Moreover, the author continuously states that this is 'fact', not 'opinion', and states that it is not an ideological way of thinking. Sounds like a decent premise, until you see that this is used to justify the continuation of poverty, rising inequality and as an argument against any government intervention. The whole premise can be summed up as: "the most desirable way for society to exist is for scarce resources to be allocated to their most efficient uses, as this is what increases quality of life and therefore happiness". More troubling, however, is the ideological basis on which this book is founded. German economic inefficency causing high unemployment are not applicable to 2020 given that unemployment is low there), the arguments in this book are not able to take account of recent events. From the obvious (this book was written before the stock market crash of 2007-2008) to the more subtle (the arguments about, e.g.
I didn't actually mind the narrator (though I do agree with other reviews that his intonation takes some getting used to) but I did find myself constantly questioning the actual content. This book provides a good overview of conventional thinking in economics - the benefits of the market, the function of prices, the problems with big government and so on. Overall: interesting, a good introduction to old-style free-market thinking but biased and outdated. In his straightforward style, Sowell demonstrates that the basic principles of economics are not confined by national borders.Ī flawed tribute to free-market economics Each chapter reflects the experiences of many different peoples and cultures.
It's focus has become more international, including the range of economic problems faced by foreign countries around the world. In this edition, Basic Economics has been revised and expanded to address the new concerns of the 21st century. 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 audiobook for anyone who wishes to understand how the economy functions. In understandable language, he shows how to critique economic policies in terms of the incentives they create rather than the goals they proclaim. Sowell reveals the general principles behind any kind of economy - capitalist, socialist, feudal, and so on. Learning economics, he believes, should be relaxing - and even enjoyable.
With this groundbreaking introduction to economics, Sowell has thrown out the graphs, statistics, and jargon. Thomas Sowell has a different idea about how economics should be taught.
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