Tesco
Basic Economics
Book

Basic Economics

A Citizen's Guide to the Economy

Thomas Sowell
Basic Books, 2000

Read or listen offline

автоматическое преобразование текста в аудио
  • 0.5×
  • 0.75×
  • 1×
  • 1.25×
  • 1.5×
  • 1.75×
1×
автоматическое преобразование текста в аудио

Editorial Rating

7

Recommendation

Anyone not familiar with the work of Thomas Sowell would be well advised to check out the blurbs on the back of the dust jacket of Basic Economics, where praise flows from conservative bastions like The Wall Street Journal, The Washington Times and the American Enterprise Institute. Take this as a warning that, even though Sowell’s book does offer an excellent plain-English explanation of fundamental economics, its real mission is to explain how many societal catastrophes are caused by government policies he deems faulty. In so doing, he takes aim at minimum wage standards, rent control and, through his spirited defense of international trade, the anti-globalization crowd. But no matter which side of the ideological fence you occupy, getAbstract.com suggests reading this book for its insightful distillation of some of our most passionate political debates down to their economic essentials.

Take-Aways

  • Free markets work better than other economic systems because they allow prices - not government bureaucrats - to allocate resources.
  • Prices are like messengers that convey news to consumers and producers.
  • Real prices reflect the ratio between the supply of a good and the demand for a good.

About the Author

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.

Comment on this summary or Начать обсуждение