A new section on the special role of corporations in the economy has been added to the chapter on government and big business, among other additions throughout the book.
A new chapter on the history of economics itself has been added, and the implications of that history examined. The fourth edition of Basic Economics is both expanded and updated. (source: Nielsen Book Data) Publisher's summary 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. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. Sowell reveals the general principles behind any kind of economy - capitalist, socialist, feudal and so on. "Basic Economics" is a citizen's guide to economics - for those who want to understand how the economy works, but have no interest in jargon or equations. This completely revised and updated third edition of Thomas Sowell's instrumental work includes a new chapter of government finance.
Myths about markets "Non-economic" values Parting thoughts. International trade International transfers of wealth An overview- pt. National output Money and the banking system Government functions Government finance An overview Investment and speculation Risks and insurance An overview Productivity and pay Controlled labor markets An overview The rise and fall of businesses The role of profits-and losses Big business and government An overview
The role of prices Price controls An overview -pt. Bibliography Includes bibliographical references and index.
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