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4.11 AVERAGE
4.11 AVERAGE
Touched on a lot of basic macroeconomic concepts, but never approaches the comprehensiveness or usefulness of an Economics textbook. Mostly, Sowell communicates attitudes, and attempts to persuade the reader that any opinion counter to his is shallow and unreasoned, or is secretly Soviet communist in disguise.
It's a useful snapshot in time of what some Republicans believed around Y2K: free trade, laissez-faire economics, and a reference for the Austrian school, in stark contrast with the protectionism and anti-intellectualism of the Trump administration.
Overall, I wouldn't recommend reading this book if you want to understand modern conservative views on Economics in historical context. You'll learn just enough to understand their ideas, but with a heavy inoculation against other viewpoints.
It's a useful snapshot in time of what some Republicans believed around Y2K: free trade, laissez-faire economics, and a reference for the Austrian school, in stark contrast with the protectionism and anti-intellectualism of the Trump administration.
Overall, I wouldn't recommend reading this book if you want to understand modern conservative views on Economics in historical context. You'll learn just enough to understand their ideas, but with a heavy inoculation against other viewpoints.
Substantive view of economic concepts. I'd some it would be good to have a basic understanding of financial terms before reading this. Many concepts shown give an alternative to what your typically hear are things like "price gouging" and etc.
informative
slow-paced
I finished the 600 page updated book with extra chapters.
This book was interesting, but could have been half the length as the author says the same thing over and over again. Free market = good. Everything else = bad.
The examples beg the question most of the time: For example, the author talks a lot about rent control in this manner: rent control is bad because it doesn't allow the free market to dictate prices. Why is not allowing the market to dictate prices? because then you get rent control.
Most examples used to illustrate how the free market is successful assume that the reason something is not working is because it's not a free market. In other words, there is a major conflagration between correlation and causation. I would have liked the author to dig into examples more and look at all the potential variables surrounding the situation to try to pull apart the incentives.
I did appreciate discussions on politicians incentives vs business incentives and why certain things make more rational sense for a politician to espouse than a business person.
But the author assumes that a) decisions happen automatically and instantaneously based on magical decentralization of knowledge, b) there is no place for intervention in the free market, and c) that businesses, banks, and people all have their interests aligned.
This book was interesting, but could have been half the length as the author says the same thing over and over again. Free market = good. Everything else = bad.
The examples beg the question most of the time: For example, the author talks a lot about rent control in this manner: rent control is bad because it doesn't allow the free market to dictate prices. Why is not allowing the market to dictate prices? because then you get rent control.
Most examples used to illustrate how the free market is successful assume that the reason something is not working is because it's not a free market. In other words, there is a major conflagration between correlation and causation. I would have liked the author to dig into examples more and look at all the potential variables surrounding the situation to try to pull apart the incentives.
I did appreciate discussions on politicians incentives vs business incentives and why certain things make more rational sense for a politician to espouse than a business person.
But the author assumes that a) decisions happen automatically and instantaneously based on magical decentralization of knowledge, b) there is no place for intervention in the free market, and c) that businesses, banks, and people all have their interests aligned.
informative
slow-paced
I’d pair this with Thinking Fast and Slow as books that fundamentally changed the way I viewed the reality of the world and how it works. Can’t recommend either of them enough.
I appreciated his technique of explaining economics. I did find some logic fallacies, though.
An EXCELLENT, plain-English guide to economics. The information provided is basic, not in-depth, but it clearly and simply explains the basic economic priciples every citizen should know.