the relevance of economics

Basic Economics is a must read. It explains economics for people that simply want to be informed citizens. Sowell states matter of factly that “… every voter and every politician that they vote for affects economic policies. We cannot opt out of economic issues” (vii).

Sowell covers a wide range of economic issues in an easy-to-read style, applying it to every day circumstances and continually demonstrating the relevance:

  • “Much confusion comes from judging economic policies by the goals they proclaim rather than the incentives they create” (545).
  • “… looking at these myths closely may illustrate how easy it is to create a plausible-sounding notion and get it accepted by many otherwise intelligent people, who simply do not bother to scrutinize the logic or the evidence–or even to define the words they use…. But superficial and even silly beliefs have sometimes been so widespread as to become the basis for laws and policies with serious and even catastrophic consequences” (495-496).

I thoroughly enjoyed this book, and the way it opened my eyes to many things in the world around us. Give it a read.

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