![]() But Sowell, characteristically, finds an unusual detail. ![]() So far, so good, but similar treatments can be found in many other works. Our author offers a good discussion of it, stressing, as one might expect from an authority on Hayek, the knowledge aspects of the argument. Readers of The Mises Review will no doubt be familiar with the socialist calculation argument. One of his best examples, though, occurs in a discussion of that system. Also, a problem that has plagued him in an earlier book here makes a brief appearance: he makes a radically mistaken statement about socialism. He adopts without adequate argument an "efficiency" standard to judge the economy, and this leads him to some questionable remarks. He manages to achieve his goal without a single diagram and with few technical terms.īut it is out of character for me to bring unalloyed good news. He aims in Basic Economics to present elementary economic principles that he thinks most people ignore at their cost. ![]() ![]() These enable him to present his points in a way that readers will not soon forget. ![]() He has a genius for the striking fact and the apt analogy. 3 (Fall 2001)īASIC ECONOMICS: A CITIZEN'S GUIDE TO THE ECONOMY ![]()
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