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Basic Economics, Fourth Edition: A Common Sense Guide to the Economy | [Thomas Sowell]

Basic Economics, Fourth Edition: A Common Sense Guide to the Economy

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.
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Publisher's Summary

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.

What the Critics Say

“Clear and concise…Among economists of the past 30 years, [Sowell] stands very proud indeed.” (Wall Street Journal)

What Members Say

Average Customer Rating

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  •  
    John SILVER SPRING, MD, United States 04-16-12
    John SILVER SPRING, MD, United States 04-16-12 Member Since 2012
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    "misleading"
    Any additional comments?

    i didn't enjoy this book, but it does give an overview of basic economic concepts. unfortunately, despite its length the book did not teach me anything i didn't already know, and as the book goes on, it becomes increasingly focused on the evils of government intervention, and less so on explaining economic concepts. i could have done without the extensive libertarian diatribes. i'm a believer in free-market economics and the global economy, but the agenda was so clear and tone was often so biased and closed-minded that the experience was simply not fruitful for me. it's a shame because when sowell sticks to economics, he explains things quite effectively, but i'd have rather purchased a less partisan book.

    29 of 48 people found this review helpful
  •  
    Robert Los Angeles, CA, United States 05-25-11
    Robert Los Angeles, CA, United States 05-25-11 Member Since 2014
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    "Overwritten and One-sided..."

    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.

    59 of 105 people found this review helpful
  •  
    Watson B Carmel, California 09-11-12
    Watson B Carmel, California 09-11-12 Member Since 2010
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    "Mildly interesting"
    Was Basic Economics, Fourth Edition worth the listening time?

    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.


    8 of 15 people found this review helpful
  •  
    Shaun USA 04-27-15
    Shaun USA 04-27-15 Member Since 2012
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    "Great Economics Survey"

    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.

    0 of 0 people found this review helpful
  •  
    Charles Shuman 03-20-15 Member Since 2015
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    "Should be required reading"

    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.

    0 of 0 people found this review helpful
  •  
    Amazon Customer Bullhead City, AZ USA 11-14-14
    Amazon Customer Bullhead City, AZ USA 11-14-14 Member Since 2014
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    "Should have been called the bible of economics"
    If you could sum up Basic Economics, Fourth Edition in three words, what would they be?

    Tha answer


    Any additional comments?

    I have always felt there was a mathematical solution to every social and political problem we face Now I know there is.

    0 of 0 people found this review helpful
  •  
    maci453 hungary 07-05-14
    maci453 hungary 07-05-14 Member Since 2014
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    "It just perfect"
    Where does Basic Economics, Fourth Edition rank among all the audiobooks you’ve listened to so far?

    I liked this book!
    Great explanations !
    Easy reading ! Thanks for this great book Thomas


    0 of 0 people found this review helpful
  •  
    Amazon Customer Pretoria, RSA 04-13-14
    Amazon Customer Pretoria, RSA 04-13-14 Member Since 2013
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    "Must read"
    What did you love best about Basic Economics, Fourth Edition?

    Simple


    What did you like best about this story?

    Examples


    What does Tom Weiner bring to the story that you wouldn’t experience if you just read the book?

    Have not read it.


    Did you have an extreme reaction to this book? Did it make you laugh or cry?

    Every politician should read this


    Any additional comments?

    Tell any person with influence .

    0 of 0 people found this review helpful
  •  
    John San Diego, CA, United States 02-21-14
    John San Diego, CA, United States 02-21-14 Member Since 2006
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    "Masterpiece"
    What did you love best about Basic Economics, Fourth Edition?

    A grand tour of economic insight.


    Any additional comments?

    I read the 2nd edition, in printed form. This 4th edition is a worthy successor. I'm delighted that it's available on Audible, with a fine performance by the reader.

    0 of 0 people found this review helpful
  •  
    A Listener San Francisco, CA 11-12-13
    A Listener San Francisco, CA 11-12-13
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    "Very good exposition of basic principles"

    The books discusses lots of basic economy principles and that is very well done and instructive, and does make you think about some things in new light. I felt that, while a liberal in social issues, I tended to be more conservative in economic terms and that has been strengthened with this book.

    However, one of my motivations for reading it is to have a greater understanding of economy news such as the financial crisis and the Euro crisis, and I don't think I am closer to that than I was before reading this book. This is a problem I noticed with other introductory economy books; they dwell on the elegant abstract principles but don't help a whole lot in understanding the gritty details in real life.

    Tom Weiner narration is great: elegant, without getting in the way of the content.

    0 of 0 people found this review helpful
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