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Thomas Sowell’s Excellent (And Easy To Read) Book On Understanding The Economy
Since the economy is making so much news these days, I thought I would recommend a great (and easy) book on understanding how the economy works. The book is called, Basic Economics: A Common Sense Guide to the Economy, and is written by Thomas Sowell.
As a business major in college, I was required to take several classes in Economics, Finance, Accounting, etc……but I learned a lot more about economics from Sowell’s book than I did in any college class. In the book he explains how free markets work, how prices are affected by supply and demand, how competition controls prices, and how government intervention usually screws everything up. When the government gets too involved in economic situations, they distort the true value of things, thus creating financial havoc.
Thomas Sowell is what you might call a "Liberal’s worst nightmare"– he’s a black conservative who frequently speaks out against Barack Obama and democratic policies. Sowell also has a fascinating life story. A high school dropout who joined the Marine Corps, Sowell eventually got a GED, then earned degrees from Harvard and Columbia University before earning a Ph.D. in Economics from the University of Chicago. So he knows way more than most of us ever will about the economy, but he’s able to explain it in a way that simpletons like me can understand. His political commentary is very insightful as well and you can read it at townhall.com.
In conclusion, if you want to understand what in the world the news guys are talking about with the economy. Or if you want to understand why Obama’s economic philosophy will be detrimental to our nation. Get a copy of Sowell’s book. It’s informative, well-written, and best of all, easy to understand.
October 8, 2008 at 8:21 pm
You are implying that we should vote for McCain. Without being a economist, it’s clear that the republican conservative economics are truly bankrupt. Trickle down economics is as true a myth as can be.
The entire republican philosophy has been birthed from the wallets of the very wealthy.
There is no doubt that the Republican economic philosophy has just about wrecked the entire world economy and you think Obama will be worse?
October 8, 2008 at 10:06 pm
Yes, yes, this is a great book. I read it a year ago. Thomas Sowell also has a no-nonsense weekly commentary on-line.
Here is a site I read regularly that would be similar to Sowell in that it is for sound money, and minimal gov’t interference:http://mises.org/articles.aspx
After reading Sowell and the above site I am no longer mystified by what happens in the political-economic news. Mises and Sowell have a sound model on how economies work.
Yes, I too took two economics courses in college, and one dose of Sowell will clear up all the fog. Thanks, Shane, for bringing this book to our attention.
November 18, 2008 at 11:42 am
Turfkiller, did you read the book? I’m guessing not. Sowell’s book isn’t about “trickle down economics”–its about free market capitalism and the dangers of government becoming too involved in market manipulation. And there are just as many wealthy democrats as their are republicans…if not more…who look out for their own pocketbooks above all things. The fact is we’re stuck with Obama now…and I doubt McCain would have been much better. We’ll just have to watch closely and see what happens. But Sowell’s thesis stands…as a general rule government control leads to financial duress. The current housing crisis is a perfect example of that.
Have a good day,
Shane