Applied Economics: Thinking Beyond Stage One
Author: Thomas Sowell
List Price: $30.00
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ISBN: 0465081436
Publisher: Basic Books (11 November, 2003)
Sales Rank: 358
Average Customer Rating: 4.5 out of 5
Customer Reviews
Rating: 5 out of 5
Great foundation for those who lack basic economic knowledg
Excellent book. The United States as a whole would be far better off if everyone read this book. It would be a lot tougher for demagogues to sway public opinion regarding economic matters.One reader's criticism was that there were no facts. Those people who do not believe in the free market will not want to accept certain statements from Sowell. If one wants to argue the merits of a free market versus government-controlled markets, this isn't the book. (Yes, unbelievably there are people who still think that socialism; communism and central planning are superior to free markets)
"This book will not satisfy hard-core economic junkies, and Sowell does not pretend it will. His target audience is the average citizen who has little or no economics background, but would like the tools to think critically about economic issues. "
I would also recommend the classic "Economics in one lesson" by Henry Hazlitt and Sowell's "Basic Economics". "Capitalism and Freedom" by Milton Friedman is another great book.
If one wants to read one of the best (and longest) economic books ever written, then I recommend "Human Action" by Ludwig von Mises (downloadable at www.mises.org)
Rating: 5 out of 5
Must Read
This book gives a great big picture look into the economics of many issues facing us today. Such issues as prescription drugs, real estate, income taxes, free trade are discussed in an economic light to fully understand all implications of solutions to those issues. In my opinion, it's not political, just economic pricipals being applied. Great read!
Rating: 5 out of 5
An Election Year Must Read
Sowell takes the key political issues and challenges the reader to analyze not only their short term (Stage One) political impact but to also think ahead to their long term (Stage Two, Three, etc) economic impact. He reminds the reader that politicians do not think beyond Stage One because they will be praised (and elected) for the short term benefits but will not be held accountable much later when the long term consequences appear. He lays out the Stage One benefits of each political issue and then predicts the long term consequences that politicians don't address. Price controls on drugs and health care may have an immediate benefit, but the consumer will pay years later as health care quality decreases and new drug research declines. Reducing the price does not reduce the cost. Does raising the minimum wage really help entry level workers? What happens in the long term when communities raise taxes on businesses? Is free health care really free, or better?
We need to look beyond Stage One and separate politics from economics on the hot election year issues. Similar Products
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