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Basic Economics, Fifth Edition
- A Common Sense Guide to the Economy
- Narrated by: Tom Weiner
- Length: 23 hrs and 47 mins
- Categories: Money & Finance, Economics
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Overall4.5 out of 5 stars 3
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This is a behind-the-scenes look at the spectacular collapse of some of the biggest names in India Inc. The book reveals the real reasons behind the non-payment of loans of over Rs nine lakh crore to the banks by behemoths like Reliance Communications, Videocon, IL&FS and Essay Steel, among others. The authors analyze how funds were illegally diverted from some of the bankrupt companies and why auditors as well as bankers went into sleep mode.
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Economic forces are everywhere around you. But that doesn't mean you need to passively accept whatever outcome those forces might press upon you. Instead, with these 12 fast-moving and crystal clear lectures, you can learn how to use a small handful of basic nuts-and-bolts principles to turn those same forces to your own advantage.
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Good Economics for Hard Times
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Figuring out how to deal with today's critical economic problems is perhaps the great challenge of our time. Much greater than space travel, what is at stake is the whole idea of the good life as we have known it. Immigration and inequality, globalisation and technological disruption, slowing growth and accelerating climate change - these are sources of great anxiety across the world. The resources to address these challenges are there - what we lack are ideas that will help us jump the wall of disagreement and distrust that divides us.
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Apt Title
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China's Economy: What Everyone Needs to Know® is a concise introduction to the most astonishing economic growth story of the last three decades. In the 1980s, China was an impoverished backwater, struggling to escape the political turmoil and economic mismanagement of the Mao era. Today it is the world's second biggest economy, the largest manufacturing and trading nation, the consumer of half the world's steel and coal, the biggest source of international tourists, and one of the most influential investors in developing countries from southeast Asia to Africa to Latin America.
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An essential research in a required field.
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From batting averages and political polls to game shows and medical research, the real-world application of statistics continues to grow by leaps and bounds. How can we catch schools that cheat on standardized tests? How does Netflix know which movies you'll like? What is causing the rising incidence of autism? As best-selling author Charles Wheelan shows us in Naked Statistics, the right data and a few well-chosen statistical tools can help us answer these questions and more.
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The Wealth of Nations
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The foundation for all modern economic thought and political economy, The Wealth of Nations is the magnum opus of Scottish economist Adam Smith, who introduces the world to the very idea of economics and capitalism in the modern sense of the words.
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This is a behind-the-scenes look at the spectacular collapse of some of the biggest names in India Inc. The book reveals the real reasons behind the non-payment of loans of over Rs nine lakh crore to the banks by behemoths like Reliance Communications, Videocon, IL&FS and Essay Steel, among others. The authors analyze how funds were illegally diverted from some of the bankrupt companies and why auditors as well as bankers went into sleep mode.
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Overall5 out of 5 stars 2
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Economic forces are everywhere around you. But that doesn't mean you need to passively accept whatever outcome those forces might press upon you. Instead, with these 12 fast-moving and crystal clear lectures, you can learn how to use a small handful of basic nuts-and-bolts principles to turn those same forces to your own advantage.
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5 out of 5 stars
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5 out of 5 stars
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Apt Title
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China's Economy: What Everyone Needs to Know® is a concise introduction to the most astonishing economic growth story of the last three decades. In the 1980s, China was an impoverished backwater, struggling to escape the political turmoil and economic mismanagement of the Mao era. Today it is the world's second biggest economy, the largest manufacturing and trading nation, the consumer of half the world's steel and coal, the biggest source of international tourists, and one of the most influential investors in developing countries from southeast Asia to Africa to Latin America.
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5 out of 5 stars
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An essential research in a required field.
- By pranab kumar mishra on 12-11-20
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Naked Statistics
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Overall4.5 out of 5 stars 60
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From batting averages and political polls to game shows and medical research, the real-world application of statistics continues to grow by leaps and bounds. How can we catch schools that cheat on standardized tests? How does Netflix know which movies you'll like? What is causing the rising incidence of autism? As best-selling author Charles Wheelan shows us in Naked Statistics, the right data and a few well-chosen statistical tools can help us answer these questions and more.
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5 out of 5 stars
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Statistics explained with Stories
- By Frequent shopper on 04-03-19
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The Wealth of Nations
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The foundation for all modern economic thought and political economy, The Wealth of Nations is the magnum opus of Scottish economist Adam Smith, who introduces the world to the very idea of economics and capitalism in the modern sense of the words.
