In this fifth edition of Basic Economics, Thomas Sowell revises and updates his popular book on commonsense economics, bringing the world into clearer focus through a basic understanding of the fundamental economic principles and how they explain our lives. Drawing on lively examples from around the world and from centuries of history, Sowell explains basic economic principles for the general public in plain English.
Basic Economics,which has now been translated into six languages and has additional material online, remains true to its core principle: 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.
©2014 Thomas Sowell (P)2014 Blackstone Audio, Inc.
Starts off strong with economic fundamentals laid out clearly, however spends majority of later chapters presenting a very one sided view of all the negative effects of government regulation. The points presented are valid, however it constantly presents and rebut frail token counter arguments to a point that quickly stopped trusting the writer is presenting a balanced view.
I also found the narrator difficult to take seriously.
This is one of the best audio books I've purchased so far. I believe it should be required reading and that the principles should be taught early in the educational system. There is a lot of information that explains a lot of economic problems - poverty and unemployment, for example - that could be eliminated through policy adjustments or eliminations. The concepts are so clearly conveyed, in fact, that it's difficult to fathom how or why any great society would implement contradictory regulations.
The narrator spoke at a pace and pitch that facilitated ease of reception of the material (this is subjective, I suppose).
"Excellent Book on Basic Economics"
Not really a "story" but it does tell the history and continuing effect of economics on our lives.
Thomas Sowell presents Economics in a very easy to understand and well illustrated way. This is the 5th edition so is up to date with current examples. There is a lot of information and a plethora of quotable quotes, so probably warrants additional listens to absorb it all.
Tom Weiner is perfect for this type of a book as he reads as one would expect an "expert" in this field might read.
A great book that I will definitely listen to again.
People say that is all the time, but this REALLY NEEDS to be required reading (listening in this case), and here is why:
Mr. Sowell expertly explains economics in this 25 hour long monster in a way that everyone can understand and enjoy. Everything he says is very well supported either using simple logic, hypothetical situations and many real world international and domestic examples.
Even if you don't agree with his explanations, you will still come out of this book with a better understanding of economics as you would have to come up with a logical reason to disagree with him, because his beautiful explanations and examples are essentially devoid of emotion, which is a very good thing.
Some of my favorite things of the book are:
- His often repeated statement is his definition of economics: Utilization of scarce resources which have alternative uses.
- His explanation of the difference between prices and costs.
- His examples of the effects of price controls.
- The absolute lack of mudslinging towards liberals, he actually operates under the assumption of people encouraging government intervention all with the best of intentions.
- His reminders how economists are known for being boring because of splashing cold water on policies due to cold hard boring facts.
This thing is almost 25 hours long, takes a while to listen to but it is like music to your ears. It's economics pure and simple and is fascinating.
Thomas Sowell for president! (Hey he's only 85, that isn't too old is it?)
The Adam Smith of our generation, beautifully composed & presented in very understandable common sense logic.
The book tackles how a government's economic policies directly enhance or inhibit citizens's quality of life back up by a plethora of rich case history examples from rich sources.
I especially agreed with the consistent theme of getting needless government policies out of the way (price controls, central planning, etc.) & let the people be free to build & grow their businesses through the simplicity of supply & demand without letting government officials tangling up progress with needless & counterproductive legislation (Smoot-Hawley Tariff).
I was also surprised to learn that during the Great Depression of 1930s the Fed needlessly increased interest rates adding further crushing pressure on credit/money supply.
This is why we need authors like Thomas Sowell to prevent the mistakes of the past & see the power of the invisible hand of just letting people grow & build their dreams, to buy & sell, & simply let the market economy have room to work on its own. Government needs to have a balanced role in ensuring justice in economic transactions but the best thing it can do is wisely strategize its fiscal & monetary policies; then step out of the way, let people buy & sell, let people build their dreams, let people build their economy. Beautiful Economics.
Wow, It was very insightful. I am new to finance and am trying to become more knowledge about these topics.
"Smartest man in economics"
You don't know what you don't know.
Never has it been more self evident.
Thanks to Mr Sowell for putting this together.
"Great book, but biased in some aspects"
Let me first say, I am a conservative. However, it is still a shame that information is never unbiased. It's a fantastic book, although I felt that a political agenda was being pushed at times. I agree it is true that a free market is unavoidable. However, at times, the book is reluctant to admit the negative repercussions that come along with the ruthless truth of a free market.
Understanding how a free market works is not for the light hearted, and I wish this book would admit the harsh truth that capitalism is ruthless, but true.
With that being said, I recommend it all!
"a must listen/read!"
this book was my first venture into the subject of economics. tons of good information that was very basically explained. it went over a wide range of topics from basic capitalist procedures and their implications to the different types of government involved economic systems (and the implications of the lack their of) to the geographic conditions that affect economics and much more. the author seems incredibly intelligent and I look forward to listening/reading to more of his publications. overall an eye opening experience and a must read for anybody who is interested in being involved in moving society forward as a whole.
Having taken several economics courses, this book was refreshing in its ease in conveying some dry and dense subject matter. Moreover, it tackles assumptions and adds new perspective on "axiomatic" assumptions. Specifically, the mechanics of the cause and effect of shortages, poverty,. Further, the geographic advantages of one country compared to others, as well as Soviet era decision making.
"Thought changing & factual ideals !"
Many new facts that change my ideas of our gov & market, some show where our gov is headed in the wrong direction
Some show where we've been.
Also a great history of America & other countries. Definitely a book I'll read again!!
"best economic book I've read so far."
a long, but essential book on economics. should be taught on every university campus in the world as far as I'm concerned.
"Thomas Sowell Scholar Economics"
Understandable to the laymen
The narrators voice sounds as though it's modded in sound software and is slightly distracting, however the content pulls you back.
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