T his is the revised and expanded edition of Applied Economics.
Despite its title, this is not a book designed for economists to use in applying their expertise. It is a book to enable anyone, with no prior knowledge of economics, to understand some of the key economic issues of our time— medical care, housing, discrimination, and immigration, for example. Because these are political, as well as economic issues, we will need to consider what incentives and constraints apply to political decisionmaking, as well as those which apply to economic decision-making.
Economics requires thinking beyond the immediate consequences of decisions to their long-term effects. Because politicians seldom look beyond the next election, it is all the more important that voters look ahead— beyond stage one— rather than voting for a candidate or a policy that they will end up regretting later.
This book stresses long-run repercussions to decisions and policies. It is helpful to have something of a sense of humor when considering economic policies. Otherwise, the study of these policies and their often painful, and sometimes disastrous, unintended consequences can get to be too depressing or you can get too angry.
Save your anger until you are inside the voting booth on election day.
APPLIED ECONOMICS: Thinking Beyond Stage One
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Book Review: "Applied Economics: Thinking Beyond Stage One" by Thomas Sowell
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