In this fifth edition of Basic Economics, Thomas Sowell revises and updates his popular book on commonsense economics, bringing the world into clearer focus through a basic understanding of the fundamental economic principles and how they explain our lives. Drawing on lively examples from around the world and from centuries of history, Sowell explains basic economic principles for the general public in plain English.Basic Economics, which has now been translated into six languages and has additional material online, remains true to its core principle: that the fundamental facts and principles of economics do not require jargon, graphs, or equations and can be learned in a relaxed and even enjoyable way.PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio. Read more

Author of cult classics The Pumpkin Plan and The Toilet Paper Entrepreneur offers a simple, counterintuitive cash management solution that will help small businesses break out of the doom spiral and achieve instant profitability.Conventional accounting uses the logical (albeit, flawed) formula: Sales - Expenses = Profit. The problem is, businesses are run by humans, and humans aren't always logical. Serial entrepreneur Mike Michalowicz has developed a behavioral approach to accounting to flip the formula: Sales - Profit = Expenses. Just as the most effective weight loss strategy is to limit portions by using smaller plates, Michalowicz shows that by taking profit first and apportioning only what remains for expenses, entrepreneurs will transform their businesses from cash-eating monsters to profitable cash cows. Using Michalowicz's Profit First system, readers will learn that:· Following 4 simple principles can simplify accounting and make it easier to manage a profitable business by looking at bank account balances.· A small, profitable business can be worth much more than a large business surviving on its top line.· Businesses that attain early and sustained profitability have a better shot at achieving long-term growth.With dozens of case studies, practical, step-by-step advice, and his signature sense of humor, Michalowicz has the game-changing roadmap for any entrepreneur to make money they always dreamed of. Read more

Principles of Economics is a university-level textbook in economics that offers a clear and concise exploration of the most important economic concepts.This book is unapologetically Austrian in its approach. It tackles major economic concepts and topics independently, but in a logical sequence aimed at delivering the listener an understanding of economics at an individual and societal level, and the widespread implications of economics as a topic. The first part of the book introduces the foundational concepts in economics and the Austrian method, the second part of the book introduces the actions that individual humans perform to economize.After two decades of studying and learning economics at university level, this book represents the knowledge of economics I would have liked to have when I was 17. Read more

The bestselling citizen's guide to economicsBasic Economics is a citizen's guide to economics, written for those who want to understand how the economy works but have no interest in jargon or equations. Bestselling economist Thomas Sowell explains the general principles underlying different economic systems: capitalist, socialist, feudal, and so on. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. With clear explanations of the entire field, from rent control and the rise and fall of businesses to the international balance of payments, this is the first book for anyone who wishes to understand how the economy functions. This fifth edition includes a new chapter explaining the reasons for large differences of wealth and income between nations. Drawing on lively examples from around the world and from centuries of history, Sowell explains basic economic principles for the general public in plain English. Read more

“Business Adventures remains the best business book I’ve ever read.” —Bill Gates, The Wall Street Journal What do the $350 million Ford Motor Company disaster known as the Edsel, the fast and incredible rise of Xerox, and the unbelievable scandals at General Electric and Texas Gulf Sulphur have in common? Each is an example of how an iconic company was defined by a particular moment of fame or notoriety; these notable and fascinating accounts are as relevant today to understanding the intricacies of corporate life as they were when the events happened. Stories about Wall Street are infused with drama and adventure and reveal the machinations and volatile nature of the world of finance. Longtime New Yorker contributor John Brooks’s insightful reportage is so full of personality and critical detail that whether he is looking at the astounding market crash of 1962, the collapse of a well-known brokerage firm, or the bold attempt by American bankers to save the British pound, one gets the sense that history repeats itself. Five additional stories on equally fascinating subjects round out this wonderful collection that will both entertain and inform readers . . . Business Adventures is truly financial journalism at its liveliest and best. Read more

Which is more dangerous: a gun or a swimming pool? What do schoolteachers and sumo wrestlers have in common? Why do drug dealers still live with their moms? How much do parents really matter? How did the legalization of abortion affect the rate of violent crime?These may not sound like typical questions for an economist to ask. But Steven D. Levitt is not a typical economist. He is a much-heralded scholar who studies the riddles of everyday life, from cheating and crime to sports and child-rearing, and whose conclusions turn the conventional wisdom on its head. Thus the new field of study contained in this audiobook: Freakonomics.Levitt and co-author Stephen J. Dubner show that economics is, at root, the study of incentives: how people get what they want, or need, especially when other people want or need the same thing. In Freakonomics, they explore the hidden side of...well, everything. The inner working of a crack gang...the truth about real-estate agents...the secrets of the Klu Klux Klan.What unites all these stories is a belief that the modern world is even more intriguing than we think. All it takes is a new way of looking, and Freakonomics will redefine the way we view the modern world. Read more