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Economics in One Lesson
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Overall4.5 out of 5 stars 12
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Called by H.L. Mencken, "one of the few economists in history who could really write," Henry Hazlitt achieved lasting fame for his brilliant but concise work. In it, he explains basic truths about economics and the economic fallacies responsible for unemployment, inflation, high taxes, and recession.
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5 out of 5 stars
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A great book to start learning about economics.
- By Prakash on 06-01-19
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The Crime Book
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From Jack the Ripper to the modern-day drug cartels, discover the most notorious crimes and criminals in history. With a foreword written and narrated by best-selling crime author Peter James, The Crime Book explores over 100 crimes and examines the science, psychology and sociology of criminal behaviour. Hear the gory details of each crime and how they were solved, with renowned quotes and detailed criminal profiles letting you delve into the criminal mind.
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The Parasitic Mind
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Serving as a powerful follow-up to Jordan Peterson’s book 12 Rules for Life, Dr. Gad Saad unpacks what is really happening in progressive safe zones, why we need to be paying more attention to these trends, and what we must do to stop the spread of dangerous thinking. A professor at Concordia University who has witnessed this troubling epidemic firsthand, Dr. Saad dissects a multitude of these concerning forces (corrupt thought patterns, belief systems, attitudes, etc.) that have given rise to a stifling political correctness in our society.
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4 out of 5 stars
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Profound and thought provoking book
- By Anonymous User on 07-01-21
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Applied Economics
- Thinking Beyond Stage One: Second Edition
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- Narrated by: Bill Wallace
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- Unabridged
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Overall5 out of 5 stars 1
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Performance5 out of 5 stars 1
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Story5 out of 5 stars 1
Applied Economics is an accessible guide to how our economic decisions develop. It explains the application of economics to major world problems, including housing, medical care, discrimination, and the economic development of nations. The book is based on an international view of economics, includes examples from around the world, and shows how certain incentives and constraints produce similar outcomes among disparate peoples and cultures.
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Fault Lines
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Overall4 out of 5 stars 30
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Performance3 out of 5 stars 28
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Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Now, as the world struggles to recover, it's tempting to blame what happened on just a few greedy bankers who took irrational risks and left the rest of us to foot the bill. In Fault Lines, Rajan argues that serious flaws in the economy are also to blame and warns that a potentially more devastating crisis awaits us if they aren't fixed.
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4 out of 5 stars
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Must read for the content Narration is poor
- By Raguraman on 01-09-19
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Capital in the Twenty-First Century
- Written by: Thomas Piketty, Arthur Goldhammer (translator)
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- Unabridged
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Overall4 out of 5 stars 10
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Performance4.5 out of 5 stars 8
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What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories.
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5 out of 5 stars
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Political Economy
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Why Nations Fail
- The Origins of Power, Prosperity, and Poverty
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Overall4.5 out of 5 stars 95
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Brilliant and engagingly written, Why Nations Fail answers the question that has stumped the experts for centuries: Why are some nations rich and others poor, divided by wealth and poverty, health and sickness, food and famine?
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4 out of 5 stars
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Too long for it's own good
- By Manpreet Singh on 27-12-20
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The Great Mental Models, Volume 2
- Physics, Chemistry, and Biology
- Written by: Farnam Street, Shane Parrish, Rhiannon Beaubien
- Narrated by: Kevin Stillwell
- Length: 9 hrs and 3 mins
- Unabridged
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Overall4.5 out of 5 stars 6
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Performance5 out of 5 stars 6
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Story5 out of 5 stars 6
You'll not only get a better understanding of the forces that influence the world around you, but you'll learn how to direct those forces to create outsized advantages in the areas of your life that matter most to you.
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5 out of 5 stars
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coveys ideas in a way that can be easily applicabl
- By Amazon Customer on 12-12-20
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The Psychology of Money
- Timeless Lessons on Wealth, Greed, and Happiness
- Written by: Morgan Housel
- Narrated by: Chris Hill
- Length: 5 hrs and 48 mins
- Unabridged
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Overall4.5 out of 5 stars 697
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Performance4.5 out of 5 stars 551
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Story4.5 out of 5 stars 552
Money - investing, personal finance, and business decisions - is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together. In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think about money.
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4 out of 5 stars
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Unmissable !
