Basic Economics, Fifth Edition by Thomas Sowell audiobook

Basic Economics, Fifth Edition: A Common Sense Guide to the Economy

By Thomas Sowell
Read by Tom Weiner

Blackstone Publishing 9780465060733
23.78 Hours Unabridged
Format: Digital Download (In Stock)
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In this fifth edition of Basic Economics, Thomas Sowell revises and updates his popular book on commonsense economics, bringing the world into clearer focus through a basic understanding of the fundamental economic principles and how they explain our lives. 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. Basic Economics, which has now been translated into six languages and has additional material online, remains true to its core principle: that the fundamental facts and principles of economics do not require jargon, graphs, or equations and can be learned in a relaxed and even enjoyable way.

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Summary

Summary

In this fifth edition of Basic Economics, Thomas Sowell revises and updates his popular book on commonsense economics, bringing the world into clearer focus through a basic understanding of the fundamental economic principles and how they explain our lives. 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.

Basic Economics, which has now been translated into six languages and has additional material online, remains true to its core principle: that the fundamental facts and principles of economics do not require jargon, graphs, or equations and can be learned in a relaxed and even enjoyable way.

Editorial Reviews

Editorial Reviews

“Clear and concise…Among economists of the past thirty years, [Sowell] stands very proud indeed.” Wall Street Journal
“At last there is a citizen’s guide to the economy, written by an economist who uses plain English…A comprehensive survey.” Business Wire

Reviews

Reviews

by deRougemont 9/13/2017
Overall Performance
Narration
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Great Beginnings

A lucid and enlightening explanation of "Basic Economics". While providing a great starting point for understanding how the world (of economics) works, Sowell also provides frequent anecdotes from historical and currents events to illustrate his points. Theory meets reality, shibboleths fall.
by Rogue Writer 9/13/2017
Overall Performance
Narration
Story

Read with Scrutiny

Where, oh, where to begin with yet another Thomas Sowell book? Should I begin by bashing on his decision to use and hammer home at every chance the not-so-common and not quite accurate definition of economics as “the study of scarce resources with alternative uses”? That’s a good enough place to start, seeing as how Sowell loves to use an empirical approach to economics.

Take for example his evidence as to what’s wrong with allocating the resources of medical care in socialized healthcare systems. His example as to the damage that such systems reap is that of a 12-year-old girl who gets a boob job while others are put on a waiting list for life-saving surgeries. Does it really take much scrutinizing to spot Sowell’s bullshit logic in presenting this as evidence of mismanagement of scarce resources? I mean, we’re talking about different types of doctors, Tommy. The same goes for when he talks about how increased paper product demands pull scarce resources away from the production of bats. Again, Thomas, different types of woods are used for these different wood-based products.

Sowell, ironically and not so unsurprisingly hypocritically, is also fairly adept at twisting numbers and facts to suit his needs. This is something he accuses others of doing, especially government and the media. Take for instance when he rails against government regulations as putting undue constraints and greatly limiting the power of companies and manufacturers. Flash forward a few chapters, and he’s citing the vested interest in companies who control their own flow of moneys and products as the reason for why they can afford to build their buildings to withstand earthquakes much better than poor Third World countries. Sorry, Tommy, wrong again. Those First World countries have stringent building codes that dictate the disaster resistance of buildings. Or how about when he callously refers to humans as a form of capital? That chapter was particularly difficult to make my way through. But then what should Tom do in the next chapter? He goes on to criticize the media and others for using the metaphor of “the market” and not recognizing that it is people not a thing who make up the market.

And as for Sowell’s sources? The bulk is from the notoriously pro-Free-Market rags The Wall Street Journal and The Economist. These are not sources, when piled so copiously on top of each other, that stand up to scholarly scrutiny. Hate to tell you, Tommy. Hand this in as a dissertation and expect to go back to the editing room. Sometimes, he has no sources to back him up and often they are related to some of the most scathing and ugly assertions, like when he claims that some "mothers on welfare have even told their children to do badly on tests and act up in school, so as to add more money to their meager household incomes."

I could go on forever about how much is wrong with this book. But I won’t do that here. That’s a book in and of itself. Scariest of all about this book is how beloved it appears to be. Go visit Amazon’s reviews of the past editions to see for yourself. Not surprising is how you don’t really hear other economists referencing Sowell’s works as copiously as he references their most quotable lines.

The only really redeeming quality of this book is Tom Weiner’s superb narration. For a more objective primer on economics, consider listening instead to historian Clarence B. Carson’s book of the same name: Basic Economics.

Author

Author Bio: Thomas Sowell

Author Bio: Thomas Sowell

Thomas Sowell is a senior fellow at the Hoover Institute and the author of A Personal Odyssey, The Vision of the Anointed, Ethnic America, and several other books. His essays have appeared in the New York Times, the Wall Street Journal, Time, Newsweek, Forbes, and Fortune and are syndicated in 150 newspapers. He lives in Stanford, California.

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Details

Details

Available Formats : Digital Download, Digital Rental, CD, MP3 CD
Category: Nonfiction/Business & Economics
Runtime: 23.78
Audience: Adult
Language: English