Basic economics : a Common Sense Guide to the Economy

Basic economics A Common Sense Guide to the Economy

Thomas Sowell, 1930-

Book - 2015

A presentation of economics in plain, straightforward language, without the jargon, graphs, or equations that dominate most other economic writings. This book is aimed at people with no previous study of the subject, namely the general public and beginning students in economics. Basic Economics illustrates economic principles with vivid examples from countries around the world, to make those principles memorable in a way that technical jargon or mathematical presentations may not. The fifth edition includes a new chapter on the reasons for large differences of income and wealth between nations. It also examines some popular explanations of these differences that will not stand up under scrutiny. This chapter, and the chapter on the history ...of economics itself, give the beginning student a larger context for understanding the role of economics.--Publisher information.

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2nd Floor 330/Sowell Due Apr 6, 2024
Subjects
Economics.
United States > Economic conditions.
Published
New York, NY : BASIC Books, A Member of the Perseus Books Group [2015]
Language
English
Main Author
Thomas Sowell, 1930- (-)
Edition
Fifth edition
Physical Description
ix, 689 pages ; 25 cm
Bibliography
Includes bibliographical references and index.
ISBN
9780465060733
  • What is economics?
  • pt. I. Prices and markets : The role of prices ; Price controls ; An overview of prices
  • pt. II. Industry and commerce : The rise and fall of businesses ; The role of profits--and losses ; The economics of big business ; Regulation and anti-trust laws ; Market and non-market economies
  • pt. III. Work and pay : Productivity and pay ; Minimum wage laws ; Special problems in labor markets
  • pt. IV. Time and risk : Investment ; Stocks, bonds and insurance ; Special problems of time and risk
  • pt. V. The national economy : National output ; Money and the banking system ; Government functions ; Government finance ; Special problems in the national economy
  • pt. VI. The international economy : International trade ; International transfers of wealth ; International disparities in wealth
  • pt. VII. Special economic issues : Myths about markets ; "Non-economic" values ; The history of economics ; Parting thoughts.
Review by Choice Review

In this fifth edition of his best-selling introductory economics book, Sowell (Hoover Institution) updates his presentation and discussion of several topics from the fourth edition (CH, May'11, 48-5211). For example, the chapter previously called "Controlled Labor Markets" has been changed to "Minimum Wage Laws." While modifications like this do not reflect a significant change in content, they do indicate that Sowell is paying attention to what readers are interested in and providing them with more focused content. This is most evident in the one entirely new chapter titled "International Disparities in Wealth." While the new chapter does a good job covering the role played by geography, culture, human capital, population size, and imperialism, it is disappointing that Sowell does not touch on the role of institutions in economic development. Douglass North's Institutions, Institutional Change, and Economic Performance (CH, May'91, 28-5186) and Acemoglu and Robinson's Why Nations Fail (CH, Sep'12, 50-0390) have shown the important role that political and economic institutions play in economic development. Failing to include them mars what is otherwise an excellent revision to an already highly regarded book. Summing Up: Recommended. All readers. --Joshua C. Hall, West Virginia University

Copyright American Library Association, used with permission.

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