Product Description

From one of America's best-known economists, the one book anyone who wants to understand the economy needs to read.. At last there is a citizen's guide to the economy, written by an economist who uses plain English. No jargon, no graphs, no equations. Yet this is a comprehensive survey, covering everything from rent control and the rise and fall of businesses to the international balance of payments.The purpose of Basic Economics is to enable people without any economic training to understand the way the economy functions-not only the American economy, but other economies around the world.Some of the clearest demonstrations of the role of prices, for example, come from economies in which prices are not allowed to function-with consequences which show just what those functions are and what happens when they are lacking.In the end, this is not a book from which to cram facts, but one from which to gain an understanding of the economy that will enable you to form your own conclusions on the basis of tested principles, rather than on the basis of emotion or rhetoric. That is the goal of the journey, but you should also enjoy the trip along the way.

Product Details

• Amazon Sales Rank: #875541 in Books
• Published on: 2000-09-19
• Original language: English
• Number of items: 1
• Binding: Hardcover
• 432 pages

Customer Reviews

Excellent!
This is a great book, and easy to read. Don't be put off by the title; it's a fascinating read and you will come away with having learnt a hell of a lot. It refutes so many of the illogical arguments that usually circulate in any political/economic debate. If you're in favour of free-market economics, you'll find all the ammo you need here. Thoroughly recommended. It will really get you thinking. If only everyone had read it.

Excellent starter book on Economics
I have never been really interested in reading about Economics but a chance mention of the excellent writing by Thomas Sowell led me to select this his latest book. Once I started to read it I couldn't put it down. I think everyone who is capable of reading, especially politicians should study this book and learn from it. After reading and digesting the subject one wonders why we really need politicians. In fact I have reached the conclusion that we don't and that the only purpose of government is to grow and protect government. Politicians are needed to protect politicians and to create political jobs and so on forever regressing into a nightmare of escalating costs at the expense of those who actually create something of value.

The logic applied to the subject of price control is superb. He systematically destroys the argument that rent control creates low cost housing for everyone and goes on to demonstrate that time and time again it creates homelessness and housing shortages. Yet governments do it because it's popular with voters!!!

This book is easy to read and understand and I recommend it to anyone who is interested or inquisitive about the subject. Although Sowell refers mainly to the US economy, essentially it relates to any country where free market dynamics exist.

Good explainations, but sometimes a bit oversimplified
I would recomment this book as a first book in economics because it is simple and easy to read. However Sowell makes a point to completely omit charts and graphs, and so sometimes the wordy explainations get a bit tiring. I would have found a few charts and graphs helpful. There is also a fair amount of repetition, as each chapter is also meant to be able to stand on its own. Overall I am glad that I read this book because I feel it provides a good grounding in the basics.