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Basic Economics: A Citizen's Guide to the Economyby Thomas Sowell
Synopses & Reviews
At last there is a citizen's guide to the economy, written by an economist who uses plain English. No jargon, no graphs, no equations. Yet this is a comprehensive survey, covering everything from rent control and the rise and fall of businesses to the international balance of payments.The purpose of Basic Economics is to enable people without any economic training to understand the way the economy functions-not only the American economy, but other economies around the world.Some of the clearest demonstrations of the role of prices, for example, come from economies in which prices are not allowed to function-with consequences which show just what those functions are and what happens when they are lacking.In the end, this is not a book from which to cram facts, but one from which to gain an understanding of the economy that will enable you to form your own conclusions on the basis of tested principles, rather than on the basis of emotion or rhetoric. That is the goal of the journey, but you should also enjoy the trip along the way.
Book News Annotation:
Sowell, one of America's best-known economists and a fellow of the Hoover Institution at Stanford University, explains the economy in plain English for general readers, covering everything from rent control to the international balance of payments. He uses examples drawn from around the world and from different time periods to show how whole societies create property or poverty for their people by the way they organize their economies. Chapters are in sections on prices, industry and commerce, work and pay, time and risk, the national economy, the international economy, and popular economic fallacies.
Annotation c. Book News, Inc., Portland, OR (booknews.com)
A citizen's guide to the economy, written by an economist who uses plain English. No jargon, no graphs, no equations. Yet this is a comprehensive survey, covering everything from rent control and the rise and fall of businesses to the international balance of payments.
From one of America's best-known economists, the one book anyone who wants to understand the economy needs to read.
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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