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Summary: Economics 101
Review: Thomas Sowell does it again. The conservative paleolibertarian social commentator, columnist, historian, economist and writer explains Economics in practical terms for the laymen. This is economics, from a free-market perspective, made simple. It is divorced of overbearing quantitative statistics and numbers and like. It is sort of like Hidden Order by David Friedman, but I think somewhat better. Bravo! Also, if you're interested in free-market economics, than I recommend any books by F.A. Hayek, Ludwig von Mises or Milton Friedman.
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Summary: You can't go wrong with a book by Thomas Sowell
Review: To begin, whoever tells you that Sowell is an apologist for the free market or capitalism did not comprehend what he wrote in the book. Sowell tells the reader that capitalism brings different outcomes than socialism does - even though people act efficiently under both systems (act efficiently in different ways). In fact, Sowell repeatedly says that Economics is about decisions and analysis of what happens and why it does, not a series of value judgements, or even a single one.The book is not written at a terribly high level, but nonetheless is rather rigorous. That's part of what makes the book so incredibly good. In fact, Sowell tells you by the subtitle of the book that it's for the average citizen, someone NOT familiar with economic principles (until after they comprehend the book). The book peppers the reader with contrasts between what doesn't work (what most people in the world are used to) and what does work (what Americans are used to, usually). Use of real world examples is characteristic of a decent economist. On the SAME hand, Sowell also draws from many other disciplines, not far away from Economics. For example, History, History of Thought, Economic History, a touch of Sociology, a touch of Law, inter alia. Highly recommended, belongs on your bookshelf. Fascinating insights about a "boring" subject. The conscientious reader will probably not look at economic issues in the same way again. econ
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Summary: Required reading for every high school graduate.
Review: This book is must reading for anyone who wants to understand the facts regarding the allocation of scare resources that have alternative uses. So often the uninformed ask that if "America is the richest country in the world, why are there so many poor people, children without computers, people without adequate health care, individuals with sub-standard housing etc..?" Well, this book clarifies the conumdrum of wealth and scarcity. College courses generally focus on the "mathematics" of economics without defining the key messages, problems and issues. Dr. Sowell's work provides clarity to a complex subject that few citizens understand. One of the best points made in the book is that differing economic systems (e.g. capitalism vs. communism)tend to deal with the same economic problems. It is only the approach to addressing them that differs. For instance, in a free market system like the US, scarce resources such as waterfront property are allocated through market pricing; in a communist system, like the former Soviet Union, waterfront property is allocated by government decision makers utilizing arbitrary allocation rules. Clearly, Dr. Sowell is a free market economist and doesn't hide it (in this or any of his other writings). Despite his economic/political leanings, he objectively illustrates how scarce resources with alternative uses are allocated in different economies. Liberals will have trouble with this book because the "feel good" approach is supplanted by facts, logic, reasoning and rational analysis. As noted in some of the other reviews, the editing left a lot to be desired (i.e. why I assigned 4 stars instead of 5). Hopefully, Dr. Sowell and/or his representatives will take better care in his next project. Notwithstanding this shortcoming, the messages come through quite lucidly. This book should be required reading for every high school graduate.
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Summary: This is not a text book
Review: Don't be confused by the title or the austere cover. This is not a text book. It is exegesis of conservative economic philosophy - made to look like a text book. Some of the book has cogent arguments. Sowell effectively emphasizes how capitalism has historically increased standard of living and how attempts by government to intrude into the business have often had disastrous results. But Sowell paints such a positive picture of business and such a scathing view of government that the reader is left to believe that all government involvement in business is harmful. There was no mention of child labor laws or occupational safety or family leave. Nor did he mention companies like Texaco and Shoney's both of whom have been cited for racial discrimination when hiring and promoting. Surely government has a role to protect us from the harmful side of capitalism. Sowell is mute about these topics and many others that damage his euphoric picture of capitalism. (He does have a chapter titled "The Role of Government" but again it emphasizes what government should not do.) There's much else about this book that is troubling. Sowell makes startling assertions with no attempt to explain or justify them. He asserts that overpopulation and global warming are "non-problems" with which "members of intelligencia have managed to torture themselves." He also asserts that recycling paper and aluminum is more wasteful than dumping. Elsewhere, he claims that Americans enjoy the world's highest standard of living. (This, of course, is not a universally accepted belief. Scandinavian countries have a higher quality of life when measured by almost any quantifiable standard - such as life expectancy, infant mortality, suicide, crime, and a host of other statistics.) Sowell offers all of these comments with no corroborating facts. Sowell makes the same points with mind numbing repetition. He brings up rent control and its deleterious effects at least two dozen times. He talks about Montgomery Ward and Sears almost as often. He quotes from a single book written by two Soviet economist chronicling the failings of Communism throughout the book. And he continually excoriates "journalists and politicians" for misleading the unsuspecting public. After the first couple of chapters, Sowell's style becomes predictable and tedious.
