Basic EconomicsThe bestselling citizen's guide to economics 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. This fifth edition includes a new chapter explaining the reasons for large differences of wealth and income between nations. 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. |
Contents
The Rise and Fall of Businesses | |
The Role of Profitsand Losses | |
The Economics of Big Business | |
Regulation and AntiTrust Laws | |
Money and the Banking System | |
Government Functions | |
Government Finance | |
Special Problems in the National Economy | |
International Trade | |
International Transfers of Wealth | |
International Disparities in Wealth | |
Myths About Markets | |
Market and NonMarket Economies | |
Productivity and | |
Minimum Wage Laws | |
Special Problems in Labor Markets | |
Investment | |
National Output | |
NonEconomic Values | |
The History of Economics | |
Parting Thoughts | |
Questions | |
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Common terms and phrases
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