Yes!!  We are finally up to the number one book that everyone should read.

It has become completely obvious to the Blue Lion that there is one subject in which the average American in particular and the average human in general, is woefully under educated.  That subject is economics.  In fact, if you asked 10 people to tell you what the study of economics was about, most of them would tell you it was the study of money, or give you some lame answer about the Law of Supply and Demand.  They would be wrong.  The Supply and Demand group would at least be close to an accurate answer.

There are several books I could recommend here for most people.  For those who have absolutely no interest in economics, but know they need to learn something, I would probably recommend Naked Economics: Undressing the Dismal Science by Charles Wheelan.  For those who have a more academic interest I might recommend Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics by Henry Hazlitt.  One book I won’t even link to, but will steer you away from is the hugely popular, but woefully inadequate, and just downright silly Freakonomics.  This is a book written by fools to be read by fools.  Yes, I did read it, but I’m sorry I did.  Mainly, I’m sorry I paid for it and gave my money to the authors.

That leaves me with the single best economics book I’ve ever read.  That is Thomas Sowell’s excellent Basic Economics 3rd Ed: A Common Sense Guide to the Economy.  Dr. Sowell starts out with providing the actual answer to “What is economics?”  Basically, economics the study of the distibution of resources.  He then goes into explaining that all resources are scarce at the given price.  From there he gets into the guts of supply and demand.  The reader will finally have a working understanding of how these concepts apply to commerce and industry after reading this book.  Other subjects, such as the role of risk, the value of work, how the rules of economics play out in both the national and international realms, and how many people make important decisions without any ability to predict what the final outcome will be are thoroughly explored.  A thorough understanding of all of these priciples is a prerequisite of being able to talk intelligently about the current issues of the day.  Health care reform, government spending, tax increases, inflation, and enegy generation and use are all important issues that require an understanding of the material in this book in order to make informed, rational decisions about.  Relying on the “mainstream media” to stay informed on these issues will lead you to make emotional judgements instead of the rational ones that need to be made to lead all of us in the optimal direction.

For all of the above reasons, I believe that not only every American, but every human should read this book.  Many of the worlds problems could be solved by people armed with the knowledge Dr. Sowell has passed on in this book.  We are doing our children a disservice if we don’t understand this information and find ways to make them understand it as well.  I personally, would love to see high schools and junior colleges teaching economics to every student using this book as the textbook.  I’m sure there are some places that do so, but I haven’t heard of them. In a country where there are schools that teach Psychology courses based upon the Simpsons, this is a crime.  Therefore it is up to everyone to take responsibility for their own education and buy and then read this book.  Do it.  You know you want to.