Review of Applied Economics: Thinking Beyond Stage One (Hardcover)

Thomas Sowell's new book (2004 imprimatur) came to my attention as he was interviewed on radio...I pulled into the nearest (independent) bookstore in the metropolis of Austin, Texas, finding and buying the lone copy back in the dreary Economics section.

I will certainly be reading more of Sowell's writings.Although a sequel to his book Basic Economics, this book stands well alone.In it, he tackles the current problems in this country involving the interaction of the political climate with basic economic principles.These include health care, housing, discrimination, risk, and the problems afflicting so-called third-world nations in economic development.

He takes an interesting historical perspective.For example, his analysis of slavery through the ages, and during the period of the American Colonies and southern United States is particularly cogent, and still of contemporary interest. How could slavery have survived so long?Was there such a variety of slave "status" and freedoms to act as has recently been portrayed, even in such films as "Gods & Generals".During this film, a complicated relationship between General Thomas J. Jackson and his personal cook is portrayed.They have discussions during which it is clear that the slave's status as a well-known cook, and his desire to defend HIS home from invasion as much as Jackson's is remarkable.Within Sowell's analysis of the antebellum South, it is not difficult to understand.In fact, he describes a situation in which slaves were put in less "risky" labor positions than Irish immigrants, a situation derived from their economic value in a cotton baling and transport operation.

I probably have not seen an economic "page turner" since reading George Gilder's "Wealth and Poverty" which was so important to understanding the Reagan era (it was, evidently, the "Bible" of many men responsible for early decisions during the Reagan administration and essential to understanding so-called supply-side economics).

I recommend this book highly. Sowell's insights are well-explained in "plain English."A short read, thoroughly enjoyable, that will stimilate the reader to think more deeply about the current issues that should lead to a more informed discussion outside the academic elite about the problems plaguing our economy.



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