Basic Economics

This text was so easy to understand and could probably be given to High-school students, or even younger. Nothing is too complex for the average reader. You will actually find yourself shaking your head yes as most of this is simple common sense. But what really makes this book valuable is how all these simple ideas are taken to illustrate the answers to common economic questions we have all had, that we all see in the news, and politics every day. A lot of societies problems could be alleviated by the average citizen having this kind of education.

can't believe i became informed about basic economics until my mid 40s. in my 20s, was told, believed, and spouted out many economic myths or errors - like minimum wage and rent control helps the poor. however, in my 30s and 40s, slowly, became to realize those thoughts didn't seem to do, what i thought they did. this book explained, in a clear manner, these later realized discrepancies.

now, i'm more disgruntled, that i was told these economic errors in my 20s (in college), and how these incorrect ideas still persist. for example, many of these economic myths/ errors were supported by college professors, who never participated in the free market. for another example, how much of the media will ask a businessman to defend the free market, when business has biases against the free market. and, for a last example, how politicians have been duplicitous or ignorant, themselves, and have benefited from the public's ignorance of basic economics.

This is a must read for anyone interested in understanding economics and is especially pertinent today with the current state of the U.S. economy. I have read several other books by Thomas Sowell (A Conflict of Visions, The Housing Boom and Bust,and Intellectuals and Society) but somehow overlooked Basic Economics until now. In this book Dr. Sowell describes and compares the basic principles of various economic schools of thought, from free-market capitalism to state-controlled socialism, in language and that is easy to comprehend. The book is full of both hypothetical and historical examples that are especially helpful in explaining the specific points that the author is making. I had expected this book to be an overly technical and scholorly treatise, which might be difficult to read and to hold my attention, but instead found it very easy to read while being both educational and entertaining at the same time. I highly recommend it.

I never took economics through college or grad school, picked up a copy at the library for grins. This book manages to take a DRY subject like economics and makes it both interesting and understandable. Thought so much of the book that I turned in the library copy and bought my own copy for reference. Amazing book.

Dr.Sowell is famous for his common sense contrarianism. His main weapon is logic and clear thinking. I am not sure his positions are unassailable in every detail or in every case but his thinking serves as an antidote to much of the vague nonsense promoted in the media,in politics and in popular economic talk.Numerous economic facts and figures are constantly thrown around without the public understanding the implications. Thus support for bad economic policies can gain political support.

It is often assumed that business under capitalism is driven by greed and selfishness and is unfair while the people in a democracy support the expansion of government to create fairness and justice. If only the special interests weren't in control we could solve the problem. Somehow this never works. In fact too much government control is disastrous in every case,as history shows. This does not keep left thinking people from pursuing their unlimited ideals,and when people like Sowell point this out they often go into spasms of incoherent rage.

As Sowell shows, politics operates under short term assumptions. Business thrives by producing things people want, thus efficiently utilizing resources. In the political arena the short term goal of getting and staying elected is paramount. Government institutions are run according to political rather than economic considerations. Sowell is no radical libertarian and does not says government has no role,but merely explains what happens in different societal institutions in the real world and why. In the process he slaughters many sacred cows. This is most enlightening to those who will listen.

There are a lot of smart economists out there, but very few are brilliant enough to explain what they know to a child or layman. Thomas Sowell does just that, making basic economic concepts accessible to minds unfamiliar with the jargon and presuppositions of economists.

If you seek a better understanding of how things work in the economy, and want to better interpret political ideas of how to "fix" things, read this book. You'll be glad you did. You'll also use it as a reference for years to come.

Not bad, gives you just enough examples making it clear how cronny capitalism is just as bad as socialism if not worse. Multiple examples in which protectionisam and policies for one group destroys true free market principles and has an overall net negative on the society and then economy. True principles that everyone expects to play by get disintegrated.

