Basic Economics - 5th Edition by Thomas Sowell (Hardcover)

About the Book

Sowell explains the principles of economics in plain jargon for the general public, answering questions like: Why are homeless people sleeping on the sidewalks of New York in the winter, when abandoned apartment buildings have four times as many dwelling units as there are homeless people in the city? Why did Russians have to import food to feed people in Moscow, when Russia itself had vast amounts of some of the richest farmland in Europe? What are the reasons for the large differences in income and wealth between nations?

Book Synopsis

The bestselling citizen's guide to economics

"Thomas Sowell is the nation's greatest living economist." --American Spectator   

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.

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.

Review Quotes

"Basic Economics is also one of the most--if not the most--lucid, comprehensive, and eminently readable overviews of economics fundamentals you are ever likely to encounter."--Redstate

"Basic Economics reveals in every chapter why Thomas Sowell is one of America's greatest thinkers. It is must-reading for anyone who wants the truth about how the laws of economics govern so many of the events in our daily lives."--Arthur C. Brooks, author of Build the Life You Want

"Basic Economics covers the whole range of economic concerns...It eliminates the usual graphs and equations, presenting readable text instead that any reader might find convincing."--Book News, Inc.

"Basic Economics demonstrates Thomas Sowell's ability to make economics understandable to a person who hasn't set foot in an economics class. It's a book rich with explanations and examples of everyday economics issues."--Walter E. Williams, George Mason University

"Basic Economics is a healthy main course disguised as a rich dessert...Thomas Sowell's smooth writing, irresistible logic, deep knowledge, and flawless economics make each page an explanatory treat to experts and novices alike."
--Thomas Hazlett, Clemson University

"A valuable book...Basic Economics is a comprehensive, yet understandable explanation of how economics works...Sowell presents economics in prose that is easily understood and engaging to read...Basic Economics is one of those books anyone wishing to be an informed citizen should read--and it is interesting enough to make enjoyable reading."--Daily News, Galveston County, Texas

"An excellent gift for someone who is interested in learning more about economics without working through the economic jargon, graphs, charts, and equations usually found in textbooks."--Business Economics

"Badly needed...Anyone who hasn't studied economics formally should read Basic Economics to learn it in a logical, straightforward way. Anyone who has been subjected to biased and dreary economics textbooks should read Basic Economics as a bracing corrective."--Claremont Review of Books

"Clear and concise...Among economists of the past thirty years, Thomas Sowell stands very proud indeed."--Wall Street Journal

"Sowell takes the reader on an exhilarating tour of the fundamentals of microeconomics, macroeconomics, financial markets, and international trade....Wisdom, erudition, and an underlying rigor permeate every page; this is sophisticated economics, even though the material is presented in plain, everyday English."--Cato Journal

"Sowell's volume does a fantastic job in cultivating the reader's 'economic imagination'...Sowell does a masterful job in helping to fill in the process of economic adjustment that blackboard equilibrium analysis often leaves out."--Choice

"The unyielding truths of economics befuddle social engineers of all stripes. Thomas Sowell, in exemplary fashion, strips the mystery from those truths, making them intuitive--even obvious."--David Boaz, author of The Libertarian Mind

"Thomas Sowell's classic provides an engaging--and at times entertaining--crash course through economics and its application to public policy and personal finance...Sowell helps readers understand how economics applies to everyday life. It isn't about revenue, profits, stocks and bonds, as much as it is about making choices...His language is eloquent, as well as accessible...Basic Economics is a useful guide for someone who wants to know more about how the business world operates and also how to interpret public policy proposals."
--Deseret Morning News

"Basic Economics is not only valuable for a general lay-person audience; it would also benefit lawyers, politicians, and yes, economists as well."--Washington Times

About the Author

Thomas Sowell is a Senior Fellow at the Hoover Institution, Stanford University. For more than half a century, his writings have appeared in both popular and scholarly publications, on both sides of the Atlantic, and his books have been translated into a dozen foreign languages. After a career as an economist in the government, academia and the corporate world, he has since 1980 been a scholar in residence at the Hoover Institution, devoting his efforts to research and writing, on subjects ranging from the history and influence of intellectuals to education and social policies in countries around the world.