Basic Economics

2005-10-31 Posted at 06:41:51 PM

Basic Economics

Thomas Sowell has written a wonderful book that clearly explains
basic economic principles.   He makes it very clear by using examples
and common sense.  There are no charts, graphs, statics or jargon.  
Any citizen who wants to be informed about should read this book.
It would be great if it would be required reading in high school.

The author addresses many economic misconceptions are presented by the the politicians and the press.  The problems aren't Republican or
Democratic.  Bad economic theory doesn't work anywhere in the world.  
His examples show that the results are the same whether it is Europe,
Africa, India or the former Soviet Union.  The basic principles apply
whether the system is capitalistic socialist or feudal

Many bad economic decisions are made because the principles are
not known or are ignored. For example rent control laws are enacted
with the good intention to make make housing more affordable.  Sowell
shows by example and common sense how rent control actually has the
opposite effect -- namely that it causes both the quality and
the supply of available housing to decrease, thus making it harder
for people to find a decent and affordable place to live.

This book is a must read.

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