Basic Economics: A Citizen's Guide to the Economy

Basic Economics 2nd Ed: A Citizen's Guide to the Economy, Revised and Expanded Edition

This is one of the first books I read on economics outside of school. I have since learned a lot more about economics, but this gave me a good starting point for my studies. I am a libertarian/anarchist and follow the school of Austrian economics, but this book is a general defense of free market principles not advocating Austrian economics.

Almost everyone today believes in central planning even if they call themselves a republican or a supporter of free markets. A person in this category will generally say they believe in the free markets most of the time, but in some cases the government must step in. Sowell goes through many of the most common cases and explains exactly why this thinking is flawed. It explains why you do not want government intervention in these circumstances. It does this in terminology that is easy to understand.

I found this book very enjoyable and so I recommended it to a friend who I often debated on economic issues. He changed his views because of this book although they are still not the same as mine. At the present I like to argue from the moral point of view, "thou shall not steal," this book argues from the practical point of view, "you're better of if you don't steal," which is more in line with what people want/need to hear.