A short review of Basic Economics: A Common Sense Guide to the Economy. By: Thomas Sowell

This book changed a lot of misconceptions and fallacies that I previously had about capitalism and the free market. More importantly, it shows how the media can easily manipulate economic facts to achieve political goals and have actually always done this everywhere in the world, and how, in many cases, seemingly good terms and goals can, in the long-term, have different outcomes and repercussions on the economy (and the society) than what was initially intended.

It all starts with a simple concept. Economy is the study of allocation of scarce resources that have different uses. Based on this definition, the author goes on to explain the dynamics of the economy and how different economic systems work. He provides tens of real-life examples of the success and failure of different economic systems in different aspects, with a thorough discussion of why each outcome occurred.

This book shows, in a very simple language, how understanding the basics of economics is crucial for everything in our everyday life. Understanding these concepts will help people make better decisions that will improve their societies and their lives. It’s a shame how, in third-world countries, years are wasted in school on useless curricula instead of educating students this, along with other, essential knowledge that’s more relevant to everyday life and to the society. I highly recommend it for anyone who is looking for something to read during this lockdown.