Applied Economics: Thinking Beyond Stage One

Once again, Sowell clearly explains everyday economic concepts with a series of interesting real-life examples from around the world and throughout history. The focus of the book is not only to explain sound economic concepts but also to explain why it is often in the personal interest of the political class to act contrary to these principles. The negative effects of their actions are often not felt until they are long out of office and few are likely to trace these effects back to their original cause. In the short term, doing the wrong thing gets them elected or re-elected. Every voter should read this to inoculate themselves from the lies of our politicians. The book is non-partisan, exposing the political thinking of both US parties, as well as many others in other countries. If you don't think you are interested in economics, you should be, because it affects the life of every man, woman and child on the planet. This book makes what can be a dry subject interesting. It's hard to put down!

This book explains the world of economics better than any other I have ever read. Dr. Sowell demonstrates why he has been so successful in the academic world by reducing a boring, complex subject to that which is easy to read and understand. I highly recommend this book to the reader who wants fact, not fiction. It will be a hard read for many liberals but a necessary one if they ever hope to understand the world as it really is!

Thomas Sowell has written a book that is timely and easy for any of us to get our hands around. I have read many books over my 62 years and I am putting this one on my "top 10" list. America, please read this one! Jim Mullaney Fairfield, Ohio

Sowell takes the key political issues and challenges the reader to analyze not only their short term (Stage One) political impact but to also think ahead to their long term (Stage Two, Three, etc) economic impact. He reminds the reader that politicians do not think beyond Stage One because they will be praised (and elected) for the short term benefits but will not be held accountable much later when the long term consequences appear. He lays out the Stage One benefits of each political issue and then predicts the long term consequences that politicians don't address. Price controls on drugs and health care may have an immediate benefit, but the consumer will pay years later as health care quality decreases and new drug research declines. Reducing the price does not reduce the cost. Does raising the minimum wage really help entry level workers? What happens in the long term when communities raise taxes on businesses? Is free health care really free, or better?We need to look beyond Stage One and separate politics from economics on the hot election year issues.

Thomas Sowell's new book (2004 imprimatur) came to my attention as he was interviewed on radio...I pulled into the nearest (independent) bookstore in the metropolis of Austin, Texas, finding and buying the lone copy back in the dreary Economics section.I will certainly be reading more of Sowell's writings. Although a sequel to his book Basic Economics, this book stands well alone. In it, he tackles the current problems in this country involving the interaction of the political climate with basic economic principles. These include health care, housing, discrimination, risk, and the problems afflicting so-called third-world nations in economic development.He takes an interesting historical perspective. For example, his analysis of slavery through the ages, and during the period of the American Colonies and southern United States is particularly cogent, and still of contemporary interest. How could slavery have survived so long? Was there such a variety of slave "status" and freedoms to act as has recently been portrayed, even in such films as "Gods & Generals". During this film, a complicated relationship between General Thomas J. Jackson and his personal cook is portrayed. They have discussions during which it is clear that the slave's status as a well-known cook, and his desire to defend HIS home from invasion as much as Jackson's is remarkable. Within Sowell's analysis of the antebellum South, it is not difficult to understand. In fact, he describes a situation in which slaves were put in less "risky" labor positions than Irish immigrants, a situation derived from their economic value in a cotton baling and transport operation.I probably have not seen an economic "page turner" since reading George Gilder's "Wealth and Poverty" which was so important to understanding the Reagan era (it was, evidently, the "Bible" of many men responsible for early decisions during the Reagan administration and essential to understanding so-called supply-side economics).I recommend this book highly. Sowell's insights are well-explained in "plain English." A short read, thoroughly enjoyable, that will stimilate the reader to think more deeply about the current issues that should lead to a more informed discussion outside the academic elite about the problems plaguing our economy.