Sowell makes some compelling arguments and offers some interesting ideas, but if you are hoping for a well researched and scholarly discussion on economics - even if you prefer your economics with a conservative slant - keep clicking.
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Summary: A decent but one-sided introduction.
Review: This clearly written and timely book provides a decent introduction to a range of basic economic principles. It would be a good place to start for a literate person who has a sketchy understanding of the field. However, the reader should bear in mind that Prof. Sowell, while for the most part sticking to well-accepted principles, does substantially simplify the application of these principles and the ongoing debates about their application. Rather than acknowledge that reasonable minds may differ on these issues, he continually retreats to the rhetorical device of "The truth is such-and-such, and anyone who says otherwise is simply trying to confuse you so that he can more easily pick your pocket." Another, lesser defect of the book is that it crawls with typos and grammatical errors. Again, this book is a good place to start, but the reader would then do well to seek out more scholarly works, such as Cass Sunstein's "Free Markets and Social Justice."
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Summary: Economics in plain English
Review: A well written review of basic economics. Short on jargon and long on examples. This book will help the reader analyze public policy based on incentives rather than emotion. I did not detect the "angry tone" noted in the publisher's review. Perhaps to Sowell gored too many sacred cows.
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Summary: The Vital Primer to Economics
Review: This is a superb book for those who wish to inform themselves about economics from an articulate professional. He expresses himself clearly,simply, and elegantly with touches of humour along the way. Dr. Sowell is a superb writer and teacher. One of the great advantages of his book is that you can read any chapter without having to read all earlier chapters. You will want to read them all,though, as time permits. The book is written for the busy person, with just snatches of time to devote to reading. The scholar will find a great deal of repetition when he reads from cover to cover, but this repetition is systemic. Dr. Sowell intended his book to be just that way. The repetition drives home his points, and when you finish reading, you will have acquired a considerable amount of KNOWLEDGE from a scholar with awsome erudition, ethics, and compassion for mankind. I am profoundly grateful to Dr. Thomas Sowell for writing this book in particular. (I have read some other ones of his.) I was startled to discover that I had a number of fears around money and economics as I read this book. I was shocked to learn this, but relieved that I had at last found the bits of data I was looking for, but didn't know particularly that I was looking for them, thanks to Dr. Thomas Sowell. After reading this work, I know that we can do something to improve things in our communities, and I no longer feel powerless to do so. You can do something too: read this book,and you'll know what I mean. Basic Economics is a VITAL book. Reading it means the difference between freedom and enslavement. It also means the difference between prosperity and poverty. I am deeply grateful to Dr. Thomas Sowell for having written this book and for reaching out to the person on the street. Thank you very, very much.
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Summary: It's ok, but there are better alternatives
Review: I read only through quarter of this book and then stopped. I felt that the subjects needed reorganizing and many important issues were untouched. And at some points in its efforts to simplify it addressed some issues very superficially. If you want to learn about economics from the beginning then I recommend other books such as "From Here to Economy : A Short Cut to Economic Literacy". If you read both books you'll understand what I'm talking about. And no, I wasn't paid for this review... (even though I wouldn't mind if I was! LOL)
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Summary: Excellent Book For Beginners and Lovers of Capitalism
Review: Thomas Sowell's Basic Economics is a great book for those who want to understand how capitalism works. It should be required reading for economic students as well as for the lay person. Economics affects us all, whether we want it to or not. Sowell puts economics in layman's language, using a lot of examples that people can relate to. For example, he argues why rent control is bad for everyone. Sowell uses New York City as an example, giving reasons why the rent is so high and why there are many abandoned buildings. No way am I an economics expert, but Sowell has helped me to understand the subject. If more people read it, I don't think we'd have so many regulations, government bureaucracy, etc. It should be a must read!
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Summary: Dr. Sowell knocks another one out of the ball park
Review: Dr. Thomas Sowell, probably the smartest American (and smartest human) alive today once again delivers a theory dealing with such a complex issue in a amazingly clear, concise, and reasoned way. He shows, without having to resort to propaganda or insults, why only market based econmies are efficient and lead to maximum prosperity and integrity for all, including the poor. He shows up the destructive nature of central planning and all other government involvement in the economy. By the end of the book he shows beyond all doubt that capitalism is the only efficient, prosperous, moral way to run an economy (which is an ironic statement in and of itself in that in capitalism no one person or group of people "run" the economy everyone does) and that all other forms communism, facism, socialism, democratic socialism are inefficient, misery-inducing evils, all of which are anti-progressive, anti-prosperity forms of tribalism or serfdom. Buy this book, buy several and give copies to the myopic leftits in your life, by the end of the book they will be out-and-out capitalists.
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