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.
“Voters by the millions want to know basic economics, not for passing tests but for grading politicians, and for understanding how the world works. They do not need the equations, graphs, and jargon of textbooks, but the guts of the basic issues. They have waited a long time for this book, by one of the nation's best and most trenchant minds.“
Michael Novak, American Enterprise Institute
“Alchian said the true test of whether one understands his subject is whether he can explain it to someone who doesn't know a darn thing about it. Mr. Sowell wasn't Mr. Alchian's student, but Basic Economics demonstrates his ability to make economics understandable to a person who hasn't set foot into an economics class. It's a book rich with explanations and examples of everyday economic issues and problems without the jargon, graphs and equations.”
Professor Walter Williams, George Mason University
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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