Basic Economics - Thomas Sowell Audible Audio Edition

  • Published on Jan 24, 2016
  • Basic Economics is a citizen’s guide to economics-for those who want to understand how the economy works but have no interest in jargon or equations. Sowell reveals the general principles behind any kind of economy-capitalist, socialist, feudal, and so on. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. With clear explanations of the entire field, from rent control and the rise and fall of businesses to the international balance of payments, this is the first book for anyone who wishes to understand how the economy functions.

Comments • 702

  • vishal bhujbal
    vishal bhujbal 11 hours ago

    Please add this books in hindi language

  • Tim Weber
    Tim Weber Day ago

    Basically, I'm not smart enough for this book. Gotcha

  • NyeusiMuslim
    NyeusiMuslim 14 days ago +1

    Price controls reduce incentives for self-rationing.

    • NyeusiMuslim
      NyeusiMuslim 2 days ago


    • NyeusiMuslim
      NyeusiMuslim 14 days ago

      Economies of Scale
      Diseconomies of Scale

  • NyeusiMuslim
    NyeusiMuslim 14 days ago +1

    Africa accepts socialism/communism and goes from exporting food to starving.

  • RandoM RandoM
    RandoM RandoM 20 days ago

    The wealth of countries

  • Reese Goldess
    Reese Goldess 22 days ago

    This is one of the most ill moral book of all time!

  • sebatian
    sebatian 25 days ago +1

    excellent for sleeping

  • Valkyria Vanguard
    Valkyria Vanguard 26 days ago +1

    Insert "Haha read basic Economics Commie"

  • T A
    T A 26 days ago +1

    This book changed my life

  • Mike Warren
    Mike Warren 27 days ago +1

    Thank you so much for posting this!

  • CosmicGeneralThade
    CosmicGeneralThade Month ago


  • CosmicGeneralThade
    CosmicGeneralThade Month ago


  • Hamid Jafar
    Hamid Jafar Month ago


  • CosmicGeneralThade
    CosmicGeneralThade Month ago


  • Yankie Doodle
    Yankie Doodle Month ago

    This garbage couldn’t fly among real economists.

    • Ryan Davis
      Ryan Davis 22 days ago +1

      For exsample? Its Not a nock! It's Genuine wonder as I'm new to economics. Kind regards

  • Yankie Doodle
    Yankie Doodle Month ago +1

    Is Sowell still a Stalinist?

  • Matty J
    Matty J Month ago +1

    One aspect of price rises and greed that Sowell should clarify though to help his critics understand, is how a seller raising prices arbitrarily during times of sudden scarcity is or is not comparable to buyers bidding higher prices in an auction due to its higher value to them in that context. In my understanding if price rises were always due to the latter, ie buyers bidding higher, such as in the realestate market, then surely greed would be an illogical criticism of the seller, as it is in fact the buyer who is pushing the price up in competition with other buyers. However, when it is the seller who pushes the price up arbitrarily due to the scarcity of other suppliers of their goods, e.g the one remaining hotel in a town hit by a hurricane, this is surely not the result of demand but is explicitly the result of the supplier’s greed. Only if and when when the seller raises prices at their own initiative due to higher costs being imposed on them to provide the product would this rise not be due to greed. I’m happy to be proven wrong on this but I think it’s a crucial distinction he doesn’t seem willing to address and touches on an issue which clearly matters to his critics (even if it’s one which I’m ultimately indifferent to; after all greed to some degree is the ultimate driver for all commerce).

  • Traxis Midnight
    Traxis Midnight Month ago +1

    9:23:41 . Wow. Just wow.

  • don't be mad
    don't be mad Month ago

    "Making it illegal to pay a worker less than a given amount does not make that workers productivity worth that amount, and if it's not, that worker most likely wont be employed"..but really how dare any of you to not buy the book

    • Yankie Doodle
      Yankie Doodle 21 day ago

      @Billy Bob " If there is no incentive to start a business, ie profits, why do so? "
      So ripping off others is the only incentive you can think of for starting a business? How about providing a good product and being an asset to the community? You think like a fascist, like all bourgeoisie.

    • don't be mad
      don't be mad 28 days ago

      @Yankie Doodle you think all or most business owners are rich people counting their money but the truth is most workers work for small businesses And most small business owners arent rich people sitting On their yacht, most small business owner are people with modest living, that whole "tax the rich" bullshit or "cease the means of production" crap is getting pretty old, more entrepreneurs are creating wealth everyday and that socialist mentality only belongs among young people who havent accomplished anything or older people who Want others to pick up their tab, the rest of us live in the real world and have a basic understanding of how the economy works, you forgot the berlin wall fail almost 30 years ago and the socialist people like yourself destroyed what was left of the communist utopia that never was cuba North Korea and venezuela are the last bastions of communism and look how those are, you may want to live there for a while and see for yourself how great they live

    • Billy Bob
      Billy Bob 28 days ago

      @Yankie Doodle You have never held a job have you? There is more to the world than workers and extremely large corporations. A plumber operating with a small crew of 3 people is not the same as a rich investor, or a CEO. In what world would workers run the business for the sole reason of running the business? Workers work to make money, same as the bosses do. What you suggest is called a non-profit, which are usually done for humanitarian reasons. Even then a hierarchy exists. You are either trolling or completely delusional about the state of the workforce.

