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Absolutely loved it. I would recommend everyone to read this book, gives you a better understanding of how things are not what they seem, would help pick your electoral parties as well. The man that read this, his voice was perfect to listen to. I could probably listen to his voice from any audio book. Gave this rating as I could not fault anything about this book. This book is a particularly boring attempt to brainwash the reader into believing that: 1.
Free markets are capable of optimising all sorts of economic relations among people and companies. Any attempt to interfere with the laws of free markets can only result in terrible consequences for society. Economy is a science comparable to physics or chemistry. It is precise, infallible, and deterministic in its infinite wisdom. Economists are therefore in possession of sacred knowledge, while politicians in their infinite stupidity insist on interfering with free markets, therefore spreading mayhem.
We all know that there is a certain class of economists that believe in these principles in the same way that fundamentalists believe in certain religious principles. It is because of them that economics has gained a reputation of being an unethical, ridiculously self-aggrandising, and thick-headed discipline. What is particularly irritating about this book is that it uses unbelievably redundant and circular argumentation.
For example, if I argue that: John is driving a car. He knows how to drive very well, and so he drives very fast.
Basic Economics is a citizen's guide to economics-for those who want to understand how the economy works but have no interest in jargon or equations. Sowell. “Basic Economics is a healthy main course disguised as a rich dessert. The expanded Fourth Edition now weighs in at well over pages. Readers will.
He has an accident when Peter is in the car, who has been admonishing against excessive speed. Obviously Peter is responsible for the accident because I already told you that John is a good driver.
Everyone with minimum intelligence could counter-argue that John might have been and probably was the one responsible for the accident! An intelligent person would want anyway to know more about the circumstances of the accident, which are not provided in a sufficient detailed way so that conclusions can be considered supported by evidence. However, this kind of argumentation is used all over the book, essentially to make us believe that free markets the Johns are very good for society and therefore when things go wrong is certainly because of the Peters the politicians trying to regulate markets.
All this is unbearably superficial and poorly analysed, as these arguments omit everything that could be used to refute them. On top of everything, the reader uses a preaching tone of voice, it feels like one is learning about economics from a drill sergeant. A much more interesting reading for those wanting to understand economic science beyond this dogmatic approach is provided by the references below. Jackson, T. Doughnut economics: Seven ways to think like a 21st-century economist.
London: Random House Business Books. Well reasoned and argued right of centre perspective, a little dated at times. Overall a good read though, but could be more balanced. This is a well presented, but completely one sided economic viewpoint. It works hard to dismiss all government interventions and, instead advocates a somewhat cold hearted conservative economic policy as the only way to proceed.
That would be fine if the book was presented as an argument for hands-off economics.
But it's not. It is presented as a textbook introduction to the field. As such it should present a balanced viewpoint- which sadly it fails to do. If you are looking for an explanation of how the economy works, this is NOT the book for you. It is more of a propaganda sheet for neoliberalism.
Rather than go into the mechanics of how a modern economy works, Sowell relies on examples of how and where government intervention has failed in order to justify his neoliberal convictions. He never attempts to explain the failings or short comings of laissez fair economics, like it's natural tendency towards monopolisation, which undermines its own justification the free market , or the ecological cost to the planet.
There are some interesting and useful definitions just over half way through the book, differentiating stocks, shares and bonds for example, and a very brief history of economics right at the end, which I shall use for further reading, but it does not explain how economics works. I have read Adam Smith and a little of Marx, both of which do attempt to explain with great success the workings of capitalist economics. I wanted a more up to date explanation, but this book failed totally in that task. In my opinion this book should be called "Why capitalism is great!
I would say this is not a book about basic Economics and more book about the benefits of capitalism whilst completely ignoring the the obvious faults.
Overall a good read though, but could be more balanced. Brand new. DWR The Economics B Beautiful Economics. Needs Improvement Love it!
According to the author for example the American health care system is far greater than the British health care system or any other country based solely on the fact that it costs alot in America and a couple of very specific studys. This may be true at the high end but its completely ridiculous to suggest this is true for the majority. If this were a book about basic Economics it should in my opinion just explain the basics of economics and how the system works without any bias.
The basic principle of the book is that no government intervention in economic affairs is required the market will regulate it self and if everyone one adopted this system we would live in some sort of paradise. The tone of the book is almost insulting. I would point out I am generally someone who believes in Capitalism but I am aware of the pitfalls. Which by the way are so obvious they cannot be ignored. In conclusion if you want a fair and balanced explanation of how the economic system works this is not the book for you.
Another exceptional book by one of the most interesting and insightful authors I've ever read.
The USA is great, everyone else has it wrong. This is the basis of the book. The narration is fine and clear. I had huge expectations for this based on reviews. It is terrible. Essentially a one sided very basic American view of the world. There was no evidence base and no balanced view or alternative models. And wait to buy the paper version as well. No doubt the author is knowledgeable in his subject and no doubt that he believes he is presenting an solid argument.
However, in the end, the author presents a biased argument for why american free-market economics is the panacea for what ails you. For a work titled 'Basic Economics' I expected more analysis of different types of economies, how they function, where they succeed and where they fail. Instead we get 23hrs of "US Free markets are the best thing since sliced bread". Starts off strong with economic fundamentals laid out clearly, however spends majority of later chapters presenting a very one sided view of all the negative effects of government regulation.
The points presented are valid, however it constantly presents and rebut frail token counter arguments to a point that quickly stopped trusting the writer is presenting a balanced view. I also found the narrator difficult to take seriously.
Sowell does a fantastic job in distilling economic concepts in a way that everyone can understand. He beautifully demonstrates how easily people fall into the fallacies of simplistic thinking. This is a book that should be read by all. A must. A must read if you are looking to understand the fundamentals of economics. The content is delivered in an easy to understand format with plenty of real world examples and facts.
Though it is a long book there is never a dull moment because of the rich content that is delivered and the methodical order in which it is done - it is an easy listen. This book is guaranteed to change the way you think and will help you foresee the long term economic implication of political decisions and actions of today. It opens up a whole new mindset that helps you think in the long term and understand how everything in interrelated.
It also helps you understand fallacies and why some economies in the world thrive while others have failed. This book will defensively expand the horizons of your thinking and help you see the big picture; and by the end of the book you'll find yourself looking at things in a much broader and practical perspective. This book will change the way you see the world. A must read for every student of truth. Despite it's claim to being an introduction to basic economic thinking it is in fact an introduction to neo liberal economic ideology.
The author makes an ideological case not a factual one. If you want to understand basic economics stay away from this simplistic ideological rubbish. I was constantly jumping back on stuff to try and capture it again to try to understand it Your audiobook is waiting…. By: Thomas Sowell. But this book is for the layman and Thomas Sowell. Sowell reveals the general principles behind any kind of economy-capitalist, socialist, feudal, and so on.