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Basic Economics (2nd Edition) A Citizen's Guide to the Ecomomy MP3 CD – MP3 Audio, June 1, 2006

by Thomas Sowell (Author), Brian Emerson (Reader)
4.8 4.8 out of 5 stars 204 ratings
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Thomas Sowell has a different idea about how economics should be taught. With this groundbreaking introduction to economics, Sowell has thrown out the graphs, statistics, and jargon. Learning economics, he believes, should be relaxing--and even enjoyable. Sowell reveals the general principles behind any kind of economy--capitalist, socialist, feudal, and so on. In understandable language, he shows how to critique economic policies in terms of the incentives they create rather than the goals they proclaim. With clear explanations of the entire field, from rent control and the rise and fall of businesses to the international balance of payments, this is the first book for anyone who wishes to understand how the economy functions. In this edition, Basic Economics has been revised and expanded to address the new concerns of the twenty-first century. It's focus has become more international, including the range of economic problems faced by foreign countries around the world. Each chapter reflects the experiences of many different peoples and cultures. In his straightforward style, Sowell demonstrates that the basic principles of economics are not confined by national borders.
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  1. Print length
    2 pages
  2. Language
    English
  3. Publisher
    Blackstone Audiobooks
  4. Publication date
    June 1, 2006
  5. Dimensions
    5.32 x 0.55 x 7.56 inches
  6. ISBN-10
    0786174617
  7. ISBN-13
    978-0786174614
  8. See all details
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Basic Economics
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Product details

  • Publisher ‏ : ‎ Blackstone Audiobooks; 2nd Unabridged edition (June 1, 2006)
  • Language ‏ : ‎ English
  • MP3 CD ‏ : ‎ 2 pages
  • ISBN-10 ‏ : ‎ 0786174617
  • ISBN-13 ‏ : ‎ 978-0786174614
  • Item Weight ‏ : ‎ 0.16 ounces
  • Dimensions ‏ : ‎ 5.32 x 0.55 x 7.56 inches
  • Customer Reviews:
    4.8 4.8 out of 5 stars 204 ratings

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Thomas Sowell

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4.8 out of 5 stars
204 global ratings

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Customers say

Customers find the book provides an interesting presentation of basic economics that helps them understand current events in the world markets. They find the explanations clear, concise, and easy to understand. Many readers describe it as a well-written and enjoyable read that covers important topics in an interesting way. However, opinions differ on whether it should be required reading for high school or college students.

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EconomicsEase of understandingReadabilityInterestReading requirement
31 customers mention "Economics"27 positive4 negative

Customers find the book's presentation of basic economics interesting and helpful for understanding current events in the world markets. They describe it as an important book on a critical but much-neglected subject, presenting complex subjects in layman's terms with extensive examples. Readers praise the author's intellectual integrity while presenting complex subjects in a clear and comprehensible manner.

"...between the covers of this book will help each reader to develop an accurate perspective of economics... and an understanding that economics is not..." Read more

"...If you thought economics had to be painful, think again: this is an erudite and easily comprehensible text that deserves a place on your bookshelf...." Read more

"...Supply/Demand principle is SO SIMPLE that I marvel at how normally "smart people," co-workers, etc.,..." Read more

"...We're talking basics of supply and demand, why subsidies cause oversupply, while taxes and controls cause undersupply...." Read more

27 customers mention "Ease of understanding"27 positive0 negative

Customers find the book easy to understand. It provides clear explanations and examples in plain English without technical jargon. The book is well-written and relevant for millennials.

"...had to be painful, think again: this is an erudite and easily comprehensible text that deserves a place on your bookshelf...." Read more

"...I wish I had this book when I was in school. It explains in a very easy to understand way what my professors made complex...." Read more

"...His simple explanation and example of what economics even is changed my entire outlook on it from dull and confusing, to intricately fascinating lol...." Read more

"...He is without question a brilliant writer and thinker, and something of an intellectual bath: I'll read something by him once every year or so..." Read more

26 customers mention "Readability"26 positive0 negative

Customers find the book readable and enjoyable. They say it's a great reference book and worth the time. The explanations are easy to understand, making it a must-read for millennials.

"...Regardless, this quote applies to this Great Read...." Read more

"...Sowell is brilliant." Read more

"...She loved the book and said she has had several "interesting" discussions with her economics professor as a result of what she has learned from..." Read more

"...Not that I mean to give up reading Sowell. He is without question a brilliant writer and thinker, and something of an intellectual bath: I'll read..." Read more

3 customers mention "Interest"3 positive0 negative

Customers find the book interesting and well-written.