In a revelatory and pathbreaking work, the #1 international bestselling economist opens our eyes to the new power that is reshaping our lives and the world . . .Big tech has replaced capitalism's twin pillars—markets and profit—with its platforms and rents. With every click and scroll, we labor like serfs to increase its power. Welcome to technofeudalism . . .Perhaps we were too distracted by the pandemic, or the endless financial crises, or the rise of TikTok. But under cover of them all, a new and more exploitative system has been taking hold. Insane sums of money that were supposed to re-float our economies after the crash of 2008 went to big tech instead. With it they funded the construction of their private cloud fiefdoms and privatized the internet. Technofeudalism says Yanis Varoufakis, is the new power that is reshaping our lives and the world, and is the greatest current threat to the liberal individual, to our efforts to avert climate catastrophe—and to democracy itself. It also lies behind the new geopolitical tensions, especially the New Cold War between the United States and China.Drawing on stories from Greek myth and pop culture, from Homer to Mad Men, Varoufakis explains this revolutionary transformation: how it enslaves our minds, how it rewrites the rules of global power, and, ultimately, what it will take overthrow it. Read more

The legendary bestseller that made millions look at the world in a radically different way returns in a new edition, now including an exclusive discussion between the authors and bestselling professor of psychology Angela Duckworth.Which is more dangerous, a gun or a swimming pool? Which should be feared more: snakes or french fries? Why do sumo wrestlers cheat? In this groundbreaking book, leading economist Steven Levitt—Professor of Economics at the University of Chicago and winner of the American Economic Association’s John Bates Clark medal for the economist under 40 who has made the greatest contribution to the discipline—reveals that the answers. Joined by acclaimed author and podcast host Stephen J. Dubner, Levitt presents a brilliant—and brilliantly entertaining—account of how incentives of the most hidden sort drive behavior in ways that turn conventional wisdom on its head. Read more

“Blending intellectual memoir, history, and economic and technological history, Varoufakis creates an intimate atmosphere that is a genuine pleasure to read ... It’s hard to read this book and deny its power ... illuminating.” - The Washington PostIn a revelatory and pathbreaking work, the #1 international bestselling economist opens our eyes to the new power that is reshaping our lives and the world . . .“The Thucydides of our time.” —Jeffrey SachsBig tech has replaced capitalism's twin pillars—markets and profit—with its platforms and rents. With every click and scroll, we labor like serfs to increase its power. Welcome to technofeudalism . . .Perhaps we were too distracted by the pandemic, or the endless financial crises, or the rise of TikTok. But under cover of them all, a new and more exploitative system has been taking hold. Insane sums of money that were supposed to re-float our economies after the crash of 2008 went to big tech instead. With it they funded the construction of their private cloud fiefdoms and privatized the internet. Technofeudalism says Yanis Varoufakis, is the new power that is reshaping our lives and the world, and is the greatest current threat to the liberal individual, to our efforts to avert climate catastrophe—and to democracy itself. It also lies behind the new geopolitical tensions, especially the New Cold War between the United States and China.Drawing on stories from Greek myth and pop culture, from Homer to Mad Men, Varoufakis explains this revolutionary transformation: how it enslaves our minds, how it rewrites the rules of global power, and, ultimately, what it will take overthrow it. Read more

