Basic Economics 2nd Ed: A Citizen's Guide to the Economy, by Thomas Sowell PDF

By Thomas Sowell

ISBN-10: 0465081452

ISBN-13: 9780465081455

This publication is a fact money in case you don't get economics - I.e. so much of our flesh pressers. it's too undesirable it isn't required analyzing for each highschool or collage pupil.

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Extra info for Basic Economics 2nd Ed: A Citizen's Guide to the Economy, Revised and Expanded Edition

Sample text

But they are unlikely to blame Catholics, even though the competition of Catholics for the same construction materials makes their prices higher than otherwise. If, instead, the government were in the business of building churches and presenting them to different religious groups, Protestants and Catholics would be explicit rivals for this largesse and neither would have any financial incentive to cut back on their building plans to accommodate the other. Instead, each would have an incentive to make the case, as strongly as possible, for the full extent of their desires and to resent any suggestion that they scale back their plans.

Companies superbly adapted to a given set of conditions can be left behind when those conditions change suddenly and their competitors are quicker to respond. During the 1920s, for example, the A & P grocery chain in the United States was making a phenomenal rate of profit on its investment-never less than 20 percent per year, about double the national average-and it continued to prosper on through the decades of the 1930s and 1940s. But all this began to change drastically in the 1950s, when A & P lost more than $50 million in one 52-week period.

From standpoint of the allocation of resources, government should either not tax resources, goods, and services or else tax them all equally, so as to minimize the distortions of choices made by consumers and producers. For similar reasons, particular resources, goods, and services should not be subsidized, even if particular people are subsidized out of humanitarian concern over their being the victims of natural disasters, birth defects, or other misfortunes beyond their control. From a political standpoint, however, politicians win votes by doing special favors for special interests or putting special taxes on whoever or whatever might be unpopular at the moment.

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Basic Economics 2nd Ed: A Citizen's Guide to the Economy, Revised and Expanded Edition by Thomas Sowell


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