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Basic Economics, Fifth Edition: A Common Sense Guide to the Economy
Download Basic Economics, Fifth Edition: A Common Sense Guide to the Economy
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Audible Audiobook
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I have always enjoyed reading Thomas Sowell. He has the ability to make the difficult seem easy. Of course, as he points out in Basic Economics, the concepts may seem easy, but they are being misapplied all around us. How hard is it to understand that high prices attract resources? Yet, many states have laws against selling anything at a higher price during an emergency. They don't want people price gouged. But wait a minute, if the prices went up the higher prices would attract resources to the area where such resources were most needed. Instead, few resources are attracted to the emergency because of the pricing laws and the folks needlessly suffer.The more the government tries to rationalize the economy, the worse it makes the economy. What they think ought to happen seldom happens. Thomas Sowell gives the best arguments for a hands off the economy approach to government. I think he is correct. Let the market make the decisions. It has worked since 1776, but somehow that isn't good enough for a lot of people. People always think they are smarter than the market, or the market is somehow evil. But people are not smarter than the market, they do not have more knowledge, and the market is not evil or unfair. Only people and governments can be evil or unfair. A free market is neither.In my book The Super Summary of World History (Revised) I argue that Marxism and socialism think that free market results are evil because some prosper greatly and others suffer. Marx argues from a position of economic determinism that once capitalism is dead a wonderful new world will replace it. Capitalism caused evil because, Marx thought, everything flows from the economic system - literally. If the economic system changed so would the people. Thus, Marxism would change human nature, and with Marx's new economic system man would become a new person that would be free from capitalist's greed and fear. I say human nature does not change its basics and Marx was a dreamer. I believe Sowell would agree.Socialism does not go as far as Marx; however, I think socialism still relies on the death of capitalism to build a new world. Once the evil of capitalism is gone a new world will bloom because people will have more equality. Socialism aims at achieving equality by equalizing results. Not equalizing effort mind you, just results. The theory is that society exists before the person is born and every person is born into society which has schools, roads, businesses, money supplies and whatnot which all contribute to a person's success or failure; thus, ever failure is a failure of the group, and every success is a success of the group. Anyone who fails must be brought up to the group average as his failure is the failure of all and the responsibility of all. Also, one's success is the success of all; thus, the successful person owes society a large amount of his money and property to bring him down to the average of all the rest. I think this is both unfair and unwise. The failure or success of one is not the failure or success of all, and equality does not stem from demanding equal results no matter what the effort or insight.Basic Economics makes hash out of the Marxist and socialist theories. Knowledge is not something given out by society in neat little schoolbook packages. The knowledge is there for all to acquire most times, but key insights are not. Only by giving those with insight great rewards can we advance as a nation and a world. If the rewards are the same for everyone why take any risks? The risk takers often fail, and in fact they fail more often than they succeed. Only great rewards can justify taking great risks. Also, if all are rewarded the same, then how can we tell if one idea is better than another? Only the flow of money tells us what is a really good idea vs a poor one. To change successfully takes risks and insight, and to measure whether the change is good or bad takes an empirical way to measure the value of a product or service. The flow of money is that empirical measurement of value. This all flows easily from T. Sowell's insights.I love the book.AD2
What sets Thomas Sowell apart from many economists and intellectuals is his ability to present complex ideas with both clarity and simplicity. As he himself once noted, "If academic writings were difficult because of the deep thoughts involved, that might be understandable, even if frustrating. Seldom is that the case, however. Jaw-breaking words often cover up very sloppy thinking." For Sowell, economics is no exception.In Basic Economics, he reminds you that economics is the study of the use of scarce resources which have alternative uses. And with this fundamental truth in mind we see a master expositor at work. He derives many economic principles from this easily forgotten fact, offering you real-life examples along the way. This book was, of course, written for the layman. In fact, no prior knowledge of economics is needed before you read it. Yet the book is of such breadth and depth that economist Dr. Walter Williams says "it provides an understanding of some economic phenomena that might prove elusive to a Ph.D. economist."As you read and become familiar with how Sowell thinks, you will yourself begin to think like an economist. You will learn to judge policies not by their proposed goals, but by the incentives they are likely to create, which may have the opposite effect of their intended goals. You will learn to think about not only a policy's immediate effects, but also its effects in the long run, and not only its effects to a specific group of people, but to everyone. In the process, many of your long-held cherished beliefs may be challenged.Consider, for instance, minimum wage laws. Sowell explains why increasing the price an employer must pay his employees--though put into law for benevolent reasons--can have unintended bad effects, like an increase in unemployment. He also explains why, for similar reasons, rent control decreases the quality of apartment buildings, or why lowering the price of gas can cause a shortage.This 5th edition of Basic Economics includes a new chapter on international disparities in wealth. An insightful chapter, Sowell explains why some countries enjoy luxury while others suffer poverty, pointing to such commonly overlooked factors as geography and culture. Another addition is that this book ends with a section of questions covering important economic issues. If you don't know the answer to a question, it tells you where in the book you can find it. This is especially helpful for someone forgetful like me, who must regularly return to refresh on economics. It's also helpful for quizzing yourself to see how well you understood the information.To say that Sowell's books have boring covers and titles is an understatement. But they provide strong evidence for the claim that "you shouldn't judge a book by its cover." I recommend this book as a must-read to everyone, not just to aspiring economists. (I also highly recommend Henry Hazlitt's Economics in One Lesson.) However, I would be remiss if I did not include in this review any drawbacks, and there's a big one. Basic Economics will leave you more pessimistic for your country than before you opened it.
Many of the other 5 star reviews explain better in words than I could just how profoundly important, yet easy to read, this book is. My only contribution to these reviews is to say that I see this book as being like "Freakonomics for grown ups". It offers excellent insight into economic phenomenons with relatable examples, without simply scratching the surface of the implications of such, as Freakonomics does.Basic Economics has mass market value without obvious mass market appeal. A must read for literally everyone. Everyone. Everyone.
5 years ago I leaned towards leftism. As I took a more logical approach to life (getting to the actual root of things) and widened my perspective of economics (and life in general), I've leaned more towards libertarianism. This book was one of my biggest influences and changed many of my views on politics, economics, and approaching life in general. Thomas gets you to think about all sides of the equation and not just what the intellectuals or politicians want you to see (no matter the party). I felt smarter after reading this book since it has now been embedded in my head to question everything.
This took me forever to read! It is not that it is difficult to read or understand. It is more like drinking a fine wine or smoking an expensive cigar. You intentionally take your time to enjoy the knowledge that is being imparted to you, to fully absorb it.Say what you will about that comment, I have a MBA and many of the concepts he share or shot down, should have been obvious to me. Yet I ignored what should have been common sense to believe what is propaganda that is repeated constantly until we are start to believe that 2 + 2 = 5.Well Dr Sowell screams to remind you that it is 4.Must have for anyone that hasn't taken economics to the graduate level.
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