"Whether one is a conservative or a radical, a protectionist or a free
trader, a cosmopolitan or a nationalist, a churchman or a heathen, it is
useful to know the causes and consequences of economic phenomena." That
quotation, from Nobel laureate George J. Stigler, is how Dr. Thomas
Sowell begins the fifth edition of "Basic Economics." It's a book that
explains complex economic phenomena in a way that many economists
cannot. And, I might add, it provides an understanding of some economic
phenomena that might prove elusive to a Ph.D. economist.
"Basic Economics" is a 653-page book, not including the index. One doesn't have to start reading it at the beginning. Near the book's end, there's a section titled "Questions," and it points the reader to answers. How about this question: How can the prices of baseball bats be affected by the demand for paper or the prices of catcher's mitts be affected by the demand for cheese? Another question easily answered is: Why would luxury hotels be charging lower rates than economy hotels in the same city? Then there's: Can government-imposed prices for medical care reduce the cost of that care? I'm not going to give the answers away; you'll have to read the book. The bottom line is that an understanding of material contained in "Basic Economics" would prevent us from falling easy prey to charlatans, hustlers and quacks.
http://townhall.com/columnists/walterewilliams/2015/01/14/basic-economics-n1941849/page/full
"Basic Economics" is a 653-page book, not including the index. One doesn't have to start reading it at the beginning. Near the book's end, there's a section titled "Questions," and it points the reader to answers. How about this question: How can the prices of baseball bats be affected by the demand for paper or the prices of catcher's mitts be affected by the demand for cheese? Another question easily answered is: Why would luxury hotels be charging lower rates than economy hotels in the same city? Then there's: Can government-imposed prices for medical care reduce the cost of that care? I'm not going to give the answers away; you'll have to read the book. The bottom line is that an understanding of material contained in "Basic Economics" would prevent us from falling easy prey to charlatans, hustlers and quacks.
http://townhall.com/columnists/walterewilliams/2015/01/14/basic-economics-n1941849/page/full
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