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The bestselling citizen's guide to economics. Basic Economics is a citizen's guide to economics, written for those who want to understand how the economy works but have no interest in jargon or equations. Bestselling economist Thomas Sowell explains the general principles underlying different economic systems: capitalist, socialist, feudal, and so on. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. With clear explanations of the entire field, from rent control and the rise and fall of businesses to the international balance of payments, this is the first book for anyone who wishes to understand how the economy functions. This fifth edition includes a new chapter explaining the reasons for large differences of wealth and income between nations. Drawing on lively examples from around the world and from centuries of history, Sowell explains basic economic principles for the general public in plain English.
Economics, far from being the OC dismal science, OCO offers us valuable lessons that can be applied to our everyday experiences. At its heart, economics is the science of choice, and a study of economic principles allows us to achieve a more informed understanding of how we make our choices, regardless of whether these choices occur in our everyday life or in our work environment. This book brings a real commonsense approach to basic microeconomics. It delivers clear statements of essential economic principles, supported by easy-to-understand examples, and uncluttered by extraneous material; the goal being to provide a concise, readable primer that covers the substance of microeconomic theory. It also looks at the efficient operation of competitive markets and what may cause those markets to fail; the benefits from trade; profit maximization; the consequences of choice; and the implications of imperfect competition."
The generalization of microeconomics enables model descriptions of economic rationality, even in fields that standard microeconomics more or less avoids, like nonprofit sectors of market economies, altruism, or externalities. Here, the authors broaden the scope of microeconomics while treating standard profit maximization as a special case. They argue, ultimately, that the generalizing criterion is a Darwinian maximization of the probability of survival.
Covering research in behavioral and experimental economics, this research documents behavior inconsistent with some elements of traditional theory. Topics covered include studies of loss aversion, reference-dependent preferences, the context and framing of choice, hyperbolic discounting and inconsistent intertemporal choice, and more.