"...changed my entire outlook on it from dull and confusing, to intricately fascinating lol. Thank you Sir!" Read more

"...This book was extremely well written and interesting, but as with other material by Sowell, was incomplete and superficial at times...." Read more

"I'm learning so much reading this book - it's insane! Thank you, Jesus!" Read more

6 customers mention "Reading requirement"3 positive3 negative

Customers have different views on the reading requirement. Some find it a basic introduction with no charts or graphs, while others say it's not required reading for high school or college students and is not a text book.

"...author came highly recommended, and this looked like a great place to start on the subject...." Read more

"Don't be confused by the title or the austere cover. This is not a text book...." Read more

"...Not boring, no charts and graphs, just a fundamental introduction." Read more

"...It is too bad it is not required reading for every high school or college student." Read more

Also Benefit Lawyers, Politicians, And, Yes, Economists, As Well
5 out of 5 stars
Also Benefit Lawyers, Politicians, And, Yes, Economists, As Well
"Basic Economics is not only valuable for a general lay-person audience; it would ALSO BENEFIT LAWYERS, POLITICIANS, AND, YES, ECONOMIST, AS WELL."--- The Washington Times[from the book of the back jacket]
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Top reviews from the United States

  • Joshua P.
    5.0 out of 5 stars Clear, concise, and relevant; a must read for millennials.
    Reviewed in the United States on August 11, 2021
    Verified Purchase
    The amount of information crammed between the covers of this book will help each reader to develop an accurate perspective of economics... and an understanding that economics is not simply the study of the market; trading of goods, and profit and loss (as at least one such simpleton once thought). I only wish that I had read this book 20 years ago. Many of the conclusions I’ve reached in my life through first-person observations, mistakes, and limited understanding, might well have been reached much sooner if I’d read this book years ago.

    Dr. Sowell helps to clarify the complex topic of economics in a manner that even a moron can understand, and he does so without dumbing down it’s complexity. Sowell simply defines the subject of economics, presents the many variables which affect economics, and provide examples throughout history which help the reader to truly understand and develop their own processes by which to determine the effects which different actions may have on the economy under a variety of conditions.

    I was so impressed, that I purchased “Knowledge and Decisions” (also authored by Dr. Sowell) as soon as I finished this book. By the way... K&D is superb as well; Sowell is brilliant.
    4 people found this helpful
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  • Robert I. Hedges
    5.0 out of 5 stars The Ultimate Scarce Resource
    Reviewed in the United States on August 18, 2006
    Verified Purchase
    Thomas Sowell is one of the brightest men in the world, but more important than raw intellect, he has a unique capability of making difficult concepts readily grasped by people of all different backgrounds. I like this book because it consciously shrugs off charts, graphs, and equations and gives instead a real-world, example-based overview of basic economic theory.

    It will come as a shock to no one familiar with Sowell that the book is quite conservative ideologically, though, as one reviewer pointed out, most is just common sense explained more lucidly than usual. The book embraces the classical definition of economics as "the study of the use of scarce resources which have alternative uses" from the outset, and Sowell explains through numerous historical examples, the consequences that flow from that conceptualization.

    I agree with Sowell on most key issues, though there are a few minor areas where I disagree with him. Both Sowell and I prefer a free market government, but Sowell sees things in such a free-trade light that he overlooks (or at least ignores in the text) needed regulation (licensing for doctors, pilots, etc.) as necessary for the common good of the society as a whole for safety reasons. Likewise he tends to overlook the good in negotiated agreements with groups of workers (largely union but also nonunion) with set scales of seniority and benefits (compensation, vacation accrual, etc.) The time and manpower General Motors or American Airlines would have to exert to manage compensation and status for their legions of employees tends to bog down into an unmanageable morass of intracompany central planning (which Sowell decries in an economy at large.) These critiques are minor nit-picks, though, and do not detract in a significant way from the brilliance of this book.

