Posted on 01/12/2015 9:22:30 AM PST by jazusamo
"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.
Sowell points out that the most basic thing that can be said about economics is that we live in a world of scarcity. That means — whether our policies, practices and institutions are wise or unwise, noble or ignoble — there is never enough of anything to satisfy all of our desires. What are sometimes called "unmet needs" are inherent to any society, whether it's capitalist, socialist, feudal or...
(Excerpt) Read more at creators.com ...
What does Sowell say about “trade imbalances” and why do so many Freepers who praise him as the “smartest man in the universe” not have any idea what he says on that subject?
Bump~!
Two men who should have a place in President Cruz’s
cabinet.
Amen to that.
Politicians and voters alike will never take it seriously.
Every one wants things for “free” even when they aren’t and no politician is going to win an election promising “austerity.”
Economics has nothing to do with politics.
If you know a diehard liberal, read this book to him as soon as possible.
Like I said doesn’t matter.
People like Santa Claus more than they like Grinch.
That’s the reality of human nature.
Like the trade imbalance I have with Sac N Pac, they never buy anything from me!
That’s it. The appeal of Marxism is as old as humankind most basic desire of “something for nothing.”
Just because you didn’t pay for it doesn’t mean it was “FREE”.
I used to think fellow citizens would see the damage of liberal policies and would then vote better leading to a more balanced budget mentality. I was wrong!
This country will go down.
The majority of the voters have their hands in the treasury through benefits or government employment and will refuse to remove their hands from their neighbor’s wallet all the way down till we are no more.
There is no shame and the lack of personal shame which should be a motivation to do better is why we have lost it.
Politicians know it and so do voters.
Obamacare is Exhibit #1 in how the real thing falls far short of what was advertised.
5.56mm
No doubt about it. Neither Dr. were on the receiving end of affirmative action nor were raised by communists, they worked for what they’ve achieved.
It’s a Two-Fer! BUMP! :)
I don’t like your analogy. It’s not Santa Claus vs. the Grinch. It’s more like Santa Claus vs your dad (no irony intended). You dad would tell you that there are limits to what you can have, and that you have to get off your butt and work for what you want. The Grinch had nasty intentions. Your dad is doing it for your ultimate own good.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
