Thomas Hazlett, Professor of Law & Economics and Director, Information Economy Project, George Mason University “ Basic Economics is a healthy main course disguised as a rich dessert…Thomas Sowell’s smooth writing, irresistible logic, deep knowledge, and flawless economics make each page an explanatory treat to experts and novices alike.” “ 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 “Clear and concise… Among economists of the past thirty years, Thomas Sowell stands very proud indeed.”- Wall Street Journal This fifth edition includes a new chapter explaining the reasons for large differences of wealth and income between nations.ĭrawing on lively examples from around the world and from centuries of history, Sowell explains basic economic principles for the general public in plain English.

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.

In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. Bestselling economist Thomas Sowell explains the general principles underlying different economic systems: capitalist, socialist, feudal, and so on.

The bestselling citizen's guide to economicsīasic 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.

Thomas sowell's classic basic economics