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)
This book was was complete and thorough with theoretical statements, backed up with relevant examples. Economics was explained in a very simple way, but the profound importance of the concepts really hit home.
Sowell repeated throughout the book that "Economics is the study of the use of scarce resources which have alternative uses." This is so foundational and yet so easy to forget. his calm and objective statement of facts without value judgements is refreshing in a time when most information is presented with spin and conclusions as to what you should think as a result.
It was very interesting but since it was over 20 hours, it was impossible to listen all at once. I will probably go back and listen again in the future, and have recommended this book to 3 people within a week of listening.
This simple and common sense explanation of how economic principles work and how incentives impact what people decide to do should be required reading for all Americans. It brings clarity to the underlying principles and let's you decide for yourself how the information should be applied to society. Just the facts...
Extremely informative. Enjoyed listening to all 18 hours of so of it!! Highly recommend it for those who want to truly understand economics at its most fundamental level.
Who knew a book on economics would be so readable? I gave the book 5 stars because the material is so important. The reader is decent, but it's a book where it is a bit harder to judge the reader's talents...
This book should be read (or listened to) by every high school senior in the United States, and anyone older who has not yet been exposed to the clear sanity of Thomas Sowell. The country would immediately shift to a more conservative stance, and our reliance on government would be reduced.
Very well written, and read by the narrator, a must buy for any serious follower of politics.
I was looking for a basic text on economic theory that help me understand the "science." After listening to the first half of this book, I stopped when the author said there might be a role for the government regulating work place safety because if a tired engineer on a train fell asleep and caused it to crash, non-workers might be hurt.
Far from being a text on economic theory, it's an unapologetic rant on free market capitalism. Collective bargaining hurts the economy, but it's OK for large companies to use their buying power to threaten suppliers.
If you feel that free market capitalism will cure cancer, then this book is for you. If you think economics is more than just optimizing production, look for something with more nuanced thinking.
This book is billed as a basic introduction to economics, but is, in the end, a vehement defense of deregulated, privatized, capitalism. The book attempts to make the case, not that economics is a subject worth learning about, but that capitalism is the right way to think about it. The author posits that regulation is a drag on growth without mentioning that, for example, regulation is the only reason the air is breathable in New York City. He tries to convince readers that privatization is more efficient than public works without explaining that public funding has led to the vast majority of technological advances of the 20th and 21st centuries and that most private firms lay off workers, cut pay, raise prices (just look at the record of private companies operating water works for cities in Europe, 18% rise in price every two years on average).
No, this is not a book about economics. It is a defense of capitalism with no grounding in reality.
Sowell ought to have addressed all kinds of economic proposals from social democracy to democratic planning (see Robin Hanhel and Michael Albert and Co.) to Capitalism, to Soviet central planning.
As if with blinders to the real world of the 21st century, Sowell plays an outdated game of degrading the realities of central planning as a crutch to prop up the system that leaves millions homeless, without food, and in the U.S., without access to healthcare.
If you are looking for a defense of capitalist deregulation and privatization this is it. I would suggest reading something else if you are looking for "the basics of economics".
Take his head out of his bum.
I'm disappointed that I wasted my time and money on this crap.
I had high hopes for this book, but was badly disappointed. I was expecting an unbiased and interesting presentation of economic concepts; I got a partisan diatribe that drones on and one. Read some of the other less flattering reviews here; they're spot on.
Sowell good. Weiner bad.
I am admittedly ignorant when it comes to economics and finance, which is why I picked up this book. I found it to be clear, concise, rational and full of information and examples. I will need to read a wider range of economic books to have an informed opinion on this book, but overall I enjoyed all the insights. I would rate this book 5 stars.
However, this review is for the audiobook version. I felt that the narrator read too quickly. This is not a fiction; there is a load of information and arguments packed. A slower narration would provide one a little more room to absorb and reflect on the material. Instead, I had to pause and rewind. A lot. It seemed like the narrator was trying to rush through his job and I am becoming dissuaded from purchasing educational books in audiobook format due to this being a common experience on Audible.
He made me rewind many times because he read too fast, so I got to listen to certain paragraphs multiple times.
There were many a-ha moments that challenged my default beliefs about society that had been fed to me since I was young. For instance, the terms "distribution of income." Sowell argues that this is often a misnomer when people speak of distribution of income in a society, as income is not "distributed" by some central agency like Social Security or pre-determined like the distribution of height. So I have to be more aware of when language is used in a misleading way as it can influence on how one thinks or feels about an issue.
Dear Audible: Please have your narrators slow down! This is not a speed reading contest; we customers buy this book to absorb and enjoy. I know I can have the book read at .75x, but the sound byte becomes echoic and painful to listen to.
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