Basic Economics : A Common Sense Guide to the Economy

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  • Edition: 4th
  • Format: Hardcover
  • Copyright: 12/28/2010
  • Publisher: Perseus Books Group

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Why are homeless people sleeping on the sidewalks of New York in the winter, when the abandoned apartment buildings in the city 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 has vast amounts of some of the richest farmland in Europe within easy driving distance? Why did unemployment reach 25 percent and American corporations as a whole operate in the red for two years in a row during the Great Depression of the 1930s? All these very different-but equally puzzling and needless-tragedies grew out of a failure to understand and apply basic economic principles. Explaining these principles for the general public in plain English, with neither graphs nor equations nor jargon, is the goal and the achievement ofBasic Economicsby Thomas Sowell. Professor Sowell has taught economics at leading colleges and universities across the country and now uses his years of experience to bring economics to light in a way that is both easy to absorb and hard to forget. His lively examples are drawn from around the world and from centuries of history, because the basic principles of economics are not limited to modern capitalist societies and apply even to situations where no money changes hands, such as caring for wounded soldiers on a battlefield. The focus ofBasic Economicsis not on how individuals make money but in on how whole societies create prosperity or poverty for their peoples by the way they organize economies. Prosperous countries with few natural resources, such as Japan and Switzerland, are as common as poor countries with rich resources, such as Russia or Mexico.

Author Biography

Thomas Sowell has taught economics at Cornell, UCLA, Amherst and other academic institutions, and his Basic Economics has been translated into six languages. He is currently a scholar in residence at the Hoover Institution, Stanford University. He has published in both academic journals in such popular media as the Wall Street Journal, Forbes magazine and Fortune, and writes a syndicated column that appears in newspapers across the country.

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Customer Reviews

This one is the best Economics textbook April 5, 2011
This is one hefty textbook that surveys the basic principles of economics written by educator Thomas Stowell. The author covers the entire gamut of economics in a single volume, which is a huge project (comparable to superman leaping tall buildings in a single bound), yet he does it effortlessly. From the simple to the complex, Stowell covers it all. This updated edition also includes a chapter on the history of economics, which I found enlightening. If you are thinking of getting an introductory textbook on economics, you will want to get this one. But don't let that recommendation fool you; this book will be of interest to even the expert.
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Basic Economics : A Common Sense Guide to the Economy: 5 out of 5 stars based on 1 user reviews.

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