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.

Predicting Jim Simons: Mastering the Masters

Ecological Economics: Principles and Applications (2nd Edition)

Greater China and Japan: Prospects for an Economic Partnership in East Asia (Sheffield Centre for Japanese Studies/Routledge Series)

Basic Economics: A Common Sense Guide to the Economy

Foundations of the Knowledge Economy: Innovation, Learning and Clusters

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

trucking industry, whose competition in carrying freight threatened the economic viability of the railroads, by extending their control overtrucking. The original rationale for regulating railroads was that these railroads were often monopolies in particular areas of the country. But now that trucking undermined that monopoly, the response of the I.C.C. was not to say that the need for regulating transportation was now less urgent or perhaps even unnecessary. Instead, it sought-and received from

$1.50 a case, and those who bought 50,000 cases or more in a year’s time were charged $1.35. Because there were relatively few companies that could afford to buy so much salt and many more that could not, ”the competitive opportunities of certain merchants were injured,” according to the Supreme Court, which upheld the Federal Trade Commission’s actions against Morton Salt. The government likewise took actionagainst the Standard Oil Company in the 1950s for allowing discounts to those dealers who

into them, consumers are likely to buy less of these otherproducts at these higher prices. How will each producer know just how much milk to buy? Obviously they will buy only as much milk as will repay its higher costs from the higher prices of ice cream and yogurt. If 9 10 BASIC ECONOMICS consumers who buy ice cream are not as discouraged by rising prices as consumers who buyyogurt are, then very little of the additional milk that goes into making more cheese will comeat the expense of ice

market prices determined by what millions of other people know and want.Anyone who saw East Berlinand West Berlin, during the years when communism prevailed in the eastern part of the city and a market economy in the rest of it, could not help noticing the sharp contrast between the prosperity of West Berlin and the poverty in East Berlin.Indeed, it was hardto avoid being shocked by it, especially sincepeople of the same race, language, culture and history lived in both parts of this city.

little." In policy terms, making it easier forpeople born in less fortunate circumstances to acquire the knowledge and skills to become brain surgeons is very different from simply decreeing that pay differentials between brain surgeons and carpenters be reduced or eliminated. The latter policy affects the allocation of resources, affecting not only how hard existing brain surgeons will work or how early they will retire, but also how many replacements they will have, as young people decide

Download sample

Download