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Basic Economics?
11/3/07 | bear_slayer

Posted on 11/03/2007 8:34:57 AM PDT by Bear_Slayer

I tend to be analytical and enjoy studying what makes situations occur.

I understand that economics plays the largest part in what drives politics, both locally as well as globally.

I know so little about economics, though.

Short of taking an economics college course

can anyone recommend websites or books that explain and discuss economics?


TOPICS: Your Opinion/Questions
KEYWORDS:
I've learned a lot of FR, but want a complete understand from the ground up.

Thanks!

1 posted on 11/03/2007 8:34:58 AM PDT by Bear_Slayer
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To: Bear_Slayer
Thomas Sowell's "Basic Economics" was the first economics book I ever read.

It's excellent -- I was able to get through the "Wealth of Nations" next just on the basis of what I'd learned from reading Sowell.

2 posted on 11/03/2007 8:37:32 AM PDT by BfloGuy (It is not from the benevolence of the butcher, the brewer, or the baker, that we can expect . . .)
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To: BfloGuy

Thanks. I’m going to the library shortly so I am trying to build a list of books to look for.


3 posted on 11/03/2007 8:38:23 AM PDT by Bear_Slayer (When liberty is outlawed only outlaws will have liberty.)
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To: Bear_Slayer

“The Wealth of Nations” - Adam Smith
“Capital” - Karl Marx
“The Road to Serfdom” - F.A. Hayek
“The General Theory of Employment, Interest and Money” - John Maynard Keynes
“Free to Choose” - Milton Friedman
“Monetary History of the United States 1867-1960”- Friedman and Anna Schwartz

For a good, easy to read historical overview of economics, “The Worldly Philosophers” by Robert Heilbroner is a good start.

Good luck and have fun!


4 posted on 11/03/2007 8:42:33 AM PDT by Philistone (If someone tells you it's for the children, he believes that YOU are a child.)
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To: Bear_Slayer
I recommend "A New Radical's Guide to Economic Reality" by Angus Black (Holt, 1970) and "How to Turn 80 Million Workers into Capitalists on Borrowed Money" by Kelso & Hetter (Random House, 1968).

BTW, does anyone know who "Angus Black" really is--Thomas Sowell by chance??

5 posted on 11/03/2007 8:42:54 AM PDT by Cruising Speed
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To: BfloGuy
Thomas Sowell's "Basic Economics" was the first economics book I ever read.

A whole bunch of people around here need to spend sometime with that book.

6 posted on 11/03/2007 8:43:43 AM PDT by org.whodat (What's the difference between a Democrat and a republican????)
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To: Bear_Slayer

My favorite is Milton Friedman’s “Free To Choose.” A little dated I guess, but very readable.


7 posted on 11/03/2007 8:44:46 AM PDT by 668 - Neighbor of the Beast (Call me a pro-life zealot with a 1-track mind.)
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To: Bear_Slayer

Capitalim by George Reisman


8 posted on 11/03/2007 8:46:09 AM PDT by mjp (Live & let live. I don't want to live in Mexico, Marxico, or Muslimico. Statism & high taxes suck)
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To: BfloGuy
I used Thomas Sowell’s Basic Economics to teach a class of homeschooled high school students. We all enjoyed it immensely.
9 posted on 11/03/2007 8:48:35 AM PDT by aberaussie
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To: Philistone
Thanks!

Well, I think that's a good start so I'm off to the library.

10 posted on 11/03/2007 8:51:45 AM PDT by Bear_Slayer (When liberty is outlawed only outlaws will have liberty.)
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To: Bear_Slayer
After you have digested Sowell's Basic Economics, try his Applied Economics, a companion text.

And, if you are really as analytic as you say, then I warmly invite you to a truly mind and life altering experience: the reading and digesting of Tom Sowell's "Knowledge and Decisions".

This book is a dense, white hot star of truth and insight. There are people who are willing to testify that this book changed their lives forever. I am one of these.

11 posted on 11/03/2007 8:54:41 AM PDT by John Valentine
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To: Bear_Slayer

Another one to consider:

General Theory of Employment, Interest, and Money
by John Maynard Keynes

Why some folks think the way they do...


12 posted on 11/03/2007 8:55:51 AM PDT by dakine
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To: dakine
Economics in One Lesson,written in 1946, by Henry Hazlitt. Brief and to the point. Look it up online - I believe there may be some free downloads.
13 posted on 11/03/2007 9:03:17 AM PDT by pineybill (`)
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To: Bear_Slayer
Yes, read a basic economics book as others have suggested. I would hold off on Wealth of Nations until later, however. It's a daunting read, mainly because so much of what's in there isn't necessarily required to make the arguments. I highly recommend Milton Friedman's Free to Choose, especially to understand how economics fits with politics.
14 posted on 11/03/2007 9:07:40 AM PDT by newguy357
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To: Bear_Slayer

You have had many suggestions to read books by Thomas Sowell; all very good suggestions.

No only is Mr. Sowell great on economics, he’s a great thinker in many other ways and a very good writer.

When you read his books, don’t skip his “The Economics of Politics and Race”. http://www.tsowell.com/eco_poli.htm


15 posted on 11/03/2007 9:15:36 AM PDT by Wuli
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To: dakine

I would add that Keynes should come later, and used more as an example of what ~not~ to think about economics.

