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Book: Basic Economics: A Citizen's Guide to the Economy
Quotes of Book: Basic Economics: A Citizen's
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  1. Thomas Sowell _ Basic Economics: A Citizen's

    Perhaps the most important thing about risk is its inescapability. Particular individuals, groups, or institutions may be sheltered from risk - but only at the cost of having someone else bear that risk. For a society as a whole, there is no someone else.
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  2. Thomas Sowell _ Basic Economics: A Citizen's

    Misconceptions of business are almost inevitable in a society where most people have neither studied nor run businesses. In a society where most people are employees and consumers, it is easy to think of businesses as "them" – as impersonal organizations, whose internal operations are largely unknown and whose sums of money may sometimes be so huge as to be unfathomable.
    book-quote

  3. Thomas Sowell _ Basic Economics: A Citizen's

    Many have blamed the gasoline shortages and long lines at filling stations in 1973 on the Arab Oil embargo of that year. However, the shortages and long lines began months before the Arab oil embargo, right after price controls were imposed.
    book-quoteoil

  4. Thomas Sowell _ Basic Economics: A Citizen's

    As an entrepreneur in India put it: 'Indians have learned from painful experience that the state does not work on behalf of the people. More often than not, it works on behalf of itself.
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  5. Thomas Sowell _ Basic Economics: A Citizen's

    Economics is a study of cause-and-effect relationships in an economy. It's purpose is to discern the consequences of various ways of allocating resources which have alternative uses. It has nothing to say about philosophy or values, anymore than it has to say about music or literature.
    book-quoteeconomysocialismpolitcal-pandering

  6. Thomas Sowell _ Basic Economics: A Citizen's

    Unfortunately, the real minimum wage is always zero, regardless of the laws, and that is the wage that many workers receive in the wake of the creation or escalation of a government-mandated minimum wage, because they lose their jobs or fail to find jobs when they enter the labor force. Making it illegal to pay less than a given amount does not make a worker's productivity worth that amount-and, if it is not, that worker is unlikely to be employed."
    book-quotejobsminimum-wage
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