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Summary: A very good primer
Review: This book was actually required reading for a course I took at George Mason University. The book is a fascinating look and introduction to the "dismall science". While this book was required reading for the course i took in college, it should have been required reading in the basic econ classes. Unfortunately, most college students graduate without even a base knowledge of economics. This book should be required reading for all. THe Law, by Frederic Bastiat should be required with this book.
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Summary: It's About Time
Review: It's about time someone wrote a direct, readable and enjoyable explanation of basic economics. This should be required reading in every high school. It will be for my boys.
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Summary: I wish I had this book in college... Invaluable!
Review: "Economics is the study of the use of scarce resources which have alternative uses." From this simple premise, Dr. Thomas Sowell, one of the most analytically brilliant minds of the 20th century, explains a subject that has forever baffled and frustrated many a college student, government official, and your average layperson (present company included). Basic Economics: A Citizen's Guide to the Economy explains economics in a way that I have yet to see done anywhere else: in laymen's terms. No fancy graphs or charts - just an easily readable explanation of basic economic principles that everyone - even our political leaders - can understand. Dr. Sowell uses historical and present-day examples to explain the basic economic principles of supply and demand, the role of prices, free-market competition, investment and risk, the role of business and government, and international trade. The book clearly explains how and why these principles work when applied properly, and the negative consequences when they are either applied improperly or not at all. Examples include the economies of socialist societies; examining why goods and services are more expensive on average in low-income neighborhoods than in the suburbs; the effects of rent control policies, minimum wage laws and protectionist trade restrictions; and how policies implemented during the Hoover and FDR years only served to unnecessarily worsen (and maybe prolong) the Great Depression. Dr. Sowell brilliantly uses the former Soviet Union, a region of the world rich in natural resources and, thus, enormous economic potential, as the benchmark for the disastrous long-term economic consequences of policies implemented in a centrally planned (as opposed to a free-market) society. In numerous cases he shows that "The Soviet Union did not lack for resources, but was in fact one of the most richly endowed nations on earth. What it lacked was an economic system that made efficient use of scarce resources. Because Soviet enterprises were not under the same financial constraints as capitalist enterprises... they were not forced to economize - that is, to treat these resources as both scarce and valuable in alternative uses." Basic Economics encourages the reader to consider public policy issues in terms of the incentives created and their ensuing consequences, rather than their proclaimed goals. As the author points out, economics is not the study of the validity of such lofty social and moral goals as "affordable housing" or "a living wage." The reader will be in a position to examine the incentives and consequences of the actions taken in the name of these and other goals, as opposed to simply dwelling on how wonderful they would supposedly be if achieved. Distinguishing between incentives and goals is particularly important when examining the political incentives of government officials. Dr. Sowell shows that most politically motivated laws and policies are not only devoid of even a basic understanding of economics, but can also lead to consequences far worse than either doing something "less popular" or doing nothing at all. In the section dealing with international trade, Dr. Sowell explains why predictions that "a giant sucking sound" would accompany American jobs moving to Mexico in the wake of the North American Free Trade Agreement of 1993 (NAFTA) never came to past. I am not sure what sound goes with an increase in American jobs, including over 100,000 jobs created in the automobile industry over a six-year period, but that is exactly what happened after NAFTA went into effect. As the author points out, this should not have surprised anyone with a basic understanding of economics. International trade is not a zero-sum game; nations trade with each other because both parties expect to benefit. The final section of the book examines common economic fallacies which, though they sound good, do not stand up to scrutiny. Examples include defining "non-economic values," the role of prices, and business and labor. If there was ever a book available for public consumption that enables the average layperson to examine laws, policies and programs more objectively and critically (and less emotionally), thus becoming a more enlightened and better-informed citizen, Basic Economics is just such a book. Dr. Sowell has rendered a tremendous service to his fellow man.
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Summary: Pretty boring
Review: _Basic Economics: A Citizen's Guide to the Economy_ by Thomas Sowell is among one of the most boring books that I have ever read, which hit me after I got past page 45 or so. It is a layman's explanation of the principles of economics, written from the conservative capitalst free-market perspective. Capitalism has its flaws, to be sure, but it is the best system availible when checked by nominal restrictions as it conforms to human nature and supply and demand, rather than government pre-planning. Sowell's look at the needless crises caused by price controls was interesting and made a good deal of sense (his example was rent control causing housing shortages in major cities because leasing property to tenants became unprofitable to landlords and therefore no incentive is there to construct more apartment buildings). After that section, Sowell's book tranquilized me when it went on about stock prices or something like that. Economics isn't a topic that interests me a whole lot, except when its tied into something else like social policy or religious laws or whatever. This book didn't get me interested although it is clearly well thought out regarding its topic.
