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4.11 AVERAGE
4.11 AVERAGE
A good introductory apologetic of free-market economics. At times, I felt that Sowell glossed over the problem of externalities and defended capitalism too hastily. He also broad-brushed socialism without discussing many of its branches (although I shouldn't complain too much since this is "basic" economics).
4.5 stars.. Thomas Sowell is a genius - it’s too bad we don’t put people that know economics in charge of the financial decisions our government makes. Instead, we have people that know nothing deciding everything. Sowell makes great points, uses actual history to back them up, and properly cites all statements herein.
So why 4.5 stars instead of 5? There were some sections, such as the international section, that I was less invested in. Additionally, it would be nice to get some more balance from what the other side believes. What does the other side believe and why do they believe so? Doesn’t feel like we always get that here. And in that sense, this is a one man show, not a debate that offers two different perspectives.
So why 4.5 stars instead of 5? There were some sections, such as the international section, that I was less invested in. Additionally, it would be nice to get some more balance from what the other side believes. What does the other side believe and why do they believe so? Doesn’t feel like we always get that here. And in that sense, this is a one man show, not a debate that offers two different perspectives.
In summary, economics can be defined as "the allocation of scarce resources." Those resources can be anything from wood, widgets, and apples to labor. Everything can be considered a scarce resource. One of the more eye opening revelations is how little politics can actually play in the economy. A politician makes promises that sound good, but in reality he has no control over the economy, even the smallest bit. I loved how Sowell showed by hundreds of examples throughout the book that the free market economy really is the best option and that the less the government is involved the better the economy works. Why should a group of people albeit a large group, determine the allocation of so many scarce resources when the citizens of a free market would be able to decide better what they want done with their scarce resources. This isn't to say there should be no government at all nor that the government should not be involved in some ways. But things such as subsidies, rent control and all other manners of every day life, works AGAINST those who are suppose to benefit from them. For the few, many are sacrificed.
I'll admit that there were times I was lost, such as inflation and deflation and parts of the chapters on International economies. I'd like to go back at some point and reread those parts.
But one of the major themes throughout the book that is very important is to define the terms being used and to think clearly and deeply about those terms. What is greed? Define it. What do you mean by "the poor?" and so forth. Too often politicians in general use terms that pull at the heartstrings without really defining what they mean and we are too quick to go along with what they are saying.
I highly recommend this book. It is an excellent, clear, concise and common sense book about a very intricate and hard subject.
I'll admit that there were times I was lost, such as inflation and deflation and parts of the chapters on International economies. I'd like to go back at some point and reread those parts.
But one of the major themes throughout the book that is very important is to define the terms being used and to think clearly and deeply about those terms. What is greed? Define it. What do you mean by "the poor?" and so forth. Too often politicians in general use terms that pull at the heartstrings without really defining what they mean and we are too quick to go along with what they are saying.
I highly recommend this book. It is an excellent, clear, concise and common sense book about a very intricate and hard subject.
challenging
informative
reflective
slow-paced
This book uses simple language and accessible examples to explain economics.
The bias and agenda of this book is shockingly obvious. While there were portions that gave me food for thought, overall I simply do not feel that I can trust the author due to his misrepresentation of data and his oversimplification of economic forces. Money is not the only driving force in decision making and to pretend that it is is disingenuous. Additionally, his obvious disgust over laws and institutions that have made life significantly better for millions of people, including child labor laws, is chilling, particularly when he writes this all off as “this would have improved eventually anyway.” But would it have? And at the cost of how many more lives?
Excellent read. I've been reading this behemoth for a few months at least, which is really unusual for me. Nevertheless I can pick it up without having read it recently and still gain a lot from it. Informative without sounding like a textbook.
It’s titled ‘Basic Economics’ for a reason, that reason being anyone with a rational brain should already have understood these concepts without needing to read a book about it. Sowell does a great job at explaining these ‘duh’ concepts and providing examples to back them up. He doesn’t fall into the trap of using pretentious academic language, and the book is well organized. I have no problems here, but I wish a few more certain topics would have been covered.