Posted on 01/24/2011 7:15:27 AM PST by fabrizio
While you may need a forklift to get it on your nightstand, Thomas Sowell’s most recent edition of his popular guide to economics, “Basic Economics: A Common Sense Guide to Economics,” will aptly navigate all — from laymen to experts — through the treacherous subject that has seemingly stumped many as of late.
Dr. Sowell recently spoke about his book with The Daily Caller and offered his insight on some of today’s most vexing problems:
TheDC: Why did you decide to write the initial “Basic Economics” and how does this, the Fourth Edition, differ from the earlier versions?
Thomas Sowell (TS): Well I guess the most obvious difference is the Forth Edition is about twice the size and it would have been even bigger had I not taken 60 pages out of the Third Edition and put them on the Internet, which kept the Fourth Edition from looking like the Oxford English Dictionary.
Why did I write it? Because there was so much more that needed to be said. I added one new chapter, which was on the history of economics itself and all the kinds of issues that are raised when looking at economics as a field. I also have a large section on the economics of the corporation, particularly because of the news in recent years — which I put in the chapter “Big Business and Government.” But obviously there have been many other developments that needed to be taken care of and so the book just expanded on its own, as it were. In other words, I didn’t sit down to write a bigger book. I sat down to update some figures and see what else needed to be said, it just took off from there. [...]
(Excerpt) Read more at dailycaller.com ...
Darn...one book whose edition I WILL replace.
ping
Sowell’s book was my introduction to economics some 10 years ago. Very, very good and written for the layman. I was hooked.
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"The trade deficit is not something I would lose a lot of sleep over. If you look at history, for example during the Great Depression of the 1930s we had a trade surplus every single year. It didn’t help us get out of the Great Depression. By the same token, during the prosperity of the nineties we had a trade deficit every year, and that didn’t stop the prosperity. Those words [trade deficit] have a lot more emotional impact than they have economic impact." |
TS BUMP!
Aw, FReep. I guess I need to replace my first edition ...
"The trade deficit is not something I would lose a lot of sleep over. If you look at history, for example during the Great Depression of the 1930s we had a trade surplus every single year. It didn’t help us get out of the Great Depression. By the same token, during the prosperity of the nineties we had a trade deficit every year, and that didn’t stop the prosperity. Those words [trade deficit] have a lot more emotional impact than they have economic impact."When you consider that "the trade deficit" and net foreign investment in America are an accounting identity, you can see why there might be worse things to worry about than that evil "deficit."
Fascinating interview.
>> Sowell: when you are comparing income brackets, or any other statistical category, you are not necessarily comparing flesh and blood human beings...
What a profound statement. It speaks to the true nature of the greatness Conservatives stand for opposed to the materialistic divisiveness conjured up by the Left.
I was all set to ball you out for posting misinformation, but then I looked into how so many political pundits are using the terms "the trade deficit" and "net foreign investment" when they're talking about the current and capital accounts. Maybe this is why there's so much more heat than light on the subject, the fact that it's often an argument between political hacks and private businessmen each with their own values and language.
OK, so the facts never stop professional doom'n'gloomers who just complain and say a capital account surplus is just America going into debt with foreigners buying us out. No problem, America is so amazing it can do both --prosper and provide a home for professional doom'n'gloomers.
What a profound statement. It speaks to the true nature of the greatness Conservatives stand for opposed to the materialistic divisiveness conjured up by the Left.Sowell: when you are comparing income brackets, or any other statistical category, you are not necessarily comparing flesh and blood human beings...
Yes. Sowell has made the point that the lowest income quintile is loaded with young people just starting out - even including recent grads who have good jobs but weren't employed until June and so don't have a full year's salary at the end of the year - and others whose prospects are excellent.
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