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This completely revised and updated third edition of Thomas Sowell's instrumental work includes a new chapter of government finance. "Basic Economics" is a citizen's guide to economics - for those who want to understand how the economy works, but have no interest in jargon or equations. Sowell reveals the general principles behind any kind of economy - capitalist, socialist, feudal and so on. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. 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 book for anyone who wishes to understand how the economy functions.
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"Clear and concise... Among economists of the past 30 years, (Sowell) stands very proud indeed." 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"About the Author:
Thomas Sowell is the Rose and Milton Friedman Senior Fellow at the Hoover Institution of Stanford University. His two dozen books, as well as numerous articles and essays, cover a wide range of topics, from classic economic theory to judicial activism, from civil rights to choosing the right college. He lives in Stanford, California.
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