Not that Keynes wasn’t brilliant. He was. Or that he was always wrong... he wasn’t. But he was wrong enough to screw up a whole lot of people.


16 posted on 11/03/2007 9:27:57 AM PDT by Ramius (Personally, I give us... one chance in three. More tea?)
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To: aberaussie

Another vote for Sowell here. My 8th grade homeschooler will read Basic Economics and Applied Economics this year. Sowell is great. I took Econ in undergraduate and graduate school, and none of the somber, wordy texts I studied can hold a candle to Sowell in readability and making the complex understandable.


17 posted on 11/03/2007 11:18:52 AM PDT by LadyNavyVet
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To: John Valentine

Thanks for the suggestions. I picked up Basic Economics at the library. I’ll start with it and then consider moving onto others.


18 posted on 11/03/2007 11:33:31 AM PDT by Bear_Slayer (When liberty is outlawed only outlaws will have liberty.)
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To: Wuli

I picked up Basic Economics. I’ll file card the others for future reading.


19 posted on 11/03/2007 11:35:41 AM PDT by Bear_Slayer (When liberty is outlawed only outlaws will have liberty.)
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To: Bear_Slayer

Many colleges are posting course materials online for free.

MIT’s list of Economics courses:

http://ocw.mit.edu/OcwWeb/web/courses/courses/index.htm#Economics

MIT’s Intro to Macroeconomics:

http://ocw.mit.edu/OcwWeb/Economics/14-02Fall-2004/CourseHome/index.htm

Carnegie Mellon’s free online course:

http://www.cmu.edu/oli/courses/enter_economics.html

A free online textbook about introductory Economics:

http://www.ingrimayne.com/econ/TOC.html


20 posted on 11/03/2007 12:08:06 PM PDT by LibFreeOrDie (L'Chaim!)
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To: LibFreeOrDie
This link www.ingrimayne.com is subtly pro socialism.
21 posted on 11/03/2007 2:32:53 PM PDT by Bear_Slayer (When liberty is outlawed only outlaws will have liberty.)
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To: Bear_Slayer

Philistone has a pretty good list.

I’d drop Keynes: not relevant.

Monetary History is the single most important thing you can study. Milton Friedmn’s classic work taught Paul Volcker how to control inflation in 1979. Read it thoroughly and repeatedly.

Irving Fisher will teach you about interest rates and his book Theory of Interest is on the web.

The rest is arcane and not particularly valuable.

JB Say (Early 1800s) was the text America grew up with and is excellent. He corrects most of Adam Smith’s mistakes.

To understand the problems of enforcement costs, read Ronald Coase’s paper on Social Cost.

Armen Alchian wrote the classic textbook: University Economics.

Have fun.


22 posted on 11/04/2007 5:47:43 AM PST by Santiago de la Vega (El hijo del Zorro)
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To: Bear_Slayer

Free To Choose - Milton Friedman
Basic Economics - Thomas Sowell

For some great articles, read Walter Williams:

http://www.townhall.com/columnists/walterewilliams/archive.shtml


23 posted on 11/04/2007 5:55:31 AM PST by cowtowney
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To: Santiago de la Vega
Monetary History is the single most important thing you can study

I am beginning to understand that what drives people and their relationships, as well as nations and their relationships, both internat and external, is predominantly money.

Understanding this and guessing right makes it almost possible to predict the future.

Thanks for the suggestions. I'm halfway through Basic Economics.

24 posted on 11/04/2007 6:30:13 AM PST by Bear_Slayer (When liberty is outlawed only outlaws will have liberty.)
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To: cowtowney
These are two authors, that by their repeated occurence, I trust are worth reading.

I'm halfway through Basic Economics

Thanks.

25 posted on 11/04/2007 6:32:26 AM PST by Bear_Slayer (When liberty is outlawed only outlaws will have liberty.)
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To: Bear_Slayer

If you read those two books, you will be ahead of 90% of the general public, including Congress. Then, you will begin to wonder why certain decisions are made the way they are in our government.

High school students should not be able to graduate without reading those books.


26 posted on 11/04/2007 6:47:59 AM PST by cowtowney
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To: Bear_Slayer

Two somewhat contradictory tomes would be “A Random Walk Down Wall Street” by Burton Malkiel (several different editions) and “The Rule 1 Investor” (the first rule being don’t lose money)


27 posted on 11/04/2007 7:02:44 AM PST by Freedom4US
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To: cowtowney
you will begin to wonder why certain decisions are made the way they are in our government

I've already discovered that they do so in their own best interests.

28 posted on 11/04/2007 7:15:59 AM PST by Bear_Slayer (When liberty is outlawed only outlaws will have liberty.)
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To: Bear_Slayer
DON'T, Please DON'T, study economics. We simply can't afford to lose any more voters. Das Kapital by Karl Marx, the world's greatest economist ever, is OK if you must. All you need to know about economics is "The rich get richer, and the poor get poorer".

We're here to correct that, to be sure that you get yours from the rich that stole it from you. That's all you really need to know. Just keep pulling the lever for us.

Sincerely,

The Democratic Party

29 posted on 11/04/2007 7:30:58 AM PST by Hardastarboard (DemocraticUnderground.com is an internet hate site.)
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To: Hardastarboard
Yes Hillary - I hear and obey


30 posted on 11/04/2007 7:37:00 AM PST by Bear_Slayer (When liberty is outlawed only outlaws will have liberty.)
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