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BASIC ECONOMICS
 
A Citizen's Guide to the Economy
 REVISED AND EXPANDED EDITION
THOMAS SOWELL
 
Basic Books A Member of the Perseus Books Group New York Copyright @ 2004 by Thomas Sowell Published by Basic Books, A Member of the Perseus Books GroupAll rights reserved. Printed in the United States of America. No part of this book may be reproduced in any mannerwhatsoever without written permission except in the case of brief quotations embodied in critical articles andreviews. For information, address Basic Books, 387 Park Avenue South, New York, NY 10016-8810.Books published by Basic Books are available at special discounts for bulk purchases in the United States bycorporations, institutions, and other organizations. For more information, please contact the Special MarketsDepartment at the Perseus Books Group, 11 Cambridge Center, Cambridge MA 02142, or call (617) 252-5298, (800)255-1514 or e-mail .mccrary@perseusbooks.com.Sowell, Thomas, 1930 Basic economics: a citizens guide to the economy / Thomas Sowell.Rev. and expanded ed.p. em.Includes bibliographical references and index.ISBN 0-465-08145-2 (talk. paper) 1. Economics. I. Title.HB171.S7132003 O-dc21200301377804 05 06 / 10 9 8 7 6 5 4 3 2 1
 A few lines of reasoning can change the way we see the world.Steven E. Lansburg
 
 
CONTENTS
 
Preface1 What is Economics?PART I: PRICES AND MARKETS2 The Role of Prices3 Price Controls4 An OverviewPART II: INDUSTRY AND COMMERCE5 The Rise and Fall of Businesses6 The Role of Profits -and Losses7 Big Business and Government8 An OverviewPART III: WORK AND PAY9 Productivity and Pay10 Controlled Labor Markets11 An OverviewPART IV: TIME AND RISK12 Investment and Speculation13 Risks and Insurance14 An OverviewPART V: THE NATIONAL ECONOMY15 National Output16 Money and the Banking System17 The Role of Government18 An OverviewPART VI: THE INTERNATIONAL ECONOMY19 International Trade20 International Transfers of Wealth21 An OverviewPART VII: SPECIAL ECONOMIC ISSUES22 "Non-Economic" Values23 Myths About Markets24 Parting ThoughtsQuestionsSources
 
 
PREFACE
 This is the revised and enlarged edition of an introduction to economics for the generalpublic. In addition to being updated, Basic Economics has also become more internationalizedby including information from more countries around the world, because the basic principles of economics are not confined by national borders. The fact that the first edition of this book hasalready been translated into Japanese and Polish suggests that others recognize this as well.While most chapter titles remain the same, their contents have changed considerably, reflectingthe experiences of many different peoples and cultures.Basic Economics has two main purposes. The first is to show certain general principleswhich apply in any economy-whether capitalist, socialist, feudal, or whatever. Another equallyimportant purpose is to get the reader to look at economic policies and economic systems interms of the incentives they create, rather than simply the goals that they proclaim. This meansthat consequences matter more than intentions-and not just the immediate consequences. Thelonger run repercussions of any economic policy need to be considered by the public, especiallybecause so many public officials may not look beyond the next election.This book was written both for the general public and for students in introductoryeconomics courses. It has none of the graphs, equations, or statistical tables usually found ineconomics books. Nor does it use the technical jargon of economists. What I have learned aftermany years of teaching and writing about economics is that there are highly intelligent peoplewho want to understand more about the way the economy works, but who have no interest in theparaphernalia of the economics profession. This book is written for such people.Many other kinds of people may also find Basic Economics useful, including journalistswho often comment on economic issues without having any background in the subject. Evenscholars with Ph.D.s in other fields are often uninformed or misinformed about economics,though that seldom deters them from having and voicing opinions on economic issues.Most of us are necessarily ignorant of many complex fields, from botany to brain surgery.As a result, we simply do not attempt to operate in, or comment on, those fields. However, everyvoter and every politician that they vote for affects economic policies. They cannot opt out of economic issues.Their only options are to be informed or not informed when making their choices. BasicEconomics is intended to make it easy for them to be informed.The basic principles of economics are not hard to understand but they are easy to forget,especially amid the heady rhetoric of politics and the media.The vivid examples used throughout this book make these principles indelible, in a way thatgraphs and equations may not.In keeping with the nature of Basic Economic as an introduction to economics for thegeneral public, the usual footnotes or end-notes are left out.However, those who wish to check up on some of the surprising facts they will learn abouthere can find the sources listed at the end of the book. That will also be a place for those whosimply wish to find other books and articles to read, in order to explore further on some subjectthat they find intriguing. For instructors who are using Basic Economics as a textbook in theircourses, some essay questions have been added at the back of the book.
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