- By Sanya on 29-10-20
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Security Analysis: Sixth Edition
- Foreword by Warren Buffett
- Written by: Benjamin Graham, David Dodd
- Narrated by: Scott R. Pollak
- Length: 32 hrs and 23 mins
- Unabridged
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Overall4 out of 5 stars 8
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Performance3.5 out of 5 stars 7
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Story3.5 out of 5 stars 7
First published in 1934, Security Analysis is one of the most influential financial books ever written. Selling more than one million copies through five editions, it has provided generations of investors with the timeless value investing philosophy and techniques of Benjamin Graham and David L. Dodd. As relevant today as when they first appeared nearly 75 years ago, the teachings of Benjamin Graham, “the father of value investing”, have withstood the test of time across a wide diversity of market conditions, countries, and asset classes.
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1 out of 5 stars
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Audio control not good at all , goes off when Mobi
- By Shamsher Singh Banyal on 10-05-20
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A Promised Land
- Written by: Barack Obama
- Narrated by: Barack Obama
- Length: 29 hrs and 10 mins
- Unabridged
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Overall4.5 out of 5 stars 525
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Performance5 out of 5 stars 448
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Story4.5 out of 5 stars 450
In the stirring, highly anticipated first volume of his presidential memoirs, Barack Obama tells the story of his improbable odyssey from young man searching for his identity to leader of the free world, describing in strikingly personal detail both his political education and the landmark moments of the first term of his historic presidency - a time of dramatic transformation and turmoil.
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5 out of 5 stars
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An endearing memoir
- By Architha A on 30-11-20
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The Great Mental Models
- General Thinking Concepts
- Written by: Shane Parrish
- Narrated by: Shane Parrish
- Length: 3 hrs and 23 mins
- Unabridged
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Overall4.5 out of 5 stars 282
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Performance4 out of 5 stars 230
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Story4.5 out of 5 stars 225
The Great Mental Models: General Thinking Concepts is the first book in The Great Mental Models series designed to upgrade your thinking with the best, most useful and powerful tools so you always have the right one on hand. This volume details nine of the most versatile all-purpose mental models you can use right away to improve your decision making, your productivity, and how clearly you see the world.
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3 out of 5 stars
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a good summary of other books
- By RM on 27-05-19
Publisher's Summary
In this fifth edition of Basic Economics, Thomas Sowell revises and updates his popular book on commonsense economics, bringing the world into clearer focus through a basic understanding of the fundamental economic principles and how they explain our lives. 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.
Basic Economics,which has now been translated into six languages and has additional material online, remains true to its core principle: that the fundamental facts and principles of economics do not require jargon, graphs, or equations and can be learned in a relaxed and even enjoyable way.
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What listeners say about Basic Economics, Fifth Edition
Reviews - Please select the tabs below to change the source of reviews.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Sudip
- 29-08-19
Simple and interesting
explained in very simple language keeps you interested through the narration, job well done by Author and narrator
2 people found this helpful
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Overall5 out of 5 stars
- M.L.
- 07-06-19
A masterpiece
All that a layman ever wanted to know about economics is covered in this book. Concepts are beautifully explained while keeping jargon to the minimum. Loved reading this
2 people found this helpful
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Ashish
- 16-11-20
terrific
brilliant, super work by Sowell to make economics so sweetly accessible. Weiner's reading was smooth. Even at 2x Icould comprehend everything simply because of his awesome modulation
1 person found this helpful
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Puspendra Kumar
- 08-04-19
Simple, interesting.
it's Simple and interesting. Made me more knowledgeable. Some basic knowledge though. Cleared some confusions too.
