Basic Economics A Citizen's Guide to the Economy

Basic Economics A Citizen's Guide to the Economy

Thomas Sowell

Language: English

Pages: 438

ISBN: 0465081452

Format: PDF / Kindle (mobi) / ePub

This is the revised and enlarged edition of a new kind of introduction to economics for the general public-without graphs, statistics, or jargon. In addition to being updated, Basic Economics has also become more internationalized by including economic problems from more countries around the world, because the basic principles of economics are not confined by national borders. While most chapter titles remain the same, their contents have changed considerably, reflecting the experiences of many different peoples and cultures.

Strategies and Games: Theory and Practice

The Future of Success: Working and Living in the New Economy

Behavioral Economics and Its Applications

Globalizing Capital: A History of the International Monetary System

An Economic Theory of Greed, Love, Groups, and Networks
















greater economies of scale forboth customers and supermarkets. Shoppers could now buy far more groceriesat one time than they could have carried home in their arms from an urban neighborhood store before the war. That was the crucial role of the automobile. Moreover, refrigerators and freezers now made it possible to stock up on perishable items like meat and dairy products. This all added up to fewer trips to the grocery store, with larger purchases each time. What this meant to the supermarket

innumerable people want. The difference between the limited knowledge of a business executive and the similarly limited knowledge of a government official is that the business executive isreceiving instructions from others on what to do-whom to supply, and when, with what kinds of fuel, in this case-while the government official is giving instructions to others and compelling them to obey. In short, economic decisions are ultimately being directed or controlled by thosewho have specific knowledge

control a monopoly or some group of firms few enough in number to be a threat to behave in collusion as if they were one monopoly. However, aftera commission has 95 96 BASIC ECONOMICS been set up and its powers established, crusaders and the media tend to lose interest over the years and turn their attention to other things. Meanwhile, the firms being regulated continue to take a keen interest in the activities of the commission and to lobby the state or federal legislature for favorable

highest percentages of home runs-in proportion to his times at bat-in the history of baseball, but he had only one season when he hit as many as 40 homers, because he was walked as often as 162 times a seasonaveraging more than one walk per game, during the era of the 154-game season.By contrast, when Roger Marishit 61 home runs in 1961, breaking the existing record, he was walked less than a hundred times because Mickey Mantle was batting right after him and Mantle hit 54 home runs that season.

speculator happens to have more knowledge of markets and of economic and statistical analysisthan the farmer, just asthe farmer has more knowledgeof how to growthe crop. My commodity speculator friend admitted that he had never actually seen a soybean and had no idea what they looked like, although he had probably bought and sold millions of dollars worth of them over the years. He simply transferred ownership of his soybeanson paper to soybeanbuyers at harvest time, without ever taking physical

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