How economics works.(Applied Economics: Thinking Beyond Stage One)(Book Review)

National Review | December 31, 2003| | Copyright

Applied Economics: Thinking Beyond Stage One, by Thomas Sowell (Basic, 246 pp., $30)

ONE time-tested principle of economic theory is diminishing marginal utility, and economics itself is no exception to this general rule. The initial returns to economic study are massive: Mastering a few key principles unlocks a deep understanding of a wide range of phenomena that otherwise lie under a heavy mist of obfuscation. But the modern preference of economists for highly mathematical expositions of obscure problems shows that the discipline that taught us to make all ...

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