What You'll Learn:
Economics isn’t as scary as it sounds. Stanford research fellow Thomas Sowell tries to demystify some of the basic concepts that many pundits and policy makers manage to twist and complicate.
Key Insights:
- Economics is much simpler and more practical than we’ve been led to believe.
- The price system allocates resources efficiently, and it frees up bureaucrats to do something more productive than micromanaging resources.
- Losses shape businesses and the economy just as much as profits do.
- The market is not an abstract, impersonal entity—it is full of individuals making decisions about what to sell and buy.
- Whether through slaves, serfs, or workers, an economy can’t turn inputs into outputs without some form of labor.
- Age differences make much better sense of income differences than categories of “rich” and “poor.”
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