Book Reviews

Basic Economics Book Review by Mike Ramey

by Mike Ramey
04/29/21
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“If economics is the study of the use of scarce resources which have alternative uses, then it follows that there will always be unmet needs.”

--Thomas Sowell

Basic Economics—Fifth Edition

     With portions of America still reeling from a major economic slowdown brought on by the pandemic, this is a good a time as any to concentrate on some ‘mental re-tooling’ in the form of preparation for a society on the other side of this pestilence.  Nevertheless, no matter what society may look like, there WILL be a need for the understanding of the basic economic principles that have made many successful in the school room, the boardroom, and the home.

     “Basic Economics: A Common Sense Guide To The Economy—Fifth Edition” by veteran economist, professor and syndicated columnist Thomas Sowell is a book that will do wonders in bringing one’s economic understanding to a respectable level (2015, 689 pages, Fifth edition, Basic Books).  This work is especially handy in the home school environment as it provides those extra ‘wisdom nuggets’ of basic information and questions to challenge and entertain students as they grasp a firm understanding of what makes an economy work.

“Seldom do people think things through foolishly.  More often, they do not bother to think things through at all, so that even highly intelligent individuals can reach untenable conclusions because their brainpower means little if it is not deployed and applied.”

--Thomas Sowell

Basic Economics—Fifth Edition

     Sowell’s work is composed of seven sections, which contain a total of twenty-seven chapters.  Sections include: “The National Economy”, Special Economic Issues” and “Work and Pay”.  The ‘bonus’ section comes in the question section of the book.  It contains 100 questions on a variety of economic topics covered in the work, with page numbers as to where the answers may be found. 

     The reader AND the teacher should be warned that the questions and answers may surprise you.

     “Basic Economics: A Common Sense Guide To The Economy—Fifth Edition” by Thomas Sowell is available from your favorite bookstore or electronic book seller.  It is a worthy investment for the young, or the young-at-heart.

     Mike Ramey is a Minister, syndicated columnist, book reviewer and consultant.  “On Line Reviews” is one of a variety of regular column titles which Ramey has in cyberspace from Barnstorm Communications International.  If you care to drop him a line, or a whine, feel free to reach him at [email protected]. ©2021 Barnstorm Communications International.