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Basic Economics is a non-fiction book by American economist Thomas Sowell published by Basic Books in 2000. The original subtitle was A Citizen's Guide to the Economy , but from the third edition in 2007 on it was subtitled A Common Sense Guide to the Economy .
If we're going to vote based on concerns about cost of living, we need to know what levers government can pull and which promises are plausible.
The Curriculum Open-Access Resources in Economics Project (CORE Econ) is an organisation that creates and distributes open-access teaching material on economics. The goal is to make teaching material and reform the economics curriculum. [ 1 ]
Economics was the second Keynesian textbook in the United States, following the 1947 The Elements of Economics, by Lorie Tarshis.Like Tarshis's work, Economics was attacked by American conservatives (as part of the Second Red Scare, or McCarthyism), universities that adopted it were subject to "conservative business pressuring", and Samuelson was accused of Communism.
In a review in the American Economic Review, the book was described as "a vigorous, skillful, and provocative challenge to sophisticated formulations of theory and policy," however "the lesson as a whole is too easy, and the "common-sense" answers are really answers only because the basic problems have been oversimplified so much as to divorce ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Kevin D. Williamson, writing in National Review, concluded a review of the book with "Professor Caplan's argument is multifaceted, energetically presented, fun to read, and worth giving some real attention to if only as an exercise in clarifying one's own thinking about the question". [40]
"Assume a can opener" is a catchphrase used to mock economists and other theorists who base their conclusions on unjustified or oversimplified assumptions. [1] [2]The phrase derives from a joke which dates to at least 1970 and possibly originated with British economists. [3]