Basic Economics

This is a revised edition of the classic introduction to economics, updated with new material on the economic crisis of 2008 and the first years of the Obama administration's policies. Why are homeless people sleeping on the pavements 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 per cent 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 of "Basic Economics" by 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 of "Basic Economics" is not on how individuals make money but in on how whole societies create prosperity or poverty for their people 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.

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<p> "Clear and concise...among economists of the past thirty years, Sowell stands very proud indeed."--"Wall Street Journal" ""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" """"Basic Economics" is a healthy main course disguised as a rich dessert. The expanded Fourth Edition now weighs in at well over 600 pages. Readers will celebrate the girth. Tom Sowell's smooth writing, irresistible logic, deep knowledge and flawless economics make each page an explanatory treat to experts and novices alike." --Thomas Hazlett, Professor of Law & Economics and Director, Information Economy Project, George Mason University "Badly needed.... Anyone who has been subjected to biased and dreary economics textbooks should read "Basic Economics" as a bracing corrective."--"Claremont"" Review of Books" ""Basic Economics" demonstrates 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, President, American Enterprise Institute and author of "The Battle: How the Fight Between Free Enterprise and Big Government Will Shape America's Future" "Alchian said the true test of whether one understands his subject is whether he can explain it to someone who doesn't know a darn thing about it. Mr. Sowell wasn't Alchian's student, but "Basic Economics" demonstrates his 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 Williams, George Mason University "The unyielding truths of economics befuddle social engineers of all stripes. Sowell, in exemplary fashion, strips the mystery from those truths, making them intuitive--even obvious." --David Boaz, Executive Vice President, Cato Inst

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Thomas Sowell has taught economics at Comell, 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 US 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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