Sowell also presents arguments about the social and economic consequences of minimum wages, and questions of income distribution, mobility, and poverty. It includes discussions about the role of prices, incentives, competition, the consequences of price controls, costs as forgone alternatives, trade-offs and substitutes, taxes, and subsidies. The revised edition concludes with a new section, Special Economic Issues. 2016 Drawing on the experience of John Browne, the former CEO of BP, and the insight of two McKinsey experts, this book articulates and explores the recurring rift between big business and society, offering a practical manifesto for reconciliation.

The six main parts of the book cover Prices and Markets, Industry and Commerce, Work and Pay, Time and Risk, The National Economy, and The International Economy. This book is focused on how societies create prosperity or poverty for their people by the way they organize their economies. Shipping may be from our UK warehouse or from our Australian or US warehouses, depending on stock availability.Basic Economics: Fifth Edition includes a new chapter explaining the reasons for large differences of wealth and income between nations. A revised, 5th edition of this bestselling guide to the economy. Basic Economics, which has now been translated into six languages and has additional material online, remains true to its core principle: that the fundamental facts and principles of economics do not require jargon, graphs, or equations, and can be learned in a relaxed and even enjoyable way. Drawing on lively examples from around the world and from centuries of history, Sowell explains basic economic principles for the general public in plain English. In this fifth edition of Basic Economics, Thomas Sowell revises and updates his popular book on common sense economics, bringing the world into clearer. In this fifth edition of Basic Economics, Thomas Sowell revises and updates his popular book on common sense economics, bringing the world into clearer focus through a basic understanding of the fundamental economic principles and how they explain our lives. In this fifth edition of Basic Economics, Thomas Sowell revises and updates his popular book on commonsense economics, bringing the world into clearer focus through a basic understanding of the fundamental economic principles and how they explain our lives.

A common sense guide to the economy