Basic Economics

A Citizen's Guide to the Economy

By: Thomas Sowell

Narrated by: Brian Emerson

Length: 18 hrs and 31 mins

Publisher's summary

Basic Economics has been written with the thought that learning economics should be not only a relaxed experience but also an enjoyable one.

This is the revised and expanded edition of a new kind of introduction to economics for the general public, without graphs, statistics, or jargon. However, the enlargement of this edition is not just more of the same. In addition to being updated, Basic Economics has also become more international, with the inclusion of economic problems from more countries around the world, because the basic principles of economics are not confined by national borders. Each chapter reflects the experiences of many different peoples and cultures.

©2004 Thomas Sowell (P)2006 Blackstone Audiobooks

Critic reviews

"Clear and concise....Among economists of the past 30 years, [Sowell] stands very proud indeed." (The Wall Street Journal)
"Basic Economics is not only valuable for a general lay-person audience, it would also benefit lawyers, politicians, and, yes, economists, as well." (Washington Times)

Many "Lightbulb Moments" await you in this book!

Just when you were wondering if anyone would ever be able to explain economcis in a non-boring, non-confusing and non-completely irrelevant way, along comes this book to make sense of it all.
Why can't all teachers just explain stuff this way? This is no textbook, this book is about how we can learn the "theory" of economics from examining *real*life*situations,* with easy-to-grasp explanations. Want to know how rent control affects housing shortages? It's in here. Don't understand why "price gouging" is not always a bad thing? It's in here. Been wondering why the Soviet government that tried to provide everything for its citizens ended up depriving them instead? It's in here.
No previous training or knowledge of economics is necessary to greatly benefit form this book. In fact, author Sowell has written this specifically for ordinary citizens with ordinary questions and concerns.
Why do we even need to know this stuff? Well, it affects us every single day. You will realize that within the first chapter, as Sowell uses everyday, real-life examples to illustrate economic principles (If there is a scarcity of milk this year, should we use it to make cheese, butter or ice cream?). We've all heard of supply and demand, but as you learn the difference between "scarcity" and "shortage," the difference between "price" and "cost," and how they relate to each other, you will never look at shopping, buying and selling (everything from groceries to real estate) the same again.
The principles explained in this book became so clear to me that I found myself using examples from the book to "re-teach" my husband after my listening sessions. I will likely listen again in the future.
Please give this a listen, and be grateful for authors like Sowell who can take a "boring" subject and make it both relevant and enjoyable. I can see the first lightbulb appearing above your head now, just for considering it!

Naive and Fact-Free

I agree that this is a well-written (and well-recited) book, and worth listening to. But rather than being fact-based, it is an ideological whitewash that attempts to provide moral justification for the gross inequities of unbridled capitalism. It is chock full of "historical" anecdotes to back up the author's ideology. Anyone with an education knows the value, and lack thereof, of anecdotes in the social sciences. If you think that anarchy is better than government, and you are a millionaire, this book is for you. But if you rely on public services for any part of your day (roads, fire, police, school, safe air food and water, etc) then you will find this book shockingly naive. It's no wonder the author is employed by a conservative ideological "think tank". There is no such thing as objective economic theory. Read this book, but then find a more liberal economics text to balance your thinking, otherwise you'll be deluded into parroting the neo-cons.

yup agree biased towards free market

The free market bias was bearable for a while for some insights. But the book utterly failed by the time it talked about the California Power Crisis. There you realize that this book does not explain the whole truth, and for that it becomes troublesome. Did you just end up buying a book to get brainwashed?

Biased and not worth my time

Very basic and extremely free market. I was looking for a non partisan book that would educate me on fundemental economics in an unbiased manner - this was not it.

I screwed up

What disappointed you about Basic Economics?

I didn't spend enough time researching the author. I was looking for a book that would go into depth explaining economic theory in an academic manner. The audio sample sounded like it did that. However, Sowell has no interest is educating regarding the science of economics. This is just a government bashing treatese with a blind-eye towards civilization and national governance in general. In short, Sowell spends 16 hours railing against any government restrictions at all, of any kind, and instead embraces trickle-down economics, exactly what got us into this mess in the first place.I deeply regret that some of my purchase price when to Sowell. Not for his politics, but for the false and misleading representations made by him to entice me to purchase the book.Unless you are a died in the wool liberatrian or Tea Partier, forget this book. There are many other true economists out there to read.

What do you think your next listen will be?

A more objective book on economics!

Which scene was your favorite?

N/A

If you could play editor, what scene or scenes would you have cut from Basic Economics?

The part after he reads, "Chapter 1"

Not exactly about economics

I had actually hoped for a basic introduction to economics, instead this book focuses much more on the influence of politics on economics. Although this is important it wasn't what I hoped to get from THIS book.

Moreover, although the book is nearly 20 hours in length Sowell provides very little actual substance in economic theory. More often, he'll briefly introduce a theory and then follow up with multiple repetitive examples demonstrating that theory instead of simply further explaining it himself.

Finally nearly every theory seems to eventually come down to capitalism's superiority over socialism. Although, I happen to agree with him in general, I wasn't planning on spending 20 hours having drilled it into my head.

In short this book is much more about politics and Mr. Sowell's personal views then it is about economics.

One man's opinion, not Economics

What I was looking for was a basic introduction to Economics, something on the level of a college textbook but presented in a more user friendly manner. What I got instead was a biased view of Free Market Economics with little technical discussion. Sowell spends most of the book preaching "Free Market good..... Government bad" with little consideration to any other view.

Let me state that I basically agree with the author's views. I just didn't expect to have to endure hour after hour of being beat over the head with these views.

The book is too long and redundant. Several chapters were so similar that I checked more than once to make sure I wasn't listening to a chapter I had already heard. He uses the same examples over and over again to support his views. In many cases I found his supporting examples and statistics open to alternate explanations. And he almost never allows for the possibility of any alternate interpretation of the facts.

His heavy handed presentation of his opinions as facts along with repetitious examples to support those opinions left me fatigued and annoyed.

Don't get this book if you are looking for any kind of unbiased or technical intro to Economics. Do buy this book if you already know something about Economics and just want to hear (again and again and again) about why Free Market Economics is good and government regulation a disaster.