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Basic Economics

A Citizen's Guide to the Economy

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Basic Economics

By: Thomas Sowell
Narrated by: Brian Emerson
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About this listen

 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 expanded edition of a new kind of introduction to economics for the general public, without graphs, statistics, or jargon. However, the enlargement of this edition is not just more of the same. In addition to being updated, Basic Economics has also become more international, with the inclusion of economic problems from more countries around the world, because the basic principles of economics are not confined by national borders. Each chapter reflects the experiences of many different peoples and cultures.

©2004 Thomas Sowell (P)2006 Blackstone Audiobooks Economics

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Critic reviews

"Clear and concise....Among economists of the past 30 years, [Sowell] stands very proud indeed." ( The Wall Street Journal)
" Basic Economics is not only valuable for a general lay-person audience, it would also benefit lawyers, politicians, and, yes, economists, as well." ( Washington Times)
All stars
Most relevant  
As an Economics Lecturer I am very happy to recommend this book. It has an American flavor but the principles apply equally across the pond. The listening is easy and interesting and I recommend this book to all of my classes. For Economic analysis and formula you need to look elsewhere though. Happy listening.

Reveals the hidden truths of the world

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I haven't read the Wealth of Nations - but this book has reminded me i must.

I have listened 3 times and will review until i can remember it all.

Unfortunately I would like to hear more balance on the Theory. The book gives all the upsides of free market theory, but doesn't deal with the problems - war, fraud addiction, pity and abuse.

These fundamentals which create many of the 'Problem' policies, which the book discredits need not be so easily dismissed.

Adam Smith economic fundamentals

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As an Economics Lecturer I am very happy to recommend this book. It has an American flavor but the principles apply equally across the pond. The listening is easy and interesting and I recommend this book to all of my classes. For Economic analysis and formula you need to look elsewhere though. Happy listening.

Reveals the hidden truths of the world

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I found the narrator boring and irritating at times. The content was reasonably good but I feel that it was poorly structured.

Disappointing

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This book is neither an introduction to basic economics or, particularly, a citizen's guide. Summarizing in one sentence what he considers economics to be: 'the study of the use of scarce resources', (not his own phrase incidentally) Sowell spends no more time in discussing economics per se but engages in political polemic, contrasting USSR (the only viable - although failed - alternative to laissez-faire capitalism apparently) with an idealised version of US prosperity.
I was hoping to listen to a book discussing the science of economics or a discussion of the ideas and algorithms that make up the discipline and perhaps an overview of common economic terms, that might illuminate the financial news, discussions of the stock market or the Chancellor's Budget Speech. Instead I was clobbered with partisan politics.

There are certainly uses for this text but if you're considering listening to it as an introductory text-book of some sort, there are better suited items on this service. I might recommend Mark Skousen's 'The Big Three in Economics', which discusses Adam Smith, Karl Marx and John Maynard Keynes in some considerable biographical detail but also engages with their economic theories.

Misleading Title

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Let me begin by saying that I am not some ‘lefty’ objecting to some defence of the capitalist system.

I wanted a book on ‘Basic Economics’. This isn’t it. It’s an attempt to present right wing economic ideas and argument in such a simplistic way that they seem “obvious” and undeniable unless you’re stupid or dishonest (like most of the electorate in democratic nations apparently).

You’ll find defences of everything from sweat shops to racial discrimination legislation. You’ll see attacks on everything from charities to foreign aid. Profit-making companies are presented as omnibenevolent (most amusing was the suggestion that private insurance companies are virtually incapable of refusing to pay out) whilst politicians are incapable of acting out of anything other than self-interest.

If you want a book actually addressing Basic Economics then look elsewhere. If you want a book presenting right wing thought (something I might have welcomed) then look elsewhere. This is repetitive and despite it’s length, very little of it is interesting or thought-provoking.

False advertising

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I expected this to give a broad overview of general economic theories such as Keynesian and Monetarist ideas, perhaps the role of interest rates and so on. Instead you get an extremely dull US/USSR focussed book with startling insights such as not only do businesses have to watch their income, they must also watch their expenditure. Also, I have never known a book labour simple points so much - 15 minutes talking about New York rent controls to illustrate the role of prices and then another 10 making the same point with other equally banal examples. Avoid.

Avoid

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