Second Class is the most important book you will read all year. A political realignment is coming, and it’s my hope that the end result will work in favor of our all-too-neglected American working class. When that realignment comes, Batya and her book will help lead the way.—Greg Lukianoff, CEO of the Foundation for Individual Rights in Education, and co-author of The Coddling of the American MindWho is the American working class? Do they still have a fair shot at the American Dream? What do they think about their chances to secure the hallmarks of a middle-class life? While writing this book, Batya Ungar-Sargon visited states across the nation to speak with members of the American working-class fighting tooth and nail to survive. In Second Class, working-class Americans of all races, political orientations, and occupations share their stories—cleaning ladies, health care aides, cops, truck drivers, fast food workers, electricians, and more. In their own words, these working-class Americans explain the struggles and triumphs of their increasingly precarious lives—as well as what policies they think would improve them. Second Class combines deep reporting with a look at the data and expert opinion on America’s emergent class divide, in which the most basic elements of a secure and stable life are increasingly out of reach for those without a college education. America has broken its contract with its laboring class. So, how do we get back to the American Dream? How do we once again become the land of opportunity, the promised land where hard work and commitment to family are enough to protect you from poverty? It’s not that hard actually. All it would take, as this book illustrates, is for those in power to once again respect the dignity of work—and the American worker. Read more

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Benoit B. Mandelbrot, one of the century’s most influential mathematicians, is world-famous for making mathematical sense of a fact everybody knows but that geometers from Euclid on down had never assimilated: Clouds are not round, mountains are not cones, coastlines are not smooth. To these classic lines we can now add another example: Markets are not the safe bet your broker may claim.In his first book for a general audience, Mandelbrot, with co-author Richard L. Hudson, shows how the dominant way of thinking about the behavior of markets-a set of mathematical assumptions a century old and still learned by every MBA and financier in the world-simply does not work. As he did for the physical world in his classic The Fractal Geometry of Nature, Mandelbrot here uses fractal geometry to propose a new, more accurate way of describing market behavior. The complex gyrations of IBM’s stock price and the dollar-euro exchange rate can now be reduced to straightforward formulae that yield a far better model of how risky they are.With his fractal tools, Mandelbrot has gotten to the bottom of how financial markets really work, and in doing so, he describes the volatile, dangerous (and strangely beautiful) properties that financial experts have never before accounted for. The result is no less than the foundation for a new science of finance. PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio. Read more

The groundbreaking international best-seller that turns everything you think about money, debt, and society on its head—from the “brilliant, deeply original political thinker” David Graeber (Rebecca Solnit, author of Men Explain Things to Me)  Before there was money, there was debt. For more than 5,000 years, since the beginnings of the first agrarian empires, humans have used elaborate credit systems to buy and sell goods—that is, long before the invention of coins or cash. It is in this era that we also first encounter a society divided into debtors and creditors—which lives on in full force to this day. So says anthropologist David Graeber in a stunning reversal of conventional wisdom. He shows that arguments about debt and debt forgiveness have been at the center of political debates from Renaissance Italy to Imperial China, as well as sparking innumerable insurrections. He also brilliantly demonstrates that the language of the ancient works of law and religion (words like “guilt,” “sin,” and “redemption”) derive in large part from ancient debates about debt, and shape even our most basic ideas of right and wrong.   We are still fighting these battles today. Read more

Thomas Sowell’s “extraordinary” explication of the competing visions of human nature lie at the heart of our political conflicts (New York Times)Controversies in politics arise from many sources, but the conflicts that endure for generations or centuries show a remarkably consistent pattern. In this classic work, Thomas Sowell analyzes this pattern. He describes the two competing visions that shape our debates about the nature of reason, justice, equality, and power: the "constrained" vision, which sees human nature as unchanging and selfish, and the "unconstrained" vision, in which human nature is malleable and perfectible. A Conflict of Visions offers a convincing case that ethical and policy disputes circle around the disparity between both outlooks. Read more

An unimpeachable classic work in political philosophy, intellectual and cultural history, and economics, The Road to Serfdom has inspired and infuriated politicians, scholars, and general readers for half a century. Originally published in 1944—when Eleanor Roosevelt supported the efforts of Stalin, and Albert Einstein subscribed lock, stock, and barrel to the socialist program—The Road to Serfdom was seen as heretical for its passionate warning against the dangers of state control over the means of production. For F. A. Hayek, the collectivist idea of empowering government with increasing economic control would lead not to a utopia but to the horrors of Nazi Germany and Fascist Italy.First published by the University of Chicago Press on September 18, 1944, The Road to Serfdom garnered immediate, widespread attention. The first printing of 2,000 copies was exhausted instantly, and within six months more than 30,000 books were sold. In April 1945, Reader’s Digest published a condensed version of the book, and soon thereafter the Book-of-the-Month Club distributed this edition to more than 600,000 readers. A perennial best seller, the book has sold 400,000 copies in the United States alone and has been translated into more than twenty languages, along the way becoming one of the most important and influential books of the century.With this new edition, The Road to Serfdom takes its place in the series The Collected Works of F. A. Hayek.  The volume includes a foreword by series editor and leading Hayek scholar Bruce Caldwell explaining the book's origins and publishing history and assessing common misinterpretations of Hayek's thought.  Caldwell has also standardized and corrected Hayek's references and added helpful new explanatory notes.  Supplemented with an appendix of related materials ranging from prepublication reports on the initial manuscript to forewords to earlier editions by John Chamberlain, Milton Friedman, and Hayek himself, this new edition of The Road to Serfdom will be the definitive version of Hayek's enduring masterwork. Read more

