Basic Economics: A Common Sense Guide to the Economy

The bestselling citizen’s guide to economics 

“Thomas Sowell is the nation’s greatest living economist.” —American Spectator    

Basic Economics is a citizen’s guide to economics, written for those who want to understand how the economy works but have no interest in jargon or equations. Bestselling economist Thomas Sowell explains the general principles underlying different economic systems: 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.

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.
 

Thomas Sowell is a Senior Fellow at the Hoover Institution, Stanford University. For more than half a century, his writings have appeared in both popular and scholarly publications, on both sides of the Atlantic, and his books have been translated into a dozen foreign languages. After a career as an economist in the government, academia and the corporate world, he has since 1980 been a scholar in residence at the Hoover Institution, devoting his efforts to research and writing, on subjects ranging from the history and influence of intellectuals to education and social policies in countries around the world.