Applied Economics: Thinking Beyond Stage Oneby Thomas Sowell
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
- Basic Books
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- 6.40(w) x 9.52(h) x 0.93(d)
Meet the Author
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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If everyone were to read this book, we'd have a much better America and world. I honestly mean that. While many critize Dr. Sowell, and brush off his arguments as being 'conservative', he has here produced a work that is filled with fact, not mere opinion. And in fact, if any reader concludes that Sowell's take on the political economy is merely the viewpoint of a conservative economist, then I would argue that his take is that of a right economist, and everyone disagreeing with him is simply wrong. In essence, the facts and studies of real life govenmental control of economic systems and their horrible consequences cannot be refuted. Yet, many liberal politicians keep advocating for many of the same policies Sowell shows to be idiotic. If only everyone would read this book. In closing, my suggestion is this: Buy two copies - one for yourself and one for a friend. Read it carefully, underline the main points, and then laugh everytime a politician says 'affordable health care.'
I totally agree with the review by 'Policy': If there is a single recent book that can advance economic literacy in this country, it is Thomas Sowell's latest book, Basic Economics.... Sowell has managed to make economics humane again, relevant and interesting to young people and ordinary citizens.... Buy a copy and read it immediately¿no: buy two,(no, buy ten - TA) and give [them] to a school teacher, a journalist, or a politician near you!
This excellent, short, clear book should be part of everyone¿s reference library, particularly those who wish to understand standard conservative economic thought. The distinctions author Thomas Sowell draws between political and economic logic should become a valuable part of each voter¿s mental apparatus. Writing to educate the general reader, not to further instruct the sophisticated economist, the author advocates minimal government interference. He calls for as little regulation as possible, mainly because regulations have unintended and usually undesirable economic consequences when seen with a long-range perspective. Sowell¿s concise, easy-to-read style cuts through the jargon of most economic discussions to lay bare the underlying, plain heartwood. It is easy to quibble here and there. Sowell doesn¿t offer lots of statistics and back-up material. And, he seems to argue against individual economic decision making when he tilts a drug pricing discussion into a sermon against Americans buying medicine at low Canadian prices. However, we find that his book stands on its merits nonetheless, as long as you understand that the author has a political ¿ as well as an economic ¿ point of view.