Why are homeless people sleeping on the sidewalks of New York in the winter, when the abandoned apartment buildings in the city have four times as many dwelling units as there are homeless people in the city? Why did Russians have to import food to feed people in Moscow, when Russia itself has vast amounts of some of the richest farmland in Europe within easy driving distance? Why did unemployment reach 25 percent and American corporations as a whole operate in the red for two years in a row during the Great Depression of the 1930s?All these very different—but equally puzzling and needless—tragedies grew out of a failure to understand and apply basic economic principles. Explaining these principles for the general public in plain English, with neither graphs nor equations nor jargon, is the goal and the achievement of Basic Economics by Thomas Sowell. Professor Sowell has taught economics at leading colleges and universities across the country and now uses his years of experience to br
