Basic economics : a citizen's guide to the economy

Outlines the principles behind each major type of economy including capitalist, socialist, and feudal, in terms of the incentives each creates. What is economics? -- pt. I. Prices and markets. The role of prices ; Price controls ; An overview --pt. II. Industry and commerce. The rise and fall of business ; The role of profits-- and losses ; Big business and government ; An overview -- pt. III. Work and pay. Productivity and pay ; Controlled labor markets ; An overview -- pt. IV. Time and risk. Investment and speculation ; Risks and insurance ; An overview -- pt. V. The national economy. National output ; Money and the banking system ; The role of government ; An overview -- pt. VI. The international economy. International trade ; International transfers of wealth ; An overview-- pt. VII. Special economic issues. 'Non-economic' values ; Myths about markets ; Parting thoughts 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 "Why are homeless people sleeping on the sidewalks of New York in the winter, when the abandoned apartment buildings in the city have four times as many dwelling units as there are homeless people in the city? Why are people hungry in Moscow when there are vast amounts of some of the richest farmland on the continent of Europe within easy driving distance? Why did unemployment reach 25 percent and American corporations as a whole operate in the red for two years in a row during the Great Depression of the 1930s?". "All these very different - but equally puzzling and needless - tragedies grew out of a failure to understand and apply basic economic principles. Explaining these principles for the general public in plain English, with neither graphs nor equations nor jargon, is the goal and the achievement of Basic Economics by Thomas Sowell. Professor Sowell has taught economics at leading colleges and universities across the country and now uses his years of experience to bring economics to light in a way that is both easy to absorb and hard to forget.". "His lively examples are drawn from around the world and from centuries of history, because the basic principles of economics are not limited to modern capitalist societies and apply even to situations where no money changes hands, such as caring for wounded soldiers on a battlefield. The focus of Basic Economics is not on how individuals make money but on how whole societies create prosperity or poverty for their peoples by the way they organize their economies. Prosperous countries with few natural resources, such as Japan and Switzerland, are as common as poor countries with rich resources, such as Russia or Mexico."--BOOK JACKET. 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 reveals the general principles behind any kind of economy-capitalist, socialist, feudal, and so on. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. With clear explanations of the entire field, from rent control and the rise and fall of businesses to the international balance of payments, this is the first book for anyone who wishes to understand how the economy functions. What Is Economics? -- Prices And Markets -- Industry And Commerce -- Work And Pay -- Time And Risk -- The National Economy -- The International Economy -- Special Economic Issues. Thomas Sowell. Includes Bibliographical References (p. 407-432) And Index. An accessible, jargon-free resource outlines the principles behind each major type of economy including capitalist, socialist, and feudal, in terms of the incentives each creates. To know what economics is, we must first know what an economy is.