How neoliberals turned to nature to defend inequality after the end of the Cold WarNeoliberals should have seen the end of the Cold War as a total victory—but they didn’t. Instead, they saw the chameleon of communism changing colors from red to green. The poison of civil rights, feminism, and environmentalism ran through the veins of the body politic and they needed an antidote.To defy demands for equality, many neoliberals turned to nature. Race, intelligence, territory, and precious metal would be bulwarks against progressive politics. Reading and misreading the writings of their sages, Friedrich Hayek and Ludwig von Mises, they articulated a philosophy of three hards—hardwired human nature, hard borders, and hard money—and forged the alliances with racial psychologists, neoconfederates, ethnonationalists, and goldbugs that would become known as the alt-right.Following Hayek’s bastards from Murray Rothbard to Charles Murray to Javier Milei, we find that key strains of the Far Right emerged within the neoliberal intellectual movement not against it. What has been reported as an ideological backlash against neoliberal globalization in recent years is often more of a frontlash. This history of ideas shows us that the reported clash of opposites is more like a family feud. Read more

Milton Friedman and his wife, Rose, teamed up to write this most convincing and readable guide, which illustrates the crucial link between Adam Smith's capitalism and the free society. They show how freedom has been eroded and prosperity undermined through the rapid growth of governmental agencies, laws, and regulations. While a large central government may have good intentions, the results it produces are lamentable. More than another indictment of government planning and bureaucracy, however, Free to Choose offers several convincing and creative remedies to the world's woes. Read more

First published in 1776, The Wealth of Nations is generally regarded as the foundation of contemporary economic thought. Adam Smith, a Scottish professor of moral philosophy, expounded the then-revolutionary doctrine of economic liberalism. The book’s importance was immediately recognized by Smith’s peers, and later economists have shown an unusual consensus in their admiration for his ideas.  Combining economics, political theory, history, philosophy, and practical programs, Smith assumes that human self-interest is the basic psychological drive behind economics and that a natural order in the universe makes all the individual, self-interested strivings add up to the social good. His conclusion, that the best program is to leave the economic process alone and that government is useful only as an agent to preserve order and to perform routine functions, is now known as laissez-faire economics or noninterventionism.  In noting for the first time the significance of the division of labor and by stating the hypothesis that a commodity’s value correlates to its labor input, Smith anticipated the writings of Karl Marx. Like Marx’s Das Capital and Machiavelli’s The Prince, his great book marked the dawning of a new historical epoch.    Read more

The classic work on debt, now is a special tenth anniversary edition with a new introduction by Thomas Piketty Before there was money, there was debt. Every economics textbook says the same thing: Money was invented to replace onerous and complicated barter systems—to relieve ancient people from having to haul their goods to market. The problem with this version of history? There’s not a shred of evidence to support it.Here anthropologist David Graeber presents a stunning reversal of conventional wisdom. He shows that for more than 5,000 years, since the beginnings of the first agrarian empires, humans have used elaborate credit systems to buy and sell goods—that is, long before the invention of coins or cash. It is in this era, Graeber argues, that we also first encounter a society divided into debtors and creditors. Graeber shows that arguments about debt and debt forgiveness have been at the center of political debates from Italy to China, as well as sparking innumerable insurrections. He also brilliantly demonstrates that the language of the ancient works of law and religion (words like “guilt,” “sin,” and “redemption”) derive in large part from ancient debates about debt, and shape even our most basic ideas of right and wrong. We are still fighting these battles today without knowing it. Debt: The First 5,000 Years is a fascinating chronicle of this little known history—as well as how it has defined human history. It shows how debt has defined our human past, and what that means for our economic future. Read more

A New York Times BestsellerThe leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society.Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country.Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis.MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity. Read more