    This is an excellent book for anyone wishing to understand economics, and is especially effective at topically dividing free market and centrally planned economies. I have highly recommended this book to many people and will continue to do so. If you thought economics had to be painful, think again: this is an erudite and easily comprehensible text that deserves a place on your bookshelf. Sowell is perhaps the ultimate scarce resource: a man that can explain the theory and practicality of economic theory concisely and interestingly. Brilliant.
    15 people found this helpful
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  • Buddy Revell
    5.0 out of 5 stars Most Important Book of the Millenium
    Reviewed in the United States on September 13, 2009
    Verified Purchase
    I detest cliche`s like the title of this silly review. Regardless, this quote applies to this Great Read.

    Many of us (I take that back, probably only me) just didn't "get" important lessons in school/college. Supply/Demand principle is SO SIMPLE that I marvel at how normally "smart people," co-workers, etc., cannot use said principle to understand every-day issues. My favorite comment, when Supply/Demand Principle is offered to explain events is: "It's not that simple."

    Dr. Sowell's book is a nuclear weapon against complicated jargon, theories, etc., surrounding high-brow "economic advisements" and other silly talk. Of course, the study of economics must be very complex and calculated. However, all study of behavior, etc., begins with Supply/Demand.

    Don't be fooled. Every sentence in this book should be consumed clearly and thoughtfully. Like most planes, Dr. Sowell can fly only so low and slow. If time is taken to process this book, the reader will feel compelled to talk about this book to friends, family, etc. Which is obviously why it sells so well.

    And yes, you MUST gift this book to every college graduate you know. It IS that important.

    Do yourself and everyone else a favor by reading this book. If my lovely wife, her teenage daughter, my family, etc., would read it, I would quit reminding them that EVERYTHING is "Basic Economics."
    2 people found this helpful
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Top reviews from other countries

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  • elliot wilson
    5.0 out of 5 stars great book, goes into great detail
    Reviewed in Canada on December 5, 2017
    Verified Purchase
    great book, goes into great detail. it's like a more in-depth version of economics in one lesson. provides many examples to highlight point and explains the general philosophy of the Chicago school of economics.
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  • 興津
    5.0 out of 5 stars 外書講読にも
    Reviewed in Japan on November 29, 2006
    Verified Purchase
    　経済学の考え方を数式や図さえも使わず、論理を損なうことなく文章だけで解説していく。実際の国や企業（歴史上および現代）の様々な事例とともに、経済学の基本を学ぶことができる。

    　扱う範囲は競争市場と独占・カルテル、労働市場、リスク、金融、公共経済、国際経済と幅広く、専門用語をあまり使わずに入門レベルの内容をカバーしている。

    　比較的簡明な文章は大学の外書講読の授業にも最適だろう。全て文章なのでＣＤ版があり、リスニングの教材にするのも良い。
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  • BC
    5.0 out of 5 stars Excellent starter book on Economics
    Reviewed in the United Kingdom on April 30, 2001
    Verified Purchase
    I have never been really interested in reading about Economics but a chance mention of the excellent writing by Thomas Sowell led me to select this his latest book. Once I started to read it I couldn't put it down. I think everyone who is capable of reading, especially politicians should study this book and learn from it. After reading and digesting the subject one wonders why we really need politicians. In fact I have reached the conclusion that we don't and that the only purpose of government is to grow and protect government. Politicians are needed to protect politicians and to create political jobs and so on forever regressing into a nightmare of escalating costs at the expense of those who actually create something of value.
    The logic applied to the subject of price control is superb. He systematically destroys the argument that rent control creates low cost housing for everyone and goes on to demonstrate that time and time again it creates homelessness and housing shortages. Yet governments do it because it's popular with voters!!!
    This book is easy to read and understand and I recommend it to anyone who is interested or inquisitive about the subject. Although Sowell refers mainly to the US economy, essentially it relates to any country where free market dynamics exist.
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  • Amazon Customer
    5.0 out of 5 stars Five Stars
    Reviewed in the United Kingdom on March 5, 2017
    Verified Purchase
    Brilliant. He provides easy access to difficult ideas.
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  • D. Hall
    3.0 out of 5 stars Economics can be exciting?
    Reviewed in the United Kingdom on November 14, 2006
    Verified Purchase
    I'm reading this book at the moment... i have been for some time, it is full of very useful information, but for some reason has failed to engage me. I know it contains much that i need to know, but it does not compel me to turn the pages.

    Maybe i've been spoilt, reading a couple by Bill Bonner prior to this. Now he's funny! i was much more entertained than enlightened by Bonner's work, the reverse applies to Thomas Sowell's book.

    (i think that's a compliment)
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