Basic Economics 4th Ed: A Common Sense Guide to the Economy / Edition 4

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Overview


The fourth edition of Basic Economics is both expanded and updated. A new chapter on the history of economics itself has been added, and the implications of that history examined. A new section on the special role of corporations in the economy has been added to the chapter on government and big business, among other additions throughout the book.

Basic Economics, which has now been translated into six languages, has grown so much that a large amount of material in the back of the book in previous editions has now been put online instead, so the book itself and its price will not have to expand. The central idea of Basic Economics, however, remains the same: that the fundamental facts and principles of economics do not require jargon, graphs, or equations, and can be learned in a relaxed and even enjoyable way.

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Editorial Reviews

From the Publisher

“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.”—WashingtonTimes
 
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.”—ClaremontReview 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 Institute and author of Libertarianism: A Primer

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Product Details

  • ISBN-13: 9780465022526
  • Publisher: Basic Books
  • Publication date: 12/28/2010
  • Edition description: Fourth Edition
  • Edition number: 4
  • Pages: 704
  • Sales rank: 72,026
  • Product dimensions: 9.76 (w) x 11.26 (h) x 2.11 (d)

Meet the Author


Thomas Sowell l has taught economics at Cornell, UCLA, Amherst, and other academic institutions. He is currently a scholar in residence at the Hoover Institution, Stanford University. He has published in academic journals and in such popular media as the Wall Street Journal, Forbes, and Fortune, and he writes a syndicated column that appears in newspapers across the country.
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Customer Reviews

Average Rating 4
( 41 )
Rating Distribution

5 Star

(22)

4 Star

(4)

3 Star

(7)

2 Star

(5)

1 Star

(3)

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See All Sort by: Showing 1 – 20 of 41 Customer Reviews
  • Posted November 26, 2011

    Highly Recommended

    It is understandable that books written about "Economics" don't make most reader's "book of the month club" choice, but Prof. Sowell's text book is the easiest to read and understand out of all the books on economics that I've read. And I've read Hazlitt, Mises, Friedman and F.A Hayek.

    4 out of 4 people found this review helpful.

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  • Anonymous

    Posted December 6, 2011

    Good book! It contains the very basics.

    It offers a great way of understanding certain basic economic terms and concepts. It can be used for social economic and business psychological purposes. Even though it lacks of elaboration on certain terms and concepts which are being considerably heard on an economic perspective in the situation we live daily: derivatives and duplication. It fails to offers insights on those areas that puzzle our mind everytime we heard of them we are left speechless for it too many complexities emerge. And we need a fine way to approach it in context. Derivatives are too broad and our knowledge seems to be very much too narrow on it. What I notice as wrong in the book is that author is trying to be a tactful plaidoyer to defend the concept of exploitation in the capitalisnm system when he never minds to talk about ethics in business. For him profit comes before morality. So what about banker " Leonard" who,in though economic times managed to make profit with hard teamwork, cooperative effort and decency. He shared that among his employees and praise them with thank-you and bonuses for helping him making that profit. He didn't ask for more tax- break while doing business overseas making exagerated profits, paying CEOs exhorbitant salaries equivalent of thousand and more per cent comparing to the basic salary of the humble guy with no benefits whatsoever. None. The author needs to Shed light on purpose and goal of making business. I know that the goal is to get rich quick and be displayed in Forbes records every year head and the purpose must be to morally help lift their lives at a human- dignity level after a lifetime sacrifice of hard work. Help the country help the country buil back his economic empire. For the past 3 years our economy is basically stagnant in prospective. Never mind, people are making profits per billon dollars a years to keep their track re records in Forbes magazine. As a student we somebody, an expert, a honest and humble to stand and explain courageously the phenomenon of the middle class that is being expanded so largely in so many layers that it becomes edgy and non- distant to the poor class. Basically, in this expandable middle class we are all considered poor with different sub- social statatus. We need to understand the logic and mechanism that support that logic. He really needs to offer more insights as he knows them and feel as it is not needed to provided. Dear professor, please make mind available for such exploration, students are curious. They are eager to know, please help, please do.

    2 out of 12 people found this review helpful.

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  • Anonymous

    Posted December 6, 2011

    Makes a complex subject easy to learn

    The author makes this subject easy to understand and examples used are real world, applicable examples.

    2 out of 2 people found this review helpful.

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  • Anonymous

    Posted December 6, 2011

    I'd buy this product again and again

    brilliant book

    1 out of 1 people found this review helpful.

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  • Posted December 27, 2013

    "An Overview of Fallacies, Fantasies, and Contrasting Reali

    "An Overview of Fallacies, Fantasies, and Contrasting Realities in Today's Political Economy" would be a more informative title, in my personal opinion.

    It is not a textbook for the naive freshman trying to make the transcript look more impressive, but a work for the conscientious citizen trying to understand and contribute to improving the economic underpinnings of our nation.

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  • Posted December 11, 2013

    A great read

    A complete and concise explanation of economics that is easy to read and understand. This book cuts through all of the spin and explains economics in a common sense way using real information and experiences.

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