This is truly an excellent introduction to economics. It is written in a style that the layman can understand and gives you plenty of things to think about. Very far from boring the writer engages the reader and challenges you to think very carefully. Most people don't realise that the economic model that our society is based upon is founded on a series of very unreasonable assumptions about the way the world works. This writer on the other hand breaks it all down To its basic building blocks and makes it clear that a lot of the assumptions that have passed for fact over the last 50 years or more, are just a product of Socialist social programming. The writer is obviously a supporter of minimum government intervention and maximum free markets. If you buy this book you shouldn't expect the typical treatise based upon the work of John Maynard Keynes. Keynes would probably have a heart attack if you read this work and the reason is he would probably realise just how wrong he is. This book is a satisfying in the extreme and I recommended very highly both for the person studying economics and also for the person who is just interested in understanding the economic decisions made by politicians. Most decisions are populist and designed to garner favour with certain groups and they are not based on sound economic policy. After reading this book I'm sure you would come to the same conclusions.

I have been reading Thomas Sowell commentaries for years and have enjoyed his writting immensely. So, I decided to read this book.

Thomas Sowell has such an abilty to take complex discussions and make them understandable. He doesn't try to sound impressive. As a result, this book ( like all his writtings ) is clear and to the point. You will have a great understanding of the topics covered after reading.

The subtitle to this book is, "A Common Sense Guide to the Economy". Instead of covering all the economic calculations, graphs, and all the other traditional economic methodologies ( I went through all that in college ), Mr. Sowell discusses ecomomics from a topical perspective. You will understand the basics of economics, not because you can quote some formula, but because you will be able to think about the ecomomic impact of an ecomonic issue. A much better approach.

If you are interested in how economies really work, this book is for you.

this is just a phenomenal book. Sowell demystifies the basic theories of Economics in plain English, without a bunch of dense math. It is both easy and compelling. He also does a superb job of helping the reader to understand what economics really is, in a world where it is often unfairly vilified.

I have a degree in economics from a University of California school and this book taught me more about economics than all my econ classes combined. I highly recommend this book.

One thing about this book however, is that you may find yourself getting a little angry during your reading of it. To alleviate some of this anger I suggest reading books by Milton Friedman and Russ Roberts. They do an excellent job teaching economics too, but their writing helped me rise above the partisan debates and understand the bigger picture.

Finally, a lesson that everyone can follow. In today's world, this book needs to be in every home. Perhaps there would be less financial stress if folks had a basic understanding of how things really work.

Read this and you will never give socialism another thought. Free enterprise, free markets and capitalism is where it is at. Easy read and understand...........this author should be advising the president, especially the current office holder (2008-2016).

Thomas Sowell does a great job explaining a large breadth of economics topics in language understandable by the novice. I can now better identify when politicians are proposing policies that have zero chance of success.

Thomas Sowell is a gift from heaven. Clear lucid thinking
on paper.

He may be the original behavioral economist--his range
from Keynes and socialism to Hoover has permitted him
to see what works and what never will.

Stop complaining about dumb politicians and read this
instead.

Sowell's Basic Economics makes the reader think about economics without either the graphs or mathematics of more academic approaches. He lays out the economic analysis of various policies with a wealth of supporting examples. The examples are virtually always on point.
Sometimes, though, his sentences are too long.

Not only will you seem awesome for having this volume on your bedside table, you'll also BE awesome for finally understanding simple economic principles that once seemed esoteric and daunting. This book could be read cover to cover or referenced on occasion as necessary. A necessary component of any library at a surprisingly low price (a wise economic decision).

Including our quasi-Marxist professors of economics! Sowell absolutely destroys the myriad of myths surrounding our economy and polity. For example, he shows how rent control, designed to make apartments more affordable, has the opposite effect; actually decreasing the supply of affordable apartments. This happens by the simple law of supply and demand; when the price is lowered, demand increases, leading to shortages; moreover, there is no incentive for property owners to continue renting out apartments at all, much less maintaining them. As the subtitle (A Common Sense Guide to the Economy) indicates, this is all common sense, but common sense is in short supply among politicians who are more interested in catering to special interest groups or creating policies that sound good initially, thus keeping themselves in power. If everyone read this book, they would realize how politicians manipulate the public, discourage economic growth and incentives, costing everyone more money. Our national debt, deficit spending, and high unemployment are due to the counterproductive political policies that needlessly interfere with our economic system.

Sowell is a very clear writer, one of the best out there. And he backs up his arguments with plenty of historical evidence.

