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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 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.
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Creators
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Publisher
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Release date
December 2, 2014 -
Formats
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Kindle Book
- ISBN: 9781541697652
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OverDrive Read
- ISBN: 9780465056842
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EPUB ebook
- ISBN: 9780465056842
- File size: 785 KB
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Languages
- English
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Levels
- Lexile® Measure: 1480
- Text Difficulty: 12
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Reviews
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March 15, 2001
Syndicated columnist Sowell (economics, Hoover Inst.) is the author of 31 books and monographs on a broad range of topics, including race, culture, education, social policy, philosophy, and economics. In this groundbreaking work, he explains the basics of economics without resorting to the graphs, equations, and jargon that typically fill the textbooks and literature in the field. Along the way, he explains exactly what economics is and what its guiding principles are. Sowell covers a broad range of topics, from scarcity, the balance of trade, and price controls to minimum-wage laws, competition, profits and losses, and the role of government. Intended as a primer for the citizen not trained in the basics of economic theory, this book is flawed only in a somewhat confusing organization that leads to repetition. Recommended for public libraries. Norm Hutcherson, California State Univ., BakersfieldCopyright 2001 Library Journal, LLC Used with permission.
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March 1, 2001
Sowell, an economist and academic, tells us that the target audience for this introduction to economics includes highly intelligent people who want to understand the workings of their country's economy, as well as students and economists who need to learn how to express themselves in plain English. He reviews such topics as prices, industry, labor, investment and speculation, and both the national and international economies. To make informed decisions, the voting public needs an understanding of basic economics, which will provide the tools for evaluating political policies and proposals in terms of logical implications and empirical evidence. Innumerable tragedies could be avoided if people stop and think instead of being swept along by emotions, rhetoric, or political pressure. The author cites examples, such as the profound problem of homelessness in Manhattan in spite of having more boarded-up housing than they would need for shelter, and the Russian people going hungry in spite of having incredibly rich farmland. Valuable information and insight.(Reprinted with permission of Booklist, copyright 2001, American Library Association.)
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