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207:"an exhilarating tour of the fundamentals of microeconomics, macroeconomics, financial markets, and international trade, with pointed anecdotes and pertinent examples illustrating every analytical point". He praised the Time and Risk section for containing discussion of concepts "that seldom get treated adequately in introductory courses or popular expositions".
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According to the reviewer R. Bastiat in 2004, the book "starts out with a chapter discussing the subject matter and perspective of economics in terms of scarcity and trade-offs. This is followed by six main topical sections, each subdivided into a few short chapters and concluding with an 'overview'
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This is followed by discussions about the role of prices, incentives, competition, the consequences of price controls, costs as forgone alternatives, trade-offs and substitutes, taxes, and subsidies. The section on industry and commerce delves into the role of markets in coordinating production and
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Mahoney, Josef
Gregory (June 2008). "Book Review: Basic Economics: A Citizen's Guide to the Economy Thomas Sowell; New York: Basic Books, 2004, 438 pp., $ 35.00 (hardback). Applied Economics: Thinking Beyond Stage One Thomas Sowell; New York: Basic Books, 2004, 246 pp., $ 30.00 (hardback)".
571:
In this interview, Josef
Gregory Mahoney, professor of politics teaching at the East China Normal University, shared his thoughts with Shanghai Daily staff writer Ying Tianyi. Dr. Mahoney is a well-known Marxist scholar whose work examines ever-changing political and social conditions in
189:
that wraps up the main topic of the section." The six main parts of the book cover Prices and
Markets, Industry and Commerce, Work and Pay, Time and Risk, The National Economy, and The International Economy. The revised edition concludes with a new section, Special Economic Issues.
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signal to producers how scarce resources should be used. Mennis referred to the book as "an excellent gift for someone who is interested in learning more about economics without working through the economic jargon, graphs, charts, and equations usually found in textbooks."
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distribution in the face of widely dispersed information, and moves on to profit and loss, specialization, monopoly, antitrust, economic regulation, and a comparison of markets versus central planning. Sowell presents arguments about the social and economic consequences of
262:
suggested that Sowell's economics is not truly free of subjective views, and that he downplays the extent of institutionalized racism. The reviewer stated, "Sowell’s economics in a social vacuum is as meaningful as color in the absence of light".
184:
In the introduction to the fifth edition, Sowell writes that he intends to write a book on economics that is written in plain
English so that anyone can understand it. The book contains no charts or graphs.
220:
to learn it in a logical, straightforward way. Sowell does not jump in and take sides on big economic issues where serious economists still have legitimate disagreements". Edmund A. Mennis wrote in
256:
as "ahistorical", writing that "no knowledge of history, or anything else for that matter" would allow lay readers to place their trust in the works. A reviewer in
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Hubisz, John L. (February 2006). "MicroReviews by the Book Review Editor: Basic
Economics: A Citizen's Guide to the Economy : Thomas Sowell".
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Hubisz, John L. (April 2007). "MicroReviews by the Book Review Editor: Basic
Economics: A Citizen's Guide to the Economy : Thomas Sowell".
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that Sowell gives good examples of government controls having bad consequences, and of the way profits and losses in
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Mennis, Edmund A. (2007). "Review of Basic
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Mennis, Edmund A. (1 July 2007). "Basic
Economics: A Citizen's Guide to the Economy".
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that "he scores a bullseye. Anyone who hasn't studied economics formally should read
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Roerig, Bonnie D. (2002). "Basic
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The book has also been reviewed for the academic journals
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