This revised edition of Applied Economics is about fifty percent larger than the first edition. It now includes a chapter on the economics of immigration and new sections of other chapters on such topics as the “creative” financing of home-buying that led to the current “subprime” mortgage crisis, the economics of organ transplants, and the political and economic incentives that lead to money earmarked for highways being diverted to mass transit and to a general neglect of infrastructure. On these and other topics, its examples are drawn from around the world. Much material in the first edition has been updated and supplemented. The revised and enlarged edition of Applied Economics retains the easy readability of the first edition, even for people with no prior knowledge of economics.
Thomas Sowell (born June 30, 1930) is an American economist, social critic, political commentator and author. He often writes as an advocate of laissez-faire economics, and his political outlook can generally be classified as libertarian. Thomas Sowell is the Rose and Milton Friedman Senior Fellow on Public Policy at the Hoover Institution, Stanford University. He has taught economics at colleges and universities across the country and has published articles and books on economics in the United States and overseas.
In 1990, he won the Francis Boyer Award, presented by the American Enterprise Institute. In 2002, Sowell was awarded the National Humanities Medal for prolific scholarship melding history, economics, and political science. In 2003, he was awarded the Bradley Prize for intellectual achievement.
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