Basic Economics: A Common Sense Guide to the Economy
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This completely revised and updated third edition of Thomas Sowell’s instrumental work includes a new chapter on government finance Be sure to read the companion title Applied Economics -9780465003457. Ideas On Liberty Thomas Sowell is one of the fine scholars of our time.
Preface viiWhat is Economics? 1Prices and Markets 9The Role of Prices 11Price Controls 38An Overview 62Industry and Commerce 87The Rise and Fall of Businesses 89The Role of Profits-and Losses 108Big Business and Government 138An Overview 162Work and Pay 181Productivity and Pay 183Controlled Labor Markets 207An Overview 237Time and Risk 255Investment and Speculation 257Risks and Insurance 282An Overview 307The National Economy 323National Output 325Money and the Banking System 342Government Functions 364Government Finance 393An Overview 419The International Economy 431International Trade 433International Transfers of Wealth 457An Overview 480Special Economic Issues 493Myths about Markets 495"Non-Economic" Values 518Parting Thoughts 544Questions 553Sources 569Index 615