    • Yankie Doodle
      Yankie Doodle 28 days ago

      @Billy Bob Workers can run their workplaces without trying to maximize profits, for profits is just what you get after short changing workers. Workers should be running their workplaces, not some blood sucker who will just live of workers' labor. Corporate owners don't work. Trump has never worked. Business owners don't wear uniforms! Rich investors never truly leave the weekend.

    • Billy Bob
      Billy Bob 28 days ago

      @Yankie Doodle Incentive is what drives us. If there is no incentive to start a business, ie profits, why do so? I've seen many times where the workers who have actual initiative have gone off and started their own business as they are not happy working for a boss making so much more than them. This requires accepting uncertainty and risk, where the less ambitious workers are happy to stay employees for the reduced risk and uncertainty. There is more to this dynamic than just pure money. There is also stability and time. The business owner never truly leaves work, the employee can take off his uniform and forget about it for the weekend.

  • Jeremiah Onwubuya
    Jeremiah Onwubuya Month ago +1

    Chapter 7 -- 5:06:56
    Chapter 8 -- 5:39:40
    Chapter 9 -- 6:33:39
    Chapter 11 -- 8:09:33
    Chapter 12 -- 8:41:25

  • Descent Doctor
    Descent Doctor Month ago +1

    Great book,
    Love from North Korea, 😏

  • digital Dave
    digital Dave Month ago +1

    Sent link to "The Squad"
    AKA "AOC Plus 3" Bernie and Fauxcahontas

  • Aspect Memes
    Aspect Memes Month ago

    I seriously doubt any politician has ever even picked up a economics book

    • halo2pro9
      halo2pro9 Month ago

      @Bogdan neoliberalism is not capitalism

    • Bogdan
      Bogdan Month ago +1

      Ronald Regan did
      Margaret Thatcher also did

  • Michael Stanwyck
    Michael Stanwyck Month ago +1

    This is great. Is there a continuation of this that covers the whole book?

  • sevak singh
    sevak singh 2 months ago +1


  • Francis Mausley
    Francis Mausley 2 months ago

    Fine post...thank you. Economics is not void of spirituality. "When the love of God is established, everything else will be realized. This is the true foundation of all economics." - Abdu’l-Baha, The Promulgation of Universal Peace, Baha'i Faith

  • CosmicGeneralThade
    CosmicGeneralThade 2 months ago


  • Weiwei Cheng
    Weiwei Cheng 2 months ago +1

    I liked this video. But folks, do yourself a favor and BUY it!

  • Aimée McLernon
    Aimée McLernon 2 months ago +4

    I've just realised this is read by the voice actor who voiced The Puppet Master in Ghost in the Shell. Surreal to listen to now.

  • NDC
    NDC 2 months ago

    Chapter 1
    3:29 What is Economics?
    6:03 Scarcity
    8:54 Productivity (turning inputs into outputs)
    12:36 The Role of Economics
    Chapter 2
    17:45 The Role of Prices
    21:44 Economic Decision Making
    26:59 Profit and Loss. Supply and Demand.
    31:00 Command Economy (aka Central Planning, Price Controls)
    34:26 Prices and Costs
    42:50 Opportunity Cost
    43:44 Economic Systems
    53:30 Incentives and Constraints
    57:40 Supply and Demand
    58:19 Demand vs Need
    1:03:05 Real Value
    1:06:20 Competition
    1:07:43 Prices and Supplies
    1:11:29 Unmet Needs

  • NDC
    NDC 2 months ago


  • b- dubz
    b- dubz 2 months ago

    Thomas Sowell is a fascist author, take this bullshit down or you wi be doxxed, and added to the list of known fascists on Reddit for antifa to Target. Family too.
    We ain't playin with you fascists, you need to kill yourself or leave the country, and do it now before we come for you and your family, you swine filled piece of shit!

  • Edley Soares
    Edley Soares 3 months ago +2

    This book should be thought in schools instead of the pointless stuff that nobody cares. The price of ignorance is high.

  • Econ Artist
    Econ Artist 3 months ago +1

    Thank you for posting!

  • Nam Hồ Phương
    Nam Hồ Phương 3 months ago +1

    Informative book!, I am from Vietnam

  • Carnyzzle
    Carnyzzle 3 months ago +2

    I'm not even two hours in and I've learned a ton from listening to this

  • Steven S. Sadleir, Sai
    Steven S. Sadleir, Sai 3 months ago

    Very good, but here is what else you need to know

  • Roxton
    Roxton 3 months ago

    Beach front homes

  • Brown Latina
    Brown Latina 3 months ago +1

    AOC needs to listen to this video.

