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Description edit
Basic Economics has been written with the thought that learning economics should be not only a relaxed experience, but also an enjoyable one. This is the revised and enlarged edition of a new kind of introduction to economics for the general public-without graphs, statistics, or jargon. In... read more
Ridiculously Simplified Synopsis edit
Summary edit
Amazing, easy to follow and a must read for everyone. Thomas Sowell makes understanding economics so easy that:
- The terms make sense,
- The day to day applications of economics both domestic and international make sense,
- And forces everyone to think and see every day...
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(warning: may contain spoilers)
Characters/People edit
- Montgomery Ward: Excellent primer on economics which should be read by all big government progressives, but won't.
- Adam Smith: The father of modern economics.
- Karl Marx: Add a description of this character.
- Lenin
- Penney
- Henry Ford
- Ray Kroc
- Popov
- Yeltsin
- Howard Johnson
Quotes edit
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“no listing of economic fallacies can be complete, because the fertility of the human imagination is virtually unlimited”
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“For those who are willing to stop and think, basic economics provides some tools for evaluating policies and proposals in terms of their logical implications and empirical consequences”
- Popular Highlights from Kindle Customers
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It is not money but the volume of goods and services which determines whether a country is poverty stricken or prosperous.
Highlighted by 156 Kindle customers -
consequences matter more than intentions—and not just the immediate consequences, but also the longer run repercussions of decisions, policies, and institutions.
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the price which one producer is willing to pay for any given ingredient becomes the price that other producers are forced to pay for that same ingredient.
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Economic policies need to be analyzed in terms of the incentives they create, rather than the hopes that inspired them.
Highlighted by 120 Kindle customers -
Without scarcity, there is no need to economize—and therefore no economics.
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From the standpoint of society as a whole, the “cost” of anything is the value that it has in alternative uses.
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Economics is concerned with what emerges, not what anyone intended.
Highlighted by 90 Kindle customers -
With goods in general, the quantity supplied varies directly with the price, just as the quantity demanded varies inversely with the price.
Highlighted by 85 Kindle customers -
Economics is a study of cause-and-effect relationships in an economy. Its purpose is to discern the consequences of various ways of allocating scarce resources which have alternative uses. It has nothing to say about social philosophy or moral values, any more than it has anything to say about humor or anger.
Highlighted by 77 Kindle customers -
Economics is the study of the use of scarce resources which have alternative uses. In other words, economics studies the consequences of decisions that are made about the use of land, labor, capital and other resources that go into producing the volume of output which determines a country’s standard of living.
Highlighted by 40 Kindle customers
Setting & Locations edit
- United States
- India
- Japan
- China
- Soviet Union
- Britain
- Eastern Europe
- California
- France
- Latin America
- Canada
- New York City
- Russia
- Germany
- West Africa
- Australia
- San Francisco
- Mexico
- Brazil
- South Africa
- Malaysia
- Argentina
- Ghana
- Moscow
- Hong Kong
- London
- Southeast Asia
- Switzerland
- New Zealand
- Thailand
- England
- Detroit
- Fiji
- Wall Street
- Sweden
- Italy
- Ivory Coast
- Spain
- Taiwan
- Nigeria
- South Korea
- Poland
- Indonesia
- Washington
- U.s.s.r.
First Sentence edit
To know what economics is, we must first know what an economy is.
Authors & Contributors edit
- Thomas Sowell (Author)
Classification edit
- Library of Congress: Add the Library of Congress Classification.
- Dewey: 305.4209045
Subjects edit
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