Commonsensenomics 101
Lesson 1
Now it is time to begin our first lesson in commonsensenomics. As with any course, we need a textbook. The textbook I will be using for this course is an excellent book written by Thomas Sowell entitled Basic Economics. I will be teaching from the third edition of the book. I purchased my copy from Amazon.com for around $30.
The book is unlike most books on economics in that it addresses the subject in simpler language and without the usual graphs and charts you see in most economic texts. However, if you like these charts and graphs I am sure you can find them elsewhere and use them if they make it easier to understand what is presented.
Since most of you reading this do not have the text yet, in this lesson I will simply be providing an outline of what is covered in the book. However, these teachings will always be archived in this blog so you can go back and review them at your convenience. However, as soon as possible I encourage you to make the investment of purchasing this book for in these tough economic times knowledge and the wisdom to use it are our most valuable tools.
Here is an outline of what is covered in Basic Economics.
I) Preface
a. What is Economics
II) Prices and Markets
a. The Role of Prices
b. Price Controls
III) Industry and Commerce
a. The Rise and Fall of Business
b. The Role of Profits and Losses
c. Big Business and Government
IV) Work and Pay
a. Productivity and Pay
b. Controlled Labor Markets
V) Time and Risk
a. Investment and Speculation
b. Risks and Insurance
VI) The National Economy
a. National Output
b. Money and the Banking System
c. Government Functions
d. Government Finance
VII) The International Economy
a. International Trade
b. International Transfers of Wealth
VIII) Special Economic Issues
a. Myths about Markets
b. “Non-Economic” Values
As you can see, this book covers a great deal of material. We will not hurry as we go through this material so there will be no tests or deadlines. Our goal is to increase peoples understanding about economics so they will be prepared to handle economic issues when they come up. I also encourage you to email the lessons to friends and invite them to join this blog and begin learning more about basic economics. You can also add comments to the lessons, including questions you may have, so I can address them in future lessons. You can also send me an email at dalewsr34@gmail.com and I will respond personally to your comments or questions.
Most of all I want this to be a fun learning experience for all of us so go out this week, buy the book, and most of all have fun learning.