  • Addr SARD
    Addr SARD 4 months ago


  • Herman Green
    Herman Green 4 months ago


  • Herman Green
    Herman Green 4 months ago


  • Herman Green
    Herman Green 4 months ago


  • Harry Kiralfy Broe
    Harry Kiralfy Broe 4 months ago

    August 2019 - The capitalist economies (Europe, Japan, North America, Australia) are drowning in a torrent destructive speculation, rampant indebtedness, money printing, corruption, criminality and cronyism.

    • White343
      White343 Month ago +1

      halo2pro9 The way you say indicates that you lie.

      Then how do you pay your Internet Bills?

    • halo2pro9
      halo2pro9 Month ago

      @White343 We don't have capitalism

    • White343
      White343 3 months ago

      Harry Kiralfy Broe Thanks for the reply.
      So in Capitalism, do you know about how to manage your resource, infrastructures and what will you do if someone demands if you sell products that were super efficient, reliable nor cheap and what is your reply if they comply?

      If you refer to use Communism, would you like to have someone to take care of your property and your hard-earned money?

    • Harry Kiralfy Broe
      Harry Kiralfy Broe 3 months ago

      *Thank You For Your Kind Reply*
      You are defending a system that died a long long time ago. The bloated and rotting corpse of capitalism, has been on life support since 2007, through a series of emergency procedures (QE I, QE II, QE III, QE IV, QE V) and the suspension of the laws and the legal procedures. You are mistaking the current corrupt, tyrannical and militaristic oligarchy for a capitalist system. Either you are morally deficient or pig ignorant (I am not trying to be rude, just honest and straight forward).
      Have a nice day :-)

    • White343
      White343 3 months ago

      Harry Kiralfy Broe Dude, this Book is about Economics and not Ideals it Politics.
      In the real world, power is a choice that should not be abused, of course that you can control the uneducated masses but can't control the world because there are other people who have different ideals.
      Plus, there is one thing that is important, very important resources are not infinite, they were scarce, people trade things with money because they need a product that is worth. Your food and clothes were made from very expensive materials. Most of them were mass-produced, you think it's cheap but it's still expensive as hell.

  • jonatan gani
    jonatan gani 4 months ago +1


  • Herman Green
    Herman Green 4 months ago


  • ChessMasterNate
    ChessMasterNate 4 months ago

    Summery of the first 3 hours (what I have listened to so far): a fair price is any price people can afford to pay. Time to form a toilet paper cartel... Award Martin Shkreli the entrepreneur of the year award... Buy everything in the local market when the road washes out and multiply the prices by 30x. Profiteering while people suffer is just good timing. Taking advantage of market fluctuation. Heck, the fire department could pay for itself, if people just bid on whose house they will come to when 10 are on fire. "How much will you pay to get your baby out of the building? And you, how much will you give me to rescue your chihuahua? Ok, chihuahua owner, sold."
    The problem is that he does not distinguish between a market that is somewhat close to "Idealized conditions of perfect competition" and those which are very from from that like health care. You can't easily shoehorn health care into a properly functioning market model. He rips on Canadian health care when it costs them less that one third the cost and their life expectancy is higher. He even seems to forget his earlier triage example.
    When the costs of production or providing a service is a small fraction of the prices charged, something is broken in the market. It is the duty of government to address this, if it leads to degradation in quality of life.
    Maybe I should listen to the whole thing before I comment. I hope he addresses this somewhere.

    • ChessMasterNate
      ChessMasterNate 3 months ago

      @Just Because You know nothing about reason. Arguments stand on their own merit in the judgment of enlightened minds. People unable to reason for themselves judge based on source as a crutch instead of verifying premises and the logic of the arguments involved. And if you don't read Wikipedia, you are loosing out.
      This is a well known topic in economics, not some fringe thing. Google it: perfect competition definition About 200,000,000 results (0.76 seconds) Pick one. You know absolutely nothing about economics, if you don't know this topic. But that is probably why you are here.
      I used Wikipedia because it is not some abbreviated definition that explains nothing, and because, in my judgment, it is not a bad description...though incomplete. And because no one would click some other link because they have no way of knowing it is not a virus.

    • Just Because
      Just Because 3 months ago

      Anyone that uses Wikipedia as a reference automatically loses credibility in making their point. You can't use it in college for a reason...

  • Herman Green
    Herman Green 4 months ago


  • snippletrap
    snippletrap 4 months ago +1

    What if the 3rd world people in a famine have nothing to exchange for the food they need?

  • Herman Green
    Herman Green 4 months ago


  • Herman Green
    Herman Green 5 months ago


  • Herman Green
    Herman Green 5 months ago


  • The NSDAP
    The NSDAP 5 months ago


  • Randy Baker
    Randy Baker 5 months ago +1

    8:09:30 Minimum Wage Laws

  • jay ropxy
    jay ropxy 5 months ago +2

    AOC are you listening?

  • Herman Green
    Herman Green 5 months ago


  • Herman Green
    Herman Green 5 months ago


  • Herman Green
    Herman Green 5 months ago