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Basic Economics, Fourth Edition Audiobook

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

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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

4.3 (734 )
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4.2 (558 )
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  •  
    A. Yoshida 08-09-13
    A. Yoshida 08-09-13
    HELPFUL VOTES
    1548
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    "Excellent Primer on Economics"

    This book covered basic economic concepts very well, as well as giving background on some famous economists. I had taken macro and micro economics in college, but still learned new things from this book. I got a little bored towards the end on the topic of international economy and how other countries' economic policies can have a global effect. However, the size and depth of information from this book more than makes up for a few topics that I found dull.

    4 of 7 people found this review helpful
  •  
    Watson B Carmel, California 09-11-12
    Watson B Carmel, California 09-11-12 Member Since 2010
    HELPFUL VOTES
    9
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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.


    9 of 16 people found this review helpful
  •  
    Robert D Smith Jr. 12-07-16
    ratings
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    8
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    "Five Stars"

    This is an excellent primer for anyone that needs to understand how the world works.

    0 of 0 people found this review helpful
  •  
    Sasha 03-18-16
    Sasha 03-18-16
    HELPFUL VOTES
    3
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    "Great book. Complex and yet simple."

    Thomas Sowell has a great ability to take complex problems and break them down in an understandable way.

    0 of 0 people found this review helpful
  •  
    Rafael Bobadilla 02-26-16 Member Since 2015
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    "Great foundation"

    I think it's important to take this book with a grain of salt. There are definitely some subjective opinions. However, this is a great foundation on economic theory. I am a better citizen and business man for having "read" this book.

    0 of 0 people found this review helpful
  •  
    Alyce Durham, NC, United States 08-15-15
    Alyce Durham, NC, United States 08-15-15
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    "Fraught with logical fallacies"
    Would you try another book from Thomas Sowell and/or Tom Weiner?

    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.


    What three words best describe Tom Weiner’s voice?

    Angry and disdainful.


    What character would you cut from Basic Economics, Fourth Edition?

    The author


    1 of 2 people found this review helpful
  •  
    Alex 08-12-15
    Alex 08-12-15 Member Since 2017
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    "A must read for anyone in "the developed world""
    What did you love best about Basic Economics, Fourth Edition?

    The legitimacy of it and the fact everything is spelled out.


    What did you like best about this story?

    It is more a description than a story, but I just like how it explains "it all".


    What about Tom Weiner’s performance did you like?

    Not sure about that one....


    0 of 0 people found this review helpful
  •  
    Andrew 07-24-15
    Andrew 07-24-15
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    "Truly important book"

    If this book does nothing else it will impress upon you that economics is far more complicated than the slogans of politicians.

    0 of 0 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 2016
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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
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  • Kevin
    OMAGH, United Kingdom
    10/1/11
    Overall
    "Love & hate for this right wing thesis"

    I have to say that it's been a long time since a book influenced me enough to prompt me to actually write a review of it. I write this review in some sense due to a feeling of outrage that it stands unchallenged and might be taken as an authority on the subject for us lesser mortals, for whom Mr Sowells contempt is barely guarded.

    "Basic Economics for the uncouth, undeserving and otherwise retarded public" might have been a more appropriate title given the overall flavour of this sweet and sour alphabet soup that Mr Sowell has vomited upon us. Make no doubt about it, as the author has no such second thought: the peoples and governments of the world are dense to the point of disbelieving mathematics in favour of the Marxist dogma that is presumably peddled as democracy in our society.

    The author hammers home a belief system with trite examples that oversimplify most of the subjects, condemning any other belief than his own to cheap ridicule. The degree of simplification that he uses in his black and white interpretation of the world is almost childish, to the point of ruining even his most well made arguments. It is this constant contempt in which he treats his reader that most of all spoils what could have been a great book.

    But it is still a compelling read (listen?) and I have spent more time with this audiobook than I have any other in the past year. As long as you aren't as stupid as he assumes you are, you should be able to get the best bits out of this book, and if nothing else it will be a sound introduction to economics, even with it's right wing barb.

    A must-read for anyone interested in how money and economics works, and a good introduction, if somewhat biased.

    9 of 10 people found this review helpful
  • Simon
    SOUTHEND ON SEA, United Kingdom
    12/23/12
    Overall
    "Great Introduction"

    I chose this book because I want an introduction to the subject. This book was perfect covering a wide variety of topics. Quality is excellent. Narrator is easy to listen to. Highly recommended.

    2 of 2 people found this review helpful
  • mr
    Swindon, United Kingdom
    4/7/13
    Overall
    "Not bad, but not great"

    I would disagree with some of the other reviews, i feel the book is quite balanced and generally portrays economic principles as economic principles and attempts to stray away from political views accept to highlight an economic point or use political mistakes of the past to deepen understanding of how an economically driven outcome would have been better than the politically driven policy.



    My main gripe with this book however and why it may feel to some as though the author has an underlying agenda, is that it repeats itself a number of times and the examples used do not often move away from the political arena. A much better grounding in economics would start with the areas of economics that individuals can understand, like their own day to day dealings and gradually build to more in depth examples.