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Summary: If only more people would read this book
Review: This is one of the more thought provoking books I've read. Although I found the section on time and risk to be a bit bland, the rest of the book made up for it. For each economic principle Dr. Sowell speaks of he provides a clever analogy along with enough historical evidence to leave the reader thoroughly convinced of its validity. I was however, a bit troubled after reading this book because it made clear what a superficial understanding the american people have of economics and how politicans exploit this ignorance to their advantage. Thank you Dr. Sowell for writing this great book.
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Summary: Great Primer
Review: Thomas Sowell relates, in a 'common-sense' way, complex economic principles. I wish I had this book when I was taking my economics courses in college. If I could afford it, I would send a copy of this book to every news writer and politician in America. This book is not only good reading, but should be kept as a reference. It does not require reading straight through--it can be read as a reference guide to the economy.
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Summary: Excellent Intro Book
Review: I enjoyed reading this book and found the information to be easily grasped. While it may be a "Citizen's Guide to the Economy", I still think economists could come up with a more easily read book for citizens to read. That is, I think there is still a certain level of education needed to fully understand this book. I don't envision my parents or grandparents being able to read at this level in order to fully grasp most concepts. Aside from that, this is a great intro book on economics.
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Summary: great intro to economics
Review: Thomas Sowell is provides a basic introduction to the field of economics helping to explain key concepts in an easy to understand fashion that is easy to understand. I'm currently a college economics major and Basic Economics provides a good introduction to the field. The book is split into seven sections-prices, industry and commerce, work and pay, time and risk, national economy, international economy, and popular economic fallacies. He ends each section with an overview of the topic and what he is trying to get at. With prices, Sowell relates to issues of prices like surpluses, prices controls, shortages and its role in the distribution of goods and distribution. With the section on industry and commerce, Sowell deals with how businesses have risen and fallen through time and why. He shows how centralized business models and state planning have failed because they fail to take into account place specific conditions and demands that decentralized plans can. He shows how the roles of profits and production costs play in business. He further shows how specialization of products help businesses cut costs and how outsourcing and buying certain inputs such as tires for cars from other companies as opposed to producing the inputs themselves can cut costs. He also looks at the role of government in industry such as anti-trust laws and regulatory commities The next section is work and pay. In this section, Sowell looks at important issues of work and pay such as income distribution, pay differences, capital, labor, effeciency, and job discrimination. He also looks at controlled labor markets such as job securit, minium wage laws, and collective bargaining. The next section is investments and speculation. Sowell deals with speculatin, returns on investment, risk and insurance. Such issues deal with are natural resources and country stability. The next section is the natural output. In this section, Sowell looks at domestic influences on the economy such as the roles of money, a country's banking system, inflation/deflation, and law/order. This is an important area of the economy because it helps to determines personal property rights and the financial stabilityh of a country. The sixth area is the international economy. In this sectin, Sowell looks at important topics such as free trade (and the different types of advantages-absolate, comparative...), tariffs and transfers of wealth (worker remittances, country-to-country investments...). The last section, Sowell deals with popular economic fallicies such as non-economic values and prices and purchasing power (such as paying different prices for similar goods and the role of name brands). Overall a great introduction to economics by Sowell
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Summary: Best Economics Book I've Read
Review: This book is an INTRO to ECONOMICS for those of you biatching about him not mentioning child labor laws etc. There are more advanced books for that subject. I abosolutely loved this book! I am astonished how much most people don't know about the economy. If you think ignorance isn't bliss, read this book.
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Summary: Bravo, Yet Again.
Review: What makes Thomas Sowell such a valuable authority on the subjects that he addresses, is his confidence in the immutability of human nature. To paraphrase an earlier reviewers comments, Sowell views economics through the prism of psychology rather than sociology. As with other subjects he writes about, his value lies in his rejection of the soft, fuzzy, banalities, of utopians, for the generally more severe realities that advance the human condition. If you read, and find "Basic Economics" as expositive as I believe you will, you have much to look forward to. Thomas Sowell has written brilliantlly and prolifically about two of the most intractable problems that blight our society. Race and Education. Please buy, read and enjoy this book; then quickly find and read, ''Inside American Education", and rapidly discover how "unintended consequences", a utopian residue, pollutes every field they inhabit. There is little that escapes Thomas Sowell's vision.
One more book please Mr. Sowell ; this one on the art of critical thought.
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