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| Basic Economics 3rd Ed: A Common Sense Guide to the Economy | 
 enlarge | Author: Thomas Sowell
Publisher: Basic Books
Category: Book
List Price: $39.95
Buy New: $25.04
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Avg. Customer Rating:  (54 reviews)
Sales Rank: 2460
Languages: English (Original Language), English (Unknown), English (Published)
Media: Hardcover
Edition: 3
Number Of Items: 1
Pages: 640
Shipping Weight (lbs): 2.2
Dimensions (in): 9.1 x 6.1 x 2
ISBN: 0465002609
Dewey Decimal Number: 330
EAN: 9780465002603
ASIN: 0465002609
Publication Date: April 2, 2007
Availability: Usually ships in 1-2 business days
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| Editorial Reviews:
Product Description
This completely revised and updated third edition of Thomas Sowell's instrumental work includes a new chapter on government finance. Basic Economics is a citizen's guide to economics--for those who want to understand how the economy works but have no interest in jargon or equations. Sowell reveals the general principles behind any kind of economy--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.
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| Customer Reviews: Read 49 more reviews...
 Anecdotal December 25, 2008
5 out of 6 found this review helpful
As a layman wanting to get a clearer view of trade and distribution of resources, I purchased this book, as it seemed to have earned a lot of praise. I was disappointed for a number of reasons:
1. It lacks stringency. The facts and messages could easily have been conveyed in a book a third of its size, which would actually have made it more readable. I usually enjoy examples to illustrate statements, but Mr. Sowell makes the same point over and over and over and over again, just using different examples. The point being "laissez faire is our only realistic option".
2. It is terribly biased. I personally love reading The Economist precisely because it IS biased, as it always strive to at least present both sides of an argument, and then take sides. Mr. Sowell makes it very easy on himself, he just makes a statement and then backs it up with anecdotal evidence, so that by the end of the book, you're left with the question "Well, if the one right answer - deregulation - is so obvious, how come all markets are regulated, at least to some extent?" I personally share the author's viewpoint in most cases, but would at least like to know the counterarguments so I can form my own opinion.
3. Quite a few of the examples in the book I have a previous understanding of, and some of the facts presented is just plainly not true. For example, the author often points to Sweden as a warning example and categorically states that "some of the most painful examples of of quality deterioration have occurred in countries where there are price controls on health care". Sweden's (free) health care system leaves a lot to be desired, but it's coverage is greater the American, it's estimated to cost about half as much per capita, and almost all measurable parameters (such as infant mortality rate, maternal mortality rate, life expectancy etc) show results comparable to or better than the American system. The only significant exception, to my knowledge, being waiting times for elective surgery - which, not surprisingly, is the only illustrative example Sowell presents and elaborates.
I'm sorry - such an obvious disregard for examples and facts that don't fit the author's preconceived notions is a dealbreaker for me.
 Basic Economics review December 17, 2008
An excellent companion to The Concise Encyclopedia of Economics. Thomas Sowell explains in easy to understand language how liberal beliefs and actions do more damage than help.
A book for everyone December 13, 2008
Mr Thomas Sowell gives an in depth view of how basic economics works. This book gives historical information on the various kinds of economies found in the world and why they work or do not work. I highly recommend this book for everyone, especially seniors in high school. If every senior student had this book, he/she would be better voters of those who hold positions of power in our country, and would understand the world and economic basics which are the backbone of our nation and other nations in the world.
 A Very good counterbalance to highly "liberal" texts December 2, 2008
0 out of 1 found this review helpful
"Basic Economics" by Thomas Sowell is a very good book for the average, curious, citizen, who wants to understand the American economy. It is not written in textbook style, but it is highly readable.
The material is a very good counterbalance to highly "liberal" texts that seem to like governmental interventions and some degree of socialism.
I strongly recommend this book for a better understanding of economics.
You Cannot Succeed in Life Without Understanding Economics, and This Book Shows You All You Need to Know About the Subject November 23, 2008
"Economics is the study of the use of scare resources which have alternative uses" (1).
Understanding economics is understanding trade-offs, incentives, and how the world works. This refreshing interesting book does away with all the dry equations, graphs, and jargon of traditional textbooks to show the heart of the matter.
This book fulfills the economic requirement of the 7-Hour School Week's 12 hard skills to master. You don't need to take a dry economic class to benefit from its strategies.
Read this book instead. You will enjoy it more, and you will probably learn more too.
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