This book is great. The only downside is that his arguments are so logical. And since nearly all lead to the conclusion (that the government screws up everything it touches), I am left wondering, "is every politician and economist in the country stupid?" I would be curious to read something by someone with an opposing point of view. But even my 12 year old understood and enjoyed the simplicity of the book.
I agree with other reviews that the arguments presented are clearly stated (and may I add, with conviction) but are incomplete and forgetful of the realities of day to day life. Yes, economic development can be viewed as wealth transference, but to think no further than "robbing peter to pay paul" is a disservice to society on the whole. The erection of tariffs does allow less cost effective business to exist, but economies are not instantly elastic and in the interim people must eat. While this is a book about economics and the principles sound, his enthusiasm for the invisible hand comes off too strong. If nothing else, it?s a great start to a longer discussion on what?s best for society given the raw truths of economics.
Better understanding of the subject by the author
Book was enjoyable, alright!
Narrator was just fine.
Certainty, where none exists is dangerous. Some concepts are well explained. The broken window myth, war stimulates the economy myth, building unnecessary things to stimulate economy myth, etc are great. The author starts out to refute "myths of economy", and yet ironically creates and propagates many myths, worse than the ones he sets out to refute in the first place. First fallacy is assuming that economy is a hard science like mathematics. It may be, but all the factors in the equation are not yet fully known. Drawing definite conclusions with many unknown factors is premature. This leads to certainty, where it does not exist and that's the root of many evils.
Another fallacy assumed in this book is that all purchases of goods and services and savings lead to wealth creation. iPad is a good example. Watching movie is another. The money spent does not create wealth for the spender. He simply purchases entertainment. The value of goods or services acquired does not remain the same or increase in all cases. The transaction, however, makes the society richer. The ability to purchase such goods, whose value will declines with time is the hallmark of a wealthy society.
Another biggest fallacy is the assumption that one billion dollars in the hands of one man in a society of a million people is the same as a range of distribution from, say a hundred to million dollars in the hands of all the million people. While the society has a billion in both cases, 999,999,999 are poor in the first and there's a range in the second with varying degrees of purchasing power.
These any many more definite conclusions drawn based on false premises combined with simplicity of explanation make this not merely untrue, but a dangerous book in the hands of few manipulative leaders and a larger herd of unquestioning, uncritical masses. read (listen) very critically.
I encourage readers to read or listen to black swan and fooled by randomness.
As an economics novice I hoped this book would deepen my understanding of both micro- and macroeconomics from a domestic and global point-of-view. The book explained quite a few fundamentals of economic principle, and this satisfied some of my curiosity, but there was a marked slant for pure capitalism.
While knowledge of free market workings is certainly beneficial, there was no counterpoint, and too often the author devolves into bashing those that do not share his opinions. I felt that I was listening to a very lopsided argument - one that I certainly can appreciate, being a fiscally conservative Republican by nature - but I also wanted to hear the objective alternative views, which I'm sure exist and hold just as much water to those that believe them.
Hyperbole is the Best Thing EVER!!!!
No. Obviously he has his political stance and I don't share his values so I couldn't even finish this one.
Not angry. Basically this book has a view and an opinion but doesn't back it up with evidence. If I agreed with right wing laissez-faire economics, then I'm sure I would like this. But I don't. I see the world of economics in shades of gray. If you live in the world of gray rather than black and white, then this will probably not be worth your time.
Even if I didn't share the values of this economist, I was opened to learning something. But it's so obviously tinged with an agenda that I couldn't even do that. Big disappointment.
Everyone must hear this. The author has such clarity in thought.
Audio is very good as well. My audible subscription has been worth it,
thank to this.
I'm an avid audiobook listener since 2007. I prefer non-fiction but I also branch out to fiction from time to time.
It was such a straightforward presentation of all the information you need to refute the economic fallacies being peddled to support disastrous policy decisions, even today.
Not that kind of book
Not that kind of book but the explanation of the Broken Window fallacy is great.
Most recently it has been to rebut the stupid arguments being made about drastically increasing the minimum wage.
Should be required reading in high schools.
Everybody needs to read this to understand how prosperity prevails. The writer gives excellent examples that are easy to understand pertaining to different economic practices. Read this and you will understand who is right and who is wrong in America. FREE MARKETS OR SLAVERY! DECIDE NOW!
Avid Book Listener
Basic Economics by Thomas Sowell is equally brilliant.
I don't understand the question
This book is all you need to know about economics and nothing you don't.
This is the best primer on economics ever. If you know nothing about economics you must listen to this book. This book explains how the economy actually works. It is as timely today as it was 30, 40 or 50 years ago.
This is a great refresher of basic economic principals. It takes the tact of refuting economic fallacies proffered by politicians pandering to various special interests and the broad voting class with little or no understanding of economics. While the book is somewhat dated in context having been rewritten in the late 1970s, the principals are intact. In fact, there are frightening correlations for our current state and many statements that foreshadow turmoil we have since encountered.
Economics should be taught in every high school and probably required before we receive the right to vote.