Applied Economics: Thinking Beyond Stage One

Applied Economics: Thinking Beyond Stage One
by Thomas Sowell

Applied Economics: Thinking Beyond Stage One
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Book Summary Information

Author: Thomas Sowell
Edition: Hardcover
Audio: English (Published)
Format: Bargain Price
Published: 2008-12-08
ISBN: N/A
Number of pages: 352
Publisher: Basic Books

Book Reviews of Applied Economics: Thinking Beyond Stage One

Book Review: Learning from History and thinking long-term
Summary: 5 Stars

"Applied Economics" is full of the calm voice and sound thinking that readers have come to expect from Thomas Sowell who regularly makes compelling reading out of "the dismal science." Economics can be helpful for making decisions, but it doesn't make them for us. All it can do is help us to see the trade-offs, the costs and benefits inherent in different choices we make. Thus, "what policies will most likely lead to higher productivity?" is an economic question. While the question "is it better to grow our economy or to share its benefits more equally?" while important, is not an economic question.

Economics can also help to clarify the longer-term consequences of those decisions, what Sowell calls the stage two consequences. Political decision making (or rather politicians) often ignore this stage. Since their primary motivation is usually to remain in power, they are mostly interested in short-term results that will appear before the next election. They also prefer to talk about "solutions" rather than trade-offs. They sell benefits but hide costs. The necessary corrective to this is an informed electorate to hold them accountable. That's where books like this one come in.

Sowell's presentation is very compelling and richly illustrated with examples from economic and social history. Since a large percentage of the bad ideas currently in circulation have already been tried, it makes a great deal of sense to look at the outcomes.

There is a fair bit of overlap between this book and Sowell's 2007 title "Economic Facts and Fallacies." Both are very worthwhile but if -- like most people -- you haven't got time for both, I would recommend this one.

The newly revised and expanded 2009 edition includes a new chapter on the Economics of Immigration and new material that is particularly timely in the chapters on the Economics of Housing and the Economics of Medical Care. In addition to these three, there is a discussion of the economic aspects of labor, risk, discrimination, and the development of nations.

Summary of Applied Economics: Thinking Beyond Stage One

This revised edition of Applied Economics is about fifty percent larger than the first edition. It now includes a chapter on the economics of immigration and new sections of other chapters on such topics as the ?creative? financing of home-buying that led to the current ?subprime? mortgage crisis, the economics of organ transplants, and the political and economic incentives that lead to money earmarked for highways being diverted to mass transit and to a general neglect of infrastructure. On these and other topics, its examples are drawn from around the world. Much material in the first edition has been updated and supplemented. The revised and enlarged edition of Applied Economics retains the easy readability of the first edition, even for people with no prior knowledge of economics.

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