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Basic Economics: A Common Sense Guide to the Economy-Thomas Sowell

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Ebook About
The bestselling citizen's guide to economicsBasic 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 edition 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.

Book Basic Economics: A Common Sense Guide to the Economy Review :



Not really an introduction to economics but more like a presentation of a point of view on economics. I enjoyed and learned a lot from this book. His arguments of the dangers/pitfalls of government regulation and interference in the market are convincing and insightful. Unfortunately, this is not a balanced book, but rather one with an agenda of promoting his own point of view. As such, he only presents facts which support his case, mostly omitting anything which would go against it. For example, no mention that historically government regulation has stopped children from working long hours in dangerous factories, or stopped lead in gasoline from poisoning communities. If you accept that "some" regulation in markets is necessary for society, then he doesn't do a good job in explaining what an effective regulation would be. From his arguments I can only surmise that he does not want any government involvement at all. I also don't agree with the perspective that everything in society can be interpreted as a "market", including for example education. Unfortunately in today's climate people seem to take to the extreme. It should be possible to understand and acknowledge a variety of points of view in a complex world, but this book does not present such a balanced perspective. For this reason, I would recommend the reader to think critically while reading and not just accept everything he says as the final word.
Very well written and informative. It showed me just how wrong I was about how the economy functions and what Capitalism truly is. I realized that all of the policies I supported only felt good, didn't address the true causes of problems, and would exacerbate them.

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