Basic Economics

Basic Economics

Thomas Sowell, 1930-

eBook - 2014

The bestselling citizen's guide to economics. Basic Economics is a citizen's guide to economics, written for those who want to understand how the economy works but have no interest in jargon or equations. Bestselling economist Thomas Sowell explains the general principles underlying different economic systems: capitalist, socialist, feudal, and so on. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. With clear explanations of the entire field, from rent control and the rise and fall of businesses to the international balance of payments, this is the first book for anyone who wishes to understand how the economy functions. This fifth editio...n includes a new chapter explaining the reasons for large differences of wealth and income between nations. 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.

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Subjects
Economics.
Electronic books.
United States > Economic conditions.
Published
[United States] : Basic Books 2014.
Language
English
Corporate Author
hoopla digital
Main Author
Thomas Sowell, 1930- (-)
Corporate Author
hoopla digital (-)
Online Access
Instantly available on hoopla.
Cover image
Physical Description
1 online resource
Format
Mode of access: World Wide Web.
ISBN
9780465056842
Access
AVAILABLE FOR USE ONLY BY IOWA CITY AND RESIDENTS OF THE CONTRACTING GOVERNMENTS OF JOHNSON COUNTY, UNIVERSITY HEIGHTS, HILLS, AND LONE TREE (IA).
Contents unavailable.
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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