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If you are trying to pass high school economics, this book may give you some intuition as to the way of thinking required to pass the tests.If you are actually trying to understand modern economic policy issues, especially in international trade/balance of accounts/monetary economics, you are better off lighting $40 on fire and getting a library card to the nearest research university.Yes, Tommy, we know Communism sucks. It doesn't mean all regulation is bad, or more importantly, that all countries play by the exact same legal system. Looks like its been a few decades since you hit the theory.
But lately, I feel like shouting "Enough, book. Unfortunately, by the end of the first chapter, I despaired of receiving that, and by the end of the third, I had given up hope completely. The problem is, he is most likely preaching to the choir. I am currently fascinated by economics and am devouring books on the subject as fast as I can. At first, it didn't make me angry; I simply noted the examples and kept reading. There's a chapter on prices. That's it.
Sowell uses this chapter to show how prices work in a free market and don't in the Soviet Union (or whatever other example he can find). Every chapter follows this pattern. When I bought this book, I was hoping for, as the title promises, a basic foundation into the science of economics. But just in case, they're in for hundreds of pages demonstrating just that (and not much else). The ideas presented could be accurately summed up in a moderately thick pamphlet, for all but the most avid of masochists.I wanted to like this book. But in this book, I can only read a page or two before (quite literally) falling asleep. Use it as an example of how an interesting subject can be camouflaged as one that is worthless to learn, simply by writing about it in a repetitive and unoriginal way.If the title of this book were changed to "1001 Reasons Why I Love Free Markets and Oppose Collectivism," then I would not have a single problem with it. Perhaps those homeschooling teenagers can buy them this as a textbook, although not for the purpose of teaching them economics.
I am a reader of Sowell's political columns and a fan of his philosophy, but this book simply does not provide a general enough basis in economic theory.What it does do is provide example after example of why free markets are more efficient than centrally planned ones. I get it." every time I am asked to reaffirm yet again that markets do, in fact, distribute resources more efficiently than politburos.I would like to recommend this book, because I do, in fact, agree with its theses. My guess is that most of the people who buy this book are fiscally conservative and wish a grounding in the fundamentals. They already believe that capitalism is better than socialism. But adults reading "Basic Economics" will find too much Basic and not enough Economics. As it is, I find it overpromised and underdelivered.
Which means this book is a great primer for Conservatives, and Liberals alike. Even though Mr. What is sad is how many of us don't have even a basic grasp of these elementary, Universal economic principles. Sowell is a known Conservative, this book doesn't delve past economics 101. In fact, the "theories" put forth in this book are simple, basic economic FACTS. If more people just flipped-through this book (before voting, LOL), we would all be much, much better off. It's a must-read for anyone who has an opinion of any kind on the economy, and/or politics.
Excellent book for a basic understanding of Economics. Mr. Sowell, as always, has insightful explainations that cut to the core of issues.
Did the Reagan tax cuts really trickle any money down to the workers. I love this book but there is this nagging little thing. His observations are all correct and spot on but. As far as I know, all the spending FDR did in the 30's didn't really get us out of the hole (WWII did). So I guess my thesis is these economists are wrong 90% of the time. In light of the current recession/depression, it seems that we need a new "outside the box" way of thinking about economics.
All the economists predicted a recession after WWII but instead we went into the biggest growth period ever. Mr Sowell is an economist and a supply sider, so he is working within a particular economic model. Wages have not risen for 30 yrs. Too many people still subscribe to the same Milton Friedmann Chicago school or Keynesian school. I'm not saying Keynes or Friedmann was right, they're both valid. Any economist who predicted the current recession was mocked by "mainstream" economists.
And, as Issac Newton (probably the smartest guy who ever lived), confessed, he never could understand the "madness of men" which is all economics really is.
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