1 person found this helpful
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Abhishek Singh
- 28-11-20
Perfect on Clarity, Rigor, and Breadth of Coverage
Astonishingly economical purchase; I didn't imagine one book would provide me with so much value.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Manpreet Singh
- 26-10-20
Economics is the study of 'Trade-Offs'
I can't praise this book enough. To start with the narration is very good and doesn't get monotonous. I and economics do not have any relation in real life. I know (or rather 'knew') very little of it and therefore, I picked this book to get some insight into all the (pseudo) economics that the daily news was feeding me. Previous reviews told me the book was good and not too technical. I was just not ready for the eye-opener this was going to be for me. It is unimaginable that a book on a niche subject could be so universal and approachable in its content. Liked: - 1. I would've thought repeating the same line over & over is gonna be very irritating after a few pages.... however, the author puts across his point via an anecdote/ fact dive and then re-iterates 'Economics is the efficient allocation of scarce resources, which have alternative uses'. And it just adds to the impact - every time. 2. The flow of the book is good. It doesn't stay focussed on USA, it covers at least half a dozen economies at various points. 3. When you think that the author is selling you 'Free Trade' philosophy - and there's not a peep to the contrary - suddenly you have a part which deals with all the ideologies of economics - and sort of tells you that each of the ideology has a down-side - just that free trade has less of them - and most importantly are self-limiting. 4. The book covers micro to macro economics seamlessly. 5. When is about to conclude and you feel some unconnected topics were conspicuously missing - the last part deals with almost all the 'missing topics' as far I was concerned. Cons: - 1. Personal finance is not the agenda. 2. You will need to read another book from some alternate school of economics, else you will come out of the read thinking that the only way to practice economics is 'Free Trade' There's no downside to this book. I just couldn't think of going through a 20 hour audiobook - not knowing the first thing about economics. But I ended up understanding the subject, and also realised that it is quite intuitive, if only we apply thought rather than emotions.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Amazon Customer
- 09-10-20
A must read for a better world
A must read on economics for common man. Helps you to understand and review economic political policy decisions in better light.
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Overall4 out of 5 stars
- Ramesh Karanam
- 27-08-19
Good book though few of the concepts repeated
Good book to to understand how market economy works and helps understanding the difference between intent and consequence of government policy / intervention.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Nutriwish
- 14-04-19
Glad I Read This !
Amazing Book. Single most important book most of us would ever read . Just go for this, thank me later :)
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Overall4 out of 5 stars
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Performance5 out of 5 stars
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Story3 out of 5 stars
- Krishna Devanur R
- 15-02-19
Interesting read
even though I agree with most points in the book, what I didn't like is pushing capitalism as panacea to everything. Never ever the evil side of capitalism has been discussed, may it be how the 8 hour work day was established, the high cost of entry barriers in certain fields, cartelization of conglomerates etc.. overall I liked the idea of presenting economics in plain English and open up certain facts and leaving the interpretation to the listener.
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Overall1 out of 5 stars
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Performance1 out of 5 stars
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Story1 out of 5 stars
- Héctor Jiménez
- 02-03-20
Basic Economics
1. The author says that other people opinions are emotional and not rational, but he himself uses words such as “idiot”, “stupid”, “silly” or “hysterical” to describe these opinions, which shows that he also is being emotional (at least when speaking about them). 2. The author says that some people only use press articles and not factual data to support their points of view, but he also makes use of press articles to illustrate what he says. 3. The author says that people testifying in monopoly court cases put forward the argument that a company seeking to monopolize the market begin with low prices to put competitors out of this market and afterward(s) this company raises its prices. He criticizes these people because they always fail to show any real-life cases of such monopolies. Nonetheless, he also fails to show any example of, for example, a medical services free market that without any intervention by the state has demonstrated to have higher quality services and lower prices at the same time. 4. The main reason I give only one star to this book is that the 2008 economic crisis clearly proved deregulation (of which he shows to be is a strong advocate in this book) to have been the main incentive to financiers to provoke the real state bubble that finally exploded causing the crisis. Despite this global crisis, the author insists on defending deregulation as a whole. The “bankers” knew that they obtained a commission each time they made a subprime loan and each time they sold or resold a packet of mixed securities. They became richer because they knew there would be no punishment for doing what they did, but they did know that at the end many people would lose their houses, their pensions, their savings, and more. If there had been regulations against the predatory behavior of these financiers, if punishments had already been enacted by the US congress, they would have never dared to act in such an unethical manner. Although it is true that in some cases the intervention of the state through regulation causes negative results, it is also true that in some other cases no regulation at all causes serious long-lasting damage.
70 people found this helpful
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- M. Kunze
- 10-02-18
The most eye-opening book I have ever read
A fantastic book by a brilliant author, fantastically read by a brilliant orator. To anyone who thinks "economics does not interest me", I say: Give this book a try regardless. I promise that, unless you have read other economics books before, this one will feel truly earth shattering. It is well-written, well-researched, easily understandable by everyone and enormous in its educational value. Grab it while you can.
45 people found this helpful
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Jeff M
- 03-12-17
Astonishing brilliance
Would you consider the audio edition of Basic Economics, Fifth Edition to be better than the print version?
I haven't ready the print version. But this translates well into audio; there are no charts or graphs in this economic tome. It's simple logic, presented clearly.
What did you like best about this story?
