In this fifth edition of Basic Economics, Thomas Sowell revises and updates his popular book on common sense economics, bringing the world into clearer focus through a basic understanding of the fundamental economic principles and how they explain our lives. Drawing on lively examples from around the world and from centuries of history, Sowell explains basic economic principles for the general public in plain English.

Table of Contents

• Preface
• Acknowledgments
• Chapter 1: What Is Economics?
• PART I: PRICES AND MARKETS
• Chapter 2: The Role of Prices
• Chapter 3: Price Controls
• Chapter 4: An Overview of Prices
• PART II: INDUSTRY AND COMMERCE
• Chapter 5: The Rise and Fall of Businesses
• Chapter 6: The Role of Profits–and Losses
• Chapter 7: The Economics of Big Business
• Chapter 8: Regulation and Anti-Trust Laws
• Chapter 9: Market and Non-Market Economies
• PART III: WORK AND PAY
• Chapter 10: Productivity and Pay
• Chapter 11: Minimum Wage Laws
• Chapter 12: Special Problems in Labor Markets
• PART IV: TIME AND RISK
• Chapter 13: Investment
• Chapter 14: Stocks, Bonds and Insurance
• Chapter 15: Special Problems of Time and Risk
• PART V: THE NATIONAL ECONOMY
• Chapter 16: National Output
• Chapter 17: Money and the Banking System
• Chapter 18: Government Functions
• Chapter 19: Government Finance
• Chapter 20: Special Problems in the National Economy
• PART VI: THE INTERNATIONAL ECONOMY
• Chapter 21: International Trade
• Chapter 22: International Transfers of Wealth
• Chapter 23: International Disparities in Wealth
• PART VII: SPECIAL ECONOMIC ISSUES
• Chapter 24: Myths About Markets
• Chapter 25: “Non-Economic” Values
• Chapter 26: The History of Economics
• Chapter 27: Parting Thoughts
• Questions