Applied Economics

Best Economics Books for Beginners

3 Great Economics Books

Why Read Economics? Why can Disneyland charge just under $100 per ticket and still fill the park up to capacity, even when the economy is horrible and tens of millions are unemployed?

What causes inflation? What causes recessions?

What’s better: socialism or capitalism? What are the differences between the two systems?

These are all topics for economics, and with a little time spent reading these three books you will be a more informed voter, understand the many benefits of a free market system, know how to protect your savings and investments, and much more.

We’ve been led to believe this is a boring, tedious topic that is far above our ability to understand. But that’s not so.

Economics is fascinating, and the three books recommended here are among the very best of the best for anyone who wants to understand this very important topic.

They were written by Dr. Thomas Sowell, one of the leading economists of the 20th and 21st century, with the purpose of making economics understandable for the non-economist.

3 Great Books on Economics

All three should be required reading for every high school senior. Start with either Thomas Sowell’s book Basic Economics and then read “Applied Economics” followed by “Economic Facts and Fallacies.”

 

By the time you finish these three books you know more about how the economy works than almost everyone else.

You’d think we would have learned when the Soviet Union collapsed that socialism does not work.

We benefited greatly in the 1980s with the economic boom, over 19 million jobs created in the United States alone thanks to the economic policies of President Reagan, who took office during a time of double-digit inflation and high unemployment.

Within 2 years he had turned the country around using free market principles.

Unfortunately the United States elected a president in 2008 who, instead of getting the country out of a small recession, has created a huge economic mess with rising prices, high unemployment, and constantly-growing government intrusion in every area of our lives, including health care.

The United States is quickly heading down the path of socialism, which leads to totalitarianism and a loss of private property and individual freedom.

We need voters who are knowledgeable about economics to turn this country around and get it headed in the direction of free markets and prosperity.

Basic Economics: A Common Sense Guide to the Economy
by Thomas Sowell

The best book to gain a basic understanding of economics, following by Dr. Sowell’s books Applied Economics and Economics Facts and Fallacies. This large book (about 700 pages) carefully and simply explains the basics of economics so teens and older can understand this important field.

Applied Economics: Thinking Beyond Stage One
by Thomas Sowell

You won’t want to miss this after finishing Basic Economics. It deals with 8 areas of economics such as politics, labor, medical care, and immigration.

Dr. Sowell applies what was learned in Basic Economics to actual problems that can be solved using the knowledge acquired in the first book.

Economic Facts and Fallacies, 2nd edition
by Thomas Sowell

Dr. Sowell wrote this book to focus on a number of myths that have been promoted by certain groups.

Is there a difference between how much women are paid compared to men for the same job? What is keeping certain 3rd world countries down economically? Is the United States using up too many natural resources? How has the easy availability of transportation lead to suburbanization, and is that a good thing?

Some people say this is helping to destroy the environment.

Basic Economics
by Dr. Thomas Sowell

Basic Economics: A Common Sense Guide to the EconomyIf you read this book you will know more about economics than almost everyone in the United States. You will be a more educated voter, and hopefully will vote in a way that encourages economic growth and economic freedom.

People who believe we can spread the wealth need to read this book. There are about 20% of the country who want everyone to live under socialism (in which everyone is equally miserable except for the ruling class).

But the remaining 80%, those who want liberty, the ability to improve their lives as much as they are able, need to read this book and vote the communists out of Congress and out of the White House.

Dr. Sowell has written this book for those who are not professional economists. He does not include any graphs or math.

This is a book for high school students and adults with no knowledge of economics. This book is a classic.

Applied Economics
by Dr. Thomas Sowell

Dr. Sowell takes an in-depth look at eight economic problems such as the economics of medical care, discrimination, and immigration, all in an easy-to-understand and interesting manner. This book is hard to put down.

This book is written for teens to adults and makes a great follow-up to “Basic Economics,” applying what was learned to real-world problems that need to be solved.

For instance, who suffers when elected officials vote to not build another power plant?

What happens when electricity prices rise so high that elderly people on a fixed income cannot afford to run their air conditioner on a hot day, or their heater during a cold winter?

Environmentalists might be thrilled there will be higher energy costs so people will use less, but what about the people who die during a heat wave or a cold front?

Who pays for all the money government votes to give away in the form of subsidies or benefits? Taxpayers end up paying higher taxes, which leaves them with less money to spend on goods and services, which decreases the amount of goods and services sold.

Dr. Sowell explains that when people have more money in their pocket from lower taxes, the economy does better because there is more spending.

This is another book by Dr. Sowell that needs to be read by everyone.

Economic Facts and Fallacies
by Thomas Sowell

Economic Facts and FallaciesIn this book Dr. Sowell looks at six different fallacies including urban fallacies, academic fallacies, income fallacies and third world fallacies.

Dr. Sowell writes so clearly, and in a conversational tone, with plenty of illustrations that shine the line on what many consider a difficult subject, making it interesting and very understandable. You will have many “ah hah” moments.

One fallacy, for instance, is that people moving to the suburbs, away from the city, is a problem. In the 1800s the Duke of Wellington, in England, blamed the “newly created railroads for encouraging the common people to move about needlessly.”

That sentiment is very evident in the wonderful movie “Cranford” with Judi Dench.

The rich people were against the railroad because it would allow the lower class to move more freely, while the people of Cranford were against the railroad because it would allow undesirables to easily travel to their town.

The fact is, the railroad, and later cars and subways, benefited everyone.

No longer did you have to live in the city where the jobs and entertainment were located.

With a fast and easy way to get into town, you could live in the suburbs or even in the country and still work and enjoy the benefits of the city.

Faster and cheaper transportation helped everyone.

This is the third book in the series about economics. All three are interesting, understandable, and need to be read by everyone if we are going to have an educated electorate who will vote out those who are dragging our country down under the guise of spreading the wealth.

Dr. Sowell Discusses His Book “Dismantling America”

This book is a collection of Dr. Sowell’s best essays that have been published in newspapers around the country and includes topics such as financial bailouts, illegal immigrants, national security, and more.

Once you’ve read the first three books mentioned here, you will want to read more of Dr. Sowell’s writings, such as this book and “Intellectuals and Society.”

 
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