It's hard to argue with this guy. I have to be careful and not simply accept what he says at face value. Surely there are counter points! But how can you argue with history? That's his brilliance. History repeats itself, and Sowell uses history to demonstrate fallacy. Those who do not learn history are doomed to repeat it
What about Tom Weiner’s performance did you like?
He has a clear voice. I would imagine reading an economics book is difficult. He does a fine job
Did you have an extreme reaction to this book? Did it make you laugh or cry?
When I listen to the brilliant words of Thomas Sowell I feel my mind opening up to truth. Thank you, Thomas Sowell.
Any additional comments?
This should be required reading to anyone who votes. I admit I wish I knew someone who could present counter points to this; surely there must be a counter to his obvious brilliant analysis of the fallacy of anything other than free, open markets. He makes everything seem so self evident!
20 people found this helpful
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Palmetto Bob
- 13-05-17
Phenomenal Primer
Superior book on basic economics. Dr Sowell explains principles and gives examples that even an ol' boy with a Nebraska education can understand. Highly recommend this book to everyone, most especially to voters and potential voters. Politicians won't read it so we must...and then hold them accountable.
18 people found this helpful
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Trenton
- 04-10-15
Phenomenal!
People say that is all the time, but this REALLY NEEDS to be required reading (listening in this case), and here is why:
Mr. Sowell expertly explains economics in this 25 hour long monster in a way that everyone can understand and enjoy. Everything he says is very well supported either using simple logic, hypothetical situations and many real world international and domestic examples.
Even if you don't agree with his explanations, you will still come out of this book with a better understanding of economics as you would have to come up with a logical reason to disagree with him, because his beautiful explanations and examples are essentially devoid of emotion, which is a very good thing.
Some of my favorite things of the book are:
- His often repeated statement is his definition of economics: Utilization of scarce resources which have alternative uses.
- His explanation of the difference between prices and costs.
- His examples of the effects of price controls.
- The absolute lack of mudslinging towards liberals, he actually operates under the assumption of people encouraging government intervention all with the best of intentions.
- His reminders how economists are known for being boring because of splashing cold water on policies due to cold hard boring facts.
This thing is almost 25 hours long, takes a while to listen to but it is like music to your ears. It's economics pure and simple and is fascinating.
Thomas Sowell for president! (Hey he's only 85, that isn't too old is it?)
84 people found this helpful
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Overall1 out of 5 stars
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Performance1 out of 5 stars
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Story1 out of 5 stars
- Tiffini Anderson
- 15-12-19
This book is as biased as it gets.
There are so many logical fallacies in this book I had to give up. This is the least objective spin to reach a predetermined goal of any book on economics I've read. Avoid.
9 people found this helpful
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Overall1 out of 5 stars
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- Alaa Alaeddin
- 18-10-19
Bias and barely teaches
I have my degree in economics and a masters in finance. My brother is 18 and wanted us to read this book together so that I can discuss the book with him as we listen. I have never come across a more bias or more misleading book in my entire time studying economics. Couldn’t even finish it. The reader does a fantastic job but the material is worse than bad
9 people found this helpful
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Overall5 out of 5 stars
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- d
- 29-09-17
Economics does not need to be esoteric.
This properly named book explains complicated economic concepts in simple language that anyone can understand. I highly recommend it to anyone interested in learning more about the fundamental forces at work in economics and to a certain degree, society as a whole.
9 people found this helpful
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Overall1 out of 5 stars
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Performance3 out of 5 stars
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- Jordan
- 03-05-19
Propaganda
I didn't Google this guy before buying and it was a fatal mistake. It becomes evident his agenda within two chapters. Literally says it's wrong to consider anything a need. It's like a brainwashing exercise in EXTREME lazefare capitalism.
8 people found this helpful
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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- B. Davis
- 17-03-15
Great Publication
This is one of the best audio books I've purchased so far. I believe it should be required reading and that the principles should be taught early in the educational system. There is a lot of information that explains a lot of economic problems - poverty and unemployment, for example - that could be eliminated through policy adjustments or eliminations. The concepts are so clearly conveyed, in fact, that it's difficult to fathom how or why any great society would implement contradictory regulations.
The narrator spoke at a pace and pitch that facilitated ease of reception of the material (this is subjective, I suppose).
48 people found this helpful
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Overall5 out of 5 stars
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- Spitfires
- 06-11-19
Boring title, boring cover, amazing content!
