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Basic Economics, Revised Edition, by Thomas Sowell.  The traditional approach to teaching economics emphasizes the heavy use of charts, graphs, math and a host of specific jargon.  While this approach can prove to be useful for students who go on to major in economics or business, most other students learn very little about employing the powerful tools of economic analysis to everyday life.  This 2004 book, written by one of the most prolific of economic authors, is intended to introduce the reader to powerful and effective economic reasoning without using a single graph or equation.  Sowell focuses primarily on how scarce resources require allocation within a society, and he shows how effectively various economic systems work (in terms of meeting a society's desires).  He carefully examines the role of prices in resource allocation within market economies, and he illustrates just how effective prices are in organizing a productive economy.  Although Professor Sowell would have benefited from a better proofreader (the occasional typos can be distracting), this book provides the lay person with one of the clearest, most useful expositions of relevant economic theory that exists.

ISBN: 0465081452
Format: Hardcover, 496pp
Pub. Date: Dec 2003
Publisher: Basic Books

 

 

 

 

 

 

"Voters by the millions want to know basic economics, not for passing tests but for grading politicians, and for understanding how the world works...They have waited a long time for this book, by one of the nation's best and most trenchant minds."

Michael Novak