    Due to the feeling of the book repeating itself it is also far to long for the content it covers, and is also very light on some behavioural economics and in explaining different approaches to standard issues in economics. All in all this makes the book very ominous and repetitive and unfortunately in my opinion is not a complete introduction. However there are not many books that attempt to provide a complete overview of economics or the economy without using maths and this is probably the best of those.

    1 of 1 people found this review helpful
  • Muhammad
    Bronshoj, Denmark
    12/23/12
    Overall
    "My first ever book about economy"

    Being an Computer science student and professional, I never had much interest in Economics but introduction of the book triggered me to read/listen this book. I'm glad I did. I found this book interesting even though I didn't follow completely and I've a plan to listen this book again :).

    1 of 1 people found this review helpful
  • Alexander
    Basingstoke, United Kingdom
    9/23/12
    Overall
    "Debunks alot of economic myths"

    Overall it's an excellent book if you are relatively new to economics or a politician! Even for the more experienced reader the examples are still interesting. I disagree that the author shows contempt for the reader, he certainly shows frustration with many of our elected officials (which is justified in my opinion) but makes it clear that this is not a personal thing, just that most of them are more concerned with being re-elected than making good economic decisions. If this book was mandatory reading in schools then the number of people supporting socialist policies would half within a decade. I have two complaints about the book; 1) sometimes the short-term vrs long-term implications of decisions are not fully explained (so rent control laws lead to builders building less low-cost house prices creating shortages, but in the UK for example the government started forcing builders to build low-cost houses). 2) the narrator conducts a full frontal assault on the english language throughout the book, 'forbade' sounds like 4bad and he takes it upon himself to rename Nokia and Nissan.

    1 of 1 people found this review helpful
  • EC
    London, United Kingdom
    8/27/11
    Overall
    "Clear but not very concise"

    Clear but not very concise. Tends to repeat some concepts over and over again. Even so it is a good read as it explain economics in simple terms. I have the feeling author is overly keen on classical economics tough.

    1 of 1 people found this review helpful
  • C. Cor
    UK
    2/25/14
    Overall
    Performance
    Story
    "Excellent introduction, despite bias."

    The subtitle of this book could/should be: 'An Introduction to Economics In Defence of Free Market Capitalism'. That's exactly what it aims to do: to introduce the average reader to the study of economics in a way which defends free market economics. That should not put the potential reader/listener off, especially because, in my experience, introductory books are best when the author tries not to be strictly neutral, even if you do not share their biases.

    Even if you do not lean towards free market economics, this is still an excellent book for someone who wishes to be introduced to economics. It is clear, thorough, engaging and entertaining, and feels relevant to the average Western reader/listener. Whilst this is no short listen, Sowell's prose doesn't make it feel like heavy lifting. The narrator chosen for this book is also superb.

    0 of 0 people found this review helpful
  • MR
    LONDON, United Kingdom
    11/1/13
    Overall
    Performance
    Story
    "Should Be Called "Basic Bias""
    What would have made Basic Economics, Fourth Edition better?

    He starts out the book stating that economics has basic principles which are objectively accepted, no matter the political persuasion of the observer. I very much agree. Then goes on to tell interesting stories that are engaging and, seemingly, balanced and fair. But, then he gets into healthcare and comparing price controls within the UK's NHS versus the US healthcare system, a subject I know quite well. He presents the US healthcare system as being superior to all others (of the English speaking world) when that's hardly the case.

    I believe Sowell thinks the plural of "anecdote" is "data", a major misstep for an economist. His bias is obvious, undoing his initial statement saying that bias doesn't even enter into it.

    Amazing how a little intellectual dishonestly or laziness can undermine his entire body of work.


    Would you ever listen to anything by Thomas Sowell again?

    I wouldn't trust his opinion.


    Would you listen to another book narrated by Tom Weiner?

    Sure.


    1 of 2 people found this review helpful
  • P
    Romsey, United Kingdom
    8/6/13
    Overall
    Performance
    Story
    "Very one-sided"
    Would you try another book written by Thomas Sowell or narrated by Tom Weiner?

    Tom Weiner has a voice I could listen to for days. Thomas Sowell, however, has a very black and white outlook on life, and rarely, if ever, takes the time to think about the flaws in his own arguments.

    That said, it did introduce me to a lot of arguments I had not considered before. I'd be lying if I said I was not swayed by some of them, However it is a shame that it is so forthright that it doesn't stop to think of the benefits of other ways, as well as their failings, and vice versa for itself.


    What other book might you compare Basic Economics, Fourth Edition to, and why?

    I find it hard to compare this book to anything I have read before. Not just in subject matter but tone. The closest, in a weird way, would be the books by Terry Goodkind (yes, those), because of the lack of ability to appreciate that things are not always black and white, but sometimes grey.


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

    Without Tom Weiner, the book would be very dry, and quite frustrating in its overly optimistic Conservative outlook. I would probably throw it against against the wall in anger at how it fails to understand the stress and indignity of doing entry-level work.


    If this book were a film would you go see it?

    It would be a very strange film...


    0 of 0 people found this review helpful

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