![]() ![]() ![]() ![]() Because even the Garden of Eden was a system for the production and distribution of goods and services, but it was not an economy – that is to say, it wasn't something that should be an object of study of economics. Thomas Sowell, however, believes that this definition doesn’t go far enough. What is economicsĮconomics is usually defined as the social science that studies the production, distribution, and consumption of goods and services. So, get ready to revise – or learn a bit more – about some of the basic concepts of economics, everything from what it actually studies through the supply-and-demand mechanisms that regulate prices to the detrimental aspects of government regulations. Lacking graphs, equations and even economic jargon – “so that it can be readily understood by people with no previous knowledge of economics” – the book is imagined, as originally subtitled, as “a citizen’s guide to the economy.” Well, pretty much the same can be said about “Basic Economics,” Sowell’s mammoth 750-page, 1000-footnote, and 2000-introduction to arguably the most important – and the most misunderstood – of all social sciences. ![]() Reviewing Thomas Sowell’s highly acclaimed “Knowledge and Decisions” back in 1981, Nobel Prize-winning economist Friedrich Hayek – coincidentally, one of the author’s most noteworthy influences – commended him for his ability to translate “abstract and theoretical argument into concrete and realistic discussion of the central problems of contemporary economic policy.” ![]()
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