Basic Economics, Fourth Edition

A Common Sense Guide to the Economy

By: Thomas Sowell

Narrated by: Tom Weiner

Length: 23 hrs and 50 mins

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.

Critic reviews

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

Fascinating Overview of Economics

Any additional comments?

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.

Excellent

Where does Basic Economics, Fourth Edition rank among all the audiobooks you’ve listened to so far?

Sowell's book is one of the most helpful books I have listened to in a long time.

What did you like best about this story?

He illustrates well the basic concepts and principles in economics and helps them become understandable to the average person interested in learning more about this subject.

Any additional comments?

I had downloaded several university courses in basics economics, but none were as helpful as Dr. Sowell's work and explanations.

Better than the 3rd edition

What did you love best about Basic Economics, Fourth Edition?

This update seemed to really clear up some of the fuzzy edges of the prevoius version and Is worth a listen.

Was this a book you wanted to listen to all in one sitting?

Yes, but not possible due to the length.

Good, but not the introduction I hoped for.

If you could sum up Basic Economics, Fourth Edition in three words, what would they be?

Non technical, informative, reasonable.

If you’ve listened to books by Thomas Sowell before, how does this one compare?

I've read Economic Facts and Fallacies and the two are so similar that EF&F could probably be spliced into Basic Economics without much change is scope or tone.

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

The reader has a commanding and intelligent tone that compliments the book perfectly.

Any additional comments?

I enjoyed this book thoroughly, and there are good insights peppered in every chapter. But it wasn't the introduction to economics I hoped to read. Sowell typically suggests that the way to discover the function of something, say banking or prices, is to compare an economy like ours to a place where a government has restricted or abolished that thing. This is a valid way of learning, but it always feels polemical and charged.

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.

Excellent must read for every American voter.

This book provides a fact based lens that all political decisions should be viewed through.

Required Reading

Highly recommend everyone read/listen to this book. Thomas Sowell is a rare commodity whose brilliance has made us a brighter society.

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....

Not "basics", more "defense of Capitalism"

What disappointed you about Basic Economics, Fourth Edition?

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.

What could Thomas Sowell have done to make this a more enjoyable book for you?

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.

Any additional comments?

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".

"Basic Principles of Capitalist Theory"

Just an absolute word salad of a humanities masquerading as a scientist. Do not recommend this garbage.