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Applied Economics: Thinking Beyond Stage Oneby Thomas Sowell
Synopses & Reviews
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.
Book News Annotation:
Sowell (Rose and Milton Friedman Senior Fellow on Public Policy at the Hoover Institution, Stanford U.), writing for a general audience, expounds upon how his brand of free market orthodoxy explains his conservative take on social issues and social welfare. He draws a distinction between economic and political decision-making, with only economics able to see beyond stage one and know the consequences of policy. His accounts of economic theory are applied to questions of medical insurance, low cost housing, international inequality, government regulation of business, and other issues, uniformly demonstrating the wrong-headedness of almost any governmental attempt to address social inequality.
Annotation ©2004 Book News, Inc., Portland, OR (booknews.com)
The ideal companion volume to the acclaimed Basic Economics--a guide to how our economic decisions turn out in practical terms
Now revised and updated—the acclaimed companion volume to the hugely successful Basic Economics, by one of Americas most revered economists.
The application of economics to major contemporary real world problems--housing, medical care, discrimination, the economic development of nations--is the theme of this new book that tackles these and other issues head on in plain language, as distinguished from the usual jargon of economists. It examines economic policies not simply in terms of their immediate effects but also in terms of their later repercussions, which are often very different and longer lasting. The interplay of politics with economics is another theme of Applied Economics, whose examples are drawn from experiences around the world, showing how similar incentives and constraints tend to produce similar outcomes among very disparate peoples and cultures.
About the Author
Thomas Sowell has taught economics at a number of colleges and universities, including Cornell, University of California Los Angeles, and Amherst. He has published both scholarly and popular articles and books on economics, and is currently a scholar in residence at the Hoover Institution, Stanford University.
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