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Basic Economics, Fifth Edition Speech

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

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Publisher's Summary

In this fifth edition of Basic Economics, Thomas Sowell revises and updates his popular book on commonsense economics, bringing the world into clearer focus through a basic understanding of the fundamental economic principles and how they explain our lives. Drawing on lively examples from around the world and from centuries of history, Sowell explains basic economic principles for the general public in plain English.

Basic Economics,which has now been translated into six languages and has additional material online, remains true to its core principle: that 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.

©2014 Thomas Sowell (P)2014 Blackstone Audio, Inc.

What Members Say

Average Customer Rating

4.8 (786 )
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4.7 (716 )
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Performance
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  •  
    DWR Minnesota, USA 02-10-15
    DWR Minnesota, USA 02-10-15 Member Since 2009
    HELPFUL VOTES
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    "Excellent Book on Basic Economics"

    Not really a "story" but it does tell the history and continuing effect of economics on our lives.

    Thomas Sowell presents Economics in a very easy to understand and well illustrated way. This is the 5th edition so is up to date with current examples. There is a lot of information and a plethora of quotable quotes, so probably warrants additional listens to absorb it all.

    Tom Weiner is perfect for this type of a book as he reads as one would expect an "expert" in this field might read.

    A great book that I will definitely listen to again.

    9 of 10 people found this review helpful
  •  
    Norman D. Harrison 2525 S Telshor, Las Cruces New Mexico 12-30-14
    Norman D. Harrison 2525 S Telshor, Las Cruces New Mexico 12-30-14 Member Since 2006
    HELPFUL VOTES
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    "Thought changing & factual ideals !"

    Many new facts that change my ideas of our gov & market, some show where our gov is headed in the wrong direction
    Some show where we've been.
    Also a great history of America & other countries. Definitely a book I'll read again!!

    5 of 5 people found this review helpful
  •  
    B. Davis 03-17-15
    B. Davis 03-17-15

    Benjamin Davis

    HELPFUL VOTES
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    "Great Publication"

    This is one of the best audio books I've purchased so far. I believe it should be required reading and that the principles should be taught early in the educational system. There is a lot of information that explains a lot of economic problems - poverty and unemployment, for example - that could be eliminated through policy adjustments or eliminations. The concepts are so clearly conveyed, in fact, that it's difficult to fathom how or why any great society would implement contradictory regulations.

    The narrator spoke at a pace and pitch that facilitated ease of reception of the material (this is subjective, I suppose).

    15 of 18 people found this review helpful
  •  
    Trenton Texas, Alaska United States 10-04-15
    Trenton Texas, Alaska United States 10-04-15 Member Since 2015
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    "Phenomenal!"

    People say that is all the time, but this REALLY NEEDS to be required reading (listening in this case), and here is why:

    Mr. Sowell expertly explains economics in this 25 hour long monster in a way that everyone can understand and enjoy. Everything he says is very well supported either using simple logic, hypothetical situations and many real world international and domestic examples.

    Even if you don't agree with his explanations, you will still come out of this book with a better understanding of economics as you would have to come up with a logical reason to disagree with him, because his beautiful explanations and examples are essentially devoid of emotion, which is a very good thing.

    Some of my favorite things of the book are:
    - His often repeated statement is his definition of economics: Utilization of scarce resources which have alternative uses.
    - His explanation of the difference between prices and costs.
    - His examples of the effects of price controls.
    - The absolute lack of mudslinging towards liberals, he actually operates under the assumption of people encouraging government intervention all with the best of intentions.
    - His reminders how economists are known for being boring because of splashing cold water on policies due to cold hard boring facts.

    This thing is almost 25 hours long, takes a while to listen to but it is like music to your ears. It's economics pure and simple and is fascinating.

    Thomas Sowell for president! (Hey he's only 85, that isn't too old is it?)

    13 of 17 people found this review helpful
  •  
    ;Turkeytime 12-17-14
    ;Turkeytime 12-17-14 Member Since 2015
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    "Worldwide Economics!"

    Wow, It was very insightful. I am new to finance and am trying to become more knowledge about these topics.

    10 of 13 people found this review helpful
  •  
    Sean 01-09-15
    Sean 01-09-15 Member Since 2014
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    "Smartest man in economics"

    You don't know what you don't know.
    Never has it been more self evident.
    Thanks to Mr Sowell for putting this together.

