 18, 2006 1:57 AM