Basic Economics: A Common Sense Guide to the EconomyThe bestselling citizen’s guide to economics “Thomas Sowell is the nation’s greatest living economist.” —American Spectator Basic Economics is a citizen’s guide to economics, written for those who want to understand how the economy works but have no interest in jargon or equations. Bestselling economist Thomas Sowell explains the general principles underlying different economic systems: capitalist, socialist, feudal, and so on. In readable 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. 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. |
Contents
An Overview of Prices | |
The Rise and Fall of Businesses | |
The Role of Profitsand Losses | |
The Economics of Big Business | |
Regulation and AntiTrust Laws | |
Money and the Banking System | |
Government Functions | |
Government Finance | |
Special Problems in the National Economy | |
International Trade | |
International Transfers of Wealth | |
International Disparities in Wealth | |
Myths About Markets | |
Market and NonMarket Economies | |
Productivity and | |
Minimum Wage Laws | |
Special Problems in Labor Markets | |
National Output | |
NonEconomic Values | |
The History of Economics | |
Parting Thoughts | |
Questions | |
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allocation American amount automobile average banks benefits bonds BusinessWeek cars charged competition consumers corporations costs country’s created demand dollars earnings economists efficient employers enterprises Europe European example fact farmers foreign free market given gold Gross Domestic Product Gurcharan Das Ibid incentives income increase India individuals industry inflation interest rate international trade investment investors John Maynard Keynes labor less lower prices market economy marketplace means million Milton Friedman minimum wage minimum wage laws monopoly output paid particular percent policies political poor countries population price controls problems production profit prosperous rate of return reduce rent control result rise risk scarce resources sell simply society sold Soviet Soviet Union statistics supply tax rates tend things Third World twentieth century unemployment rate Union United Vladimir Popov Wall Street Journal wealth whole workers York