Thomas Sowell speaks about the financial crisis, health care, & his ideological transformation from Marxism to conservatismSubmitted by bobbyw24 on Mon, 01/24/2011 - 13:11
While you may need a forklift to get it on your nightstand, Thomas Sowell’s most recent edition of his popular guide to economics, “Basic Economics: A Common Sense Guide to Economics,” will aptly navigate all — from laymen to experts — through the treacherous subject that has seemingly stumped many as of late.
Dr. Sowell recently spoke about his book with The Daily Caller and offered his insight on some of today’s most vexing problems:
TheDC: Why did you decide to write the initial “Basic Economics” and how does this, the Fourth Edition, differ from the earlier versions?
Thomas Sowell (TS): Well I guess the most obvious difference is the Fourth Edition is about twice the size and it would have been even bigger had I not taken 60 pages out of the Third Edition and put them on the Internet, which kept the Fourth Edition from looking like the Oxford English Dictionary.
Why did I write it? Because there was so much more that needed to be said. I added one new chapter, which was on the history of economics itself and all the kinds of issues that are raised when looking at economics as a field. I also have a large section on the economics of the corporation, particularly because of the news in recent years — which I put in the chapter “Big Business and Government.” But obviously there have been many other developments that needed to be taken care of and so the book just expanded on its own, as it were. In other words, I didn’t sit down to write a bigger book. I sat down to update some figures and see what else needed to be said, it just took off from there.
TheDC: In your book you write, “Profits may be the most misconceived subject in economics.” What are the primary misconceptions about profits and why are profits important? Why are they so demonized in our current culture?