The fourth edition of Basic Economics is both expanded and updated. A new chapter on the history of economics itself has been added, and the implications of that history examined. Among other additions throughout the book, a new section on the special role of corporations in the economy has been added to the chapter on government and big business.
Basic Economics, which has now been translated into six foreign languages, has grown so much that a large amount of material previously found in the back of the book has now been put online instead so that neither the book itself nor its price will have to expand. The central idea of Basic Economics, however, remains the same: The fundamental facts and principles of economics do not require jargon, graphs, or equations and can be learned in a relaxed and even enjoyable way.
©2011 Thomas Sowell (P)2010 Blackstone Audio, Inc.
“Clear and concise…Among economists of the past 30 years, [Sowell] stands very proud indeed.” (Wall Street Journal)
It's amazing to me that people so frequently choose to ignore the best science available. Sowell dispels economic myths and misconceptions perpetuated by most politicians. He does this by illustrating basic concepts using very accessible examples of failure and success from the recent past. This is a great introduction to economics with just the right amount of editorializing. Readers of a the left-leaning persuasion are going to find this as challenging as Sean Hannity might find a textbook on Biology.
Thoms Sowell's Basic Economics, Fourth Edition: A Common Sense Guide to the Economy was a greatly disappointing and annoying purchase for me. What I had hoped for was a clear and unbiased explanation of economic theory with some real world examples for clarification. What I got was a longwinded, one sided, and repetitious treatise on the superiority of unobstructed free market capitalism, using economic theory as its evidentiary platform.
There is a direct correlation between prices, supply and demand... Great! I get it. I do not wish to listen to an additional 45 minutes of questionable examples, of how minimum wage laws destroy jobs, or how rent control is the cause of homelessness in New York City. These aren't facts, they are conservative positions, demanding certain assumptions that may or may not be correct.
Nevertheless, I cannot deny that Sowell's Basic Economics is packed with information, and for this I give it two stars instead of one. Indeed if you find yourself aligned with its philosophy, you will no doubt enjoy your time with this audio book. If on the other hand you do not completely agree with the premise, or if you are one who likes to hear both sides, you may end up feeling like a participant in a brainwashing experiment, as you are inundated with endless examples of Sowell using economic theory as leverage in his argument for laissez-faire capitalism.
The author discusses the law of supply and demand and other basic economic laws. It is mildly interesting, but nothing out of the ordinary. The author is obviously a fierce capitalist, but really does not give other points of view a fair review.
There were a couple of interesting ideas in this book. Sadly, the majority were either non-sequiturs or theories since disproved by several decades of data.
I couldn't wait to finish and move on to Robert Shiller's free Yale educational series on Youtube.
Angry and disdainful.
The legitimacy of it and the fact everything is spelled out.
It is more a description than a story, but I just like how it explains "it all".
Not sure about that one....
His book is perfect to give context to larger economic issues. There are no charts or formulae, but more depth of information than I could take in for just one listen. I will be listening again.
This book explains the basics of economics in a clear and concise manner. The point of view is refreshing. It runs counter to much of the socialist bias in education and the media. Americans should be exposed to the intellectual basis for capitalism and freedom, in order to make better decisions, regarding how we are governed.
I have always felt there was a mathematical solution to every social and political problem we face Now I know there is.
I liked this book!
Great explanations !
Easy reading ! Thanks for this great book Thomas
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