Summary of Applied Economics

Thinking Beyond Stage One

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Applied Economics book summary
Economic thinking is logical and has predictable consequences. Political thinking is emotional and anything can happen.


10 Overall

8 Applicability

7 Innovation

10 Style


This excellent, short, clear book should be part of everyone’s reference library, particularly those who wish to understand standard conservative economic thought. The distinctions author Thomas Sowell draws between political and economic logic should become a valuable part of each voter’s mental apparatus. Writing to educate the general reader, not to further instruct the sophisticated economist, the author advocates minimal government interference. He calls for as little regulation as possible, mainly because regulations have unintended and usually undesirable economic consequences when seen with a long-range perspective. Sowell’s concise, easy-to-read style cuts through the jargon of most economic discussions to lay bare the underlying, plain heartwood. It is easy to quibble here and there. Sowell doesn’t offer lots of statistics and back-up material. And, he seems to argue against individual economic decision making when he tilts a drug pricing discussion into a sermon against Americans buying medicine at low Canadian prices. However, finds that his book stands on its merits nonetheless, as long as you understand that the author has a political - as well as an economic - point of view.

In this summary, you will learn

  • How to distinguish economic issues from political issues; and
  • How to think through economic issues logically.


Economic Thinking about Real World Issues
Knowing about economics is one thing, but applying economic thinking to real-world issues is something else again. Many people know the basic facts of economic life - for example, that when supply is low and demand is great, prices rise, and that...
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About the Author

Thomas Sowell is the Rose and Milton Friedman Senior Fellow on Public Policy at the Hoover Institution at Stanford University. He has written for Forbes, Fortune, Newsweek, TIME and other publications. His previous books include Basic Economics, Knowledge and Decisions, Ethnic America, Race and Culture and The Vision of the Anointed, among others.

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    Мартин Рутковский 1 year ago
    You can be translated into Russian ?
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      Anna Barshay 1 year ago
      Уважаемый читатель,
      Эта книга была написана более 10 лет назад. При переводе мы отдаем предпочтение тем книгам, которые вышли в последние годы, поскольку рассматриваемые в книге примеры и обстоятельства быстро устаревают.
      Мы будем Вам признательны, если Вы поделитесь с нами своими идеями о том, что включить в нашу русскую библиотеку, на специальной странице "Предложите книгу".

      Русская редакция getAbstract
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    Мартин Рутковский 1 year ago
    You can be translated into Russian ?
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    David Wilkinson 6 years ago
    A great summary of a bigoted, blinded individual's views. By explaining the core tenents of economic conservatism so clearly, it's easier than ever to dismiss them as logical fallacy.

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