Great book. Easy to follow and definitely not for once-through reading. But thoughtful disgestion, piecemeal a time, of basic principles which obviously not too many governments are following. If you want to save money -don't take classes in Economics 101. Read the book.

Basic Economics is a beautifully worded, coherent explanation of economic concepts that every citizen should know. Sowell makes use of relevant examples to communicate economic concepts that would otherwise be dry and dense to the average reader.

One of the greatest, if not the greatest, books I've read in my life. No other book has ever influenced my daily thought process as much as this book.

Reading this book cover to cover was one of the most enlightening experiences.

Thomas Sowell deserves to be called a genius.

This is easily the greatest book ever written if you want to understand how the world we live in actually works. I loved it, so I gave it to my 15 year old son and he also loved it. He says he learned more from this book than anything he ever learned at school (shocker!), and I have to admit I feel the same way, and I have an MBA. Literally everything can be explained through the lens of economics and once you've seen the light that Mr Sowell opens up you will always see the world differently. Thomas Sowell takes the complex and makes it simple. He boils down seemingly complicated patterns of human behavior in ways that will have you shaking your head in agreement, wondering how you didn't see it before. If you're thinking this book is too advanced or too technical, or likely to be boring....think again. It's fantastic! Thank you, Mr. Sowell!!!

I highly recommend this book to anyone.

As much as I want to end the review with that statement let me say that I was a business major in college, have taken several economics courses, and was really doubtful that Mr. Sowell could write a whole book on basic economics without using graphs or mathmatical formulas.

I was wrong.

This book is about the practical side of economics that truly affect us every day. Even with the little back of background I did have I learned a lot from his real world examples and this book sparked my interest into other economics books that focus on the practical side of this profession.

For anyone with an interest in this subject (the practical application of economics without having to know complex math formulas or use graphs) I would highly recommend the podcasts on [...] - The host Russ Roberts (An Economics professor at George Mason University) interviews many famous economists about many practical matters and how economics can be used to find solutions or answers. He is a funny and interesting host and the topics and discussions are always stimulating to listen to.

I would also suggest the sequel to this book as well, Applied Economics: Thinking Beyond Stage One.

Just like Thomas Sowell's columns, the book was extremely well written. It was down to earth with clear examples and explanations that drove his points home. Every citizen in this country needs a basic understanding of economics. This would certainly change the way a lot of voters cast their ballots. I heartily recommend this book.

Common sense meets economics in an entirely understandable way. Very seldom do we get explanations in this much depth without the jargon and insider allusions that mar most attempts to explain complicated disciplines. The cause and effect examples are very well thought out. Professor Sowell's marvelous intellect shines here.

Simply excellent. No formulas or numbers. Only concepts. If you are searching for a quantitative academic book, this is not for you. If you need to understand macroeconomics for your own understanding, search no further.

This book should be required reading before anyone votes. Politicians on both sides say things that sound good until they are explored further. In explaining basic economic facts Thomas Sowell uses historical examples from various nations and times. Thomas Sowell's logical, thorough approach make all of his books interesting and enlightening to read.

In his most famous song, John Lennon asked us to "Imagine no possessions," and to "Imagine all the people sharing all the world." By the logic of this utopian song, possessions are evil and an impediment for all people to be "living life in peace."

Thomas Sowell, however, demonstrates that it is precisely what nobody owns, or what is owned collectively that gets mistreated, wasted, neglected, and (often) even destroyed or killed. "The only animals threatened with extinction are animals not owned by anybody." Pg. 373). He makes this point (among others) in defense of Property Rights. This point is only one in literally thousands of empirically verified economic behaviors observed by Economists the world over that Sowell uses to support this brilliant book.

Lennon meant well, and his song obviously resonated with millions, hence its popularity. However, economics studies consequences, not intentions. The feel-good sentiments Lennon expressed fed on fallacies and myths that refuse to die, despite the mountains of evidence that refute them. Sowell's goal is clearly to dispell those economic fallacies, myths, and deeply entrenched misconceptions. Such misconceptions are not just harmful to the individuals that hold those views, but also to whole societies, ultimately impacting the standard of living of millions of human beings. As far as I'm concerned, he nails it. The book was an eye opener for me. I cannot recommend it highly enough!