Applied Economics: Thinking Beyond Stage One

Applied Economics: Thinking Beyond Stage One

Thomas Sowell

Language: English

Pages: 352

ISBN: 0465003451

Format: PDF / Kindle (mobi) / ePub

This revised edition of Applied Economics is about fifty percent larger than the first edition. It now includes a chapter on the economics of immigration and new sections of other chapters on such topics as the “creative” financing of home-buying that led to the current “subprime” mortgage crisis, the economics of organ transplants, and the political and economic incentives that lead to money earmarked for highways being diverted to mass transit and to a general neglect of infrastructure. On these and other topics, its examples are drawn from around the world. Much material in the first edition has been updated and supplemented. The revised and enlarged edition of Applied Economics retains the easy readability of the first edition, even for people with no prior knowledge of economics.















APPLIED ECONOMICS BY THE SAME AUTHOR Basic Economics: A Citizen's Guide to the Economy Classical Economics Reconsidered Knowledge and Decisions Marxism: Philosophy and Economics Say's Law APPLIED ECONOMICS Thinking Beyond Stage One THOMAS SOWELL A Member of the Perseus Books Group New York Copyright © 2004 by Thomas Sowell Published by Basic Books, A Member of the Perseus Books Group All rights reserved. Printed in the United States of America. No part of this book may be reproduced in

large study conducted jointly by the American College of Obstetricians and Gynecologists and the American Academy of Pediatrics—released in 2003 and reviewed and approved by leading medical authorities in and out of government, as well from as far away as Australia and New Zealand—concluded that "the vast majority of brain damage and cerebral palsy 79 So APPLIED ECONOMICS originates in factors largely or completely outside the control of delivery-room personnel." Whether that will stop

dimension, such as housing, at the cost of making them worse off in other dimensions that are not so visible to third-party observers. Where this must be done against their will, by imposing the power of government through slum-clearance programs, it is by no means clear that the supposed beneficiaries of these programs are better off on net balance. Would the slums never have been cleared otherwise? One way to test this would be to consider another nineteenth-century poverty-stricken group

troops escape to fight another day. McClelland's insistence on waiting to get his forces organized before launching another attack allowed the Confederates time to both escape and dig in to create stronger defensive positions, from which they could later more readily kill more Union attackers. Another and more general way in which one kind of safety increases other risks involves the role of wealth. Reconsider the common statement, "If it saves just one life, it is worth whatever it costs." This

adverse conditions have likewise varied widely among various groups in countries around the world. The Economics of Discrimination Was it only coincidental that cholera was virtually unknown in American cities before the large-scale arrival of immigrants from Ireland in the nineteenth century—and that cholera epidemics swept primarily through Irish neighborhoods in Boston and Philadelphia? Were the organized crime activities of the Chinese tongs in various countries in Southeast Asia mere

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