    9 of 12 people found this review helpful
  •  
    05-03-17
    05-03-17 Member Since 2017
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    "Most useful book. Must read"

    It is easy to understand complex economics basics with this book. The whole approach of the author towards the topic is very deep and nicely narrated to readers. Would be great to have the same book for each major part of life. By the way, do not be confused by the topic, getting economics basics one would be much savy with wide variety of different questions about modern life.
    And it works already, as I just realized that I spent just a few bucks to the most useful book ever! God bless economy 😊

    1 of 1 people found this review helpful
  •  
    Amazon Customer 11-22-16
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    "Common sense guide to economics"

    Regardless of your political affiliation, there is much to be gained from this book. The importance of cause and effect with regard to basic economic principles (remember, it's basic economics, not economic philosophy or political economics at length) is an indispensable knowledge, and Thomas Sowell presents the concept with room for argument from there. Those whose view of economics has been molded by politics instead of classical economic study will likely find some offense here, as it's obvious that Sowell does not like political intervention (at least not much of it), but keeping an open mind and reorienting yourself about how economics starts with scarcity and goes from there is the cornerstone. A must-read for the economic novice, regardless of political affiliation.

    1 of 2 people found this review helpful
  •  
    CJA 07-26-15
    CJA 07-26-15 Member Since 2015
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    "Beautiful Economics"

    The Adam Smith of our generation, beautifully composed & presented in very understandable common sense logic.

    The book tackles how a government's economic policies directly enhance or inhibit citizens's quality of life back up by a plethora of rich case history examples from rich sources.

    I especially agreed with the consistent theme of getting needless government policies out of the way (price controls, central planning, etc.) & let the people be free to build & grow their businesses through the simplicity of supply & demand without letting government officials tangling up progress with needless & counterproductive legislation (Smoot-Hawley Tariff).

    I was also surprised to learn that during the Great Depression of 1930s the Fed needlessly increased interest rates adding further crushing pressure on credit/money supply.

    This is why we need authors like Thomas Sowell to prevent the mistakes of the past & see the power of the invisible hand of just letting people grow & build their dreams, to buy & sell, & simply let the market economy have room to work on its own. Government needs to have a balanced role in ensuring justice in economic transactions but the best thing it can do is wisely strategize its fiscal & monetary policies; then step out of the way, let people buy & sell, let people build their dreams, let people build their economy. Beautiful Economics.

    5 of 7 people found this review helpful
  •  
    Oscar 05-25-15
    Oscar 05-25-15 Member Since 2015
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    "Excellent work!"

    Having taken several economics courses, this book was refreshing in its ease in conveying some dry and dense subject matter. Moreover, it tackles assumptions and adds new perspective on "axiomatic" assumptions. Specifically, the mechanics of the cause and effect of shortages, poverty,. Further, the geographic advantages of one country compared to others, as well as Soviet era decision making.

    1 of 1 people found this review helpful
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  • David
    7/16/17
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    "Simply brilliant."

    An incredibly comprehensive and enlightening insight into the subject. Very easy to understand. Everyone should read/listen to this.

    1 of 1 people found this review helpful
  • astromads
    London
    6/3/17
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    "Fantastic"

    I could have listened to more of this, I never thought economics could be so interesting.
    Absolutely loved it.

    I would recommend everyone to read this book, gives you a better understanding of how things are not what they seem, would help pick your electoral parties as well.

    The man that read this, his voice was perfect to listen to.I could probably listen to his voice from any audio book.

    Gave this rating as I could not fault anything about this book.

    1 of 1 people found this review helpful
  • James
    5/2/17
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    "Very eye-opening."

    I would definitely recommend this to everyone. I like the way that the subject was approached with a very objective lens.

    The dispelling of some of the fallacies of government policies using historical examples was the strong point of this book for me.

    The only reason that this is not a five star review is that the book can get a bit repetitive towards the end as examples are reused in the same context.

    1 of 1 people found this review helpful
  • William
    4/17/17
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    "Essential"

    Everyone needs to hear or read this. For a subject with such simple and easily understood principles, there is so much misunderstanding and appreciation of the complexity that are consequences of those principles.

    1 of 1 people found this review helpful
  • Max
    10/8/16
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    "best economic book I've read so far."

    a long, but essential book on economics. should be taught on every university campus in the world as far as I'm concerned.

    3 of 4 people found this review helpful
  • Francisco
    7/28/17
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    "I promise you, this book will change your life."

    I highly or more than highly recommend this book to anyone regardless if you are studying economic or not. The explanation are so common sense and clear you will be enlightened. I am really grateful to have taken the time to listen to it and really want to say thank you to all the people behind it and the author. You have succeed beyond your goals. I will re-listen to it couple times until it becomes a song in my head. So grateful.

    0 of 0 people found this review helpful
  • A. Dodge
    2/25/15
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    "Thomas Sowell Scholar Economics"

    Much content

    Understandable to the laymen

    The narrators voice sounds as though it's modded in sound software and is slightly distracting, however the content pulls you back.

    3 of 6 people found this review helpful

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