Along with Bill Bryson's "A Short History Of Nearly Everything", Sowell's "Basic Economics" should be available to every school child in the land. It clearly explains how the people of the world interact, and why sometimes it doesn't work (spoiler - politicians). You'll learn new knowledge throughout this book. You may change your mind on some things, or have light bulb moments as to why you feel the way you do on other subjects. This is a life changer.
6 people found this helpful
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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- Francisco
- 28-07-17
I promise you, this book will change your life.
I highly or more than highly recommend this book to anyone regardless if you are studying economic or not. The explanation are so common sense and clear you will be enlightened. I am really grateful to have taken the time to listen to it and really want to say thank you to all the people behind it and the author. You have succeed beyond your goals. I will re-listen to it couple times until it becomes a song in my head. So grateful.
23 people found this helpful
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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- Niall R
- 01-09-19
Sowell being his excellent self again
Another exceptional book by one of the most interesting and insightful authors I've ever read.
3 people found this helpful
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Overall4 out of 5 stars
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Performance5 out of 5 stars
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Story3 out of 5 stars
- RSK
- 06-04-19
Informative perspective
Well reasoned and argued right of centre perspective, a little dated at times. Overall a good read though, but could be more balanced.
3 people found this helpful
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Overall5 out of 5 stars
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- CMCGROG
- 20-12-18
Very interesting if you are a nerd like me
Good for all interested in the economy, easy to understand even at 1.5x speed. Recommended.
3 people found this helpful
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Overall5 out of 5 stars
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- astromads
- 03-06-17
Fantastic
I could have listened to more of this, I never thought economics could be so interesting.
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.
15 people found this helpful
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Overall3 out of 5 stars
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Performance4 out of 5 stars
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- F Gibb
- 15-12-18
Opinion Piece masquerading as Textbook
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.
14 people found this helpful
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Overall1 out of 5 stars
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- Antonio Ferreira
- 01-11-18
B and B book: Boring and Brainwashing
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. 2. 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. 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. (2009). Prosperity without Growth: Economics for a Finite Planet London: Earthscan. (not yet available in Audible) Raworth, K. (2017). Doughnut economics: Seven ways to think like a 21st-century economist. London: Random House Business Books. (already available in Audible)
64 people found this helpful
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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- Pavlos Moros
- 16-11-18
Brilliant insight into thinking like an economist
Thomas Sowell speaks concicely and simply to common sense. Taken to it’s logical conclusions, each proposition put forward in this essay comes together into a set of cohesive principles to navigate the space of economics. 10/10
2 people found this helpful
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Overall1 out of 5 stars
- derek john marsdon
- 26-11-18
Basic Economics or A Neoliberal Handbook?
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.
20 people found this helpful
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Overall5 out of 5 stars
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- David Pellowe
- 03-08-17
Best economics text ever!
Really long, but really easy to listen to & understand. And wait to buy the paper version as well.
4 people found this helpful
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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- Albert
- 12-03-20
Exceptional!
Highly recommended if you are prepared to stick with it; you'll gain excellent insights into economics.
1 person found this helpful
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- Alicia
- 02-03-20
Must read
This is the most eye opening book and something I believe every citizen should read. Written in plain English and with interesting and relatable examples, Basic Economics contains just the right amount of new material and repetition to embed the principles of economics.
1 person found this helpful
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Overall5 out of 5 stars
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- Nipun S.
- 26-05-18
Great book to grad the fundamentals of economics
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.
2 people found this helpful
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Overall5 out of 5 stars
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- Ellen
- 18-10-20
Fantastic
This book was excellent and very interesting, I really liked the international comparisons of different concepts and the statistical backing for the claims made. The narrator was absolutely wonderful and made this book a really easy listen, it was like going on an epic quest into the land of Economics. Such a great listen.
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- Hermand
- 17-09-20
Thomas Sowell is an American Treasure
The amount of practical examples he gave really helped to see the validity of what he was saying and kept it from being a theoretical bland read. My understanding has increased so much thanks to this book.
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- Amazon Customer
- 02-09-20
Huge topic well covered
Great start for people interested in economics, or who just need a working knowledge.
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- Austin L.
- 29-05-20
amazing
Gave me a great insight into how economies function. The ideas presented are truly eye opening.
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- Lucio Trohovski
- 04-11-19
Great
Very well narrated, content is set out in a way that makes the concept easier to understand and it is clear with plenty of great examples
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- Anonymous User
- 17-12-18
Insightful
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.