Bookin' It: January Update

I set a goal for myself for 2010 to read three non-fiction books a month. In January I read Basic Economics by Thomas Sowell, most of Sheperding a Child's Heart by Tedd Tripp, and about half of A Wife After God's Own Heart by Elizabeth George.

A Review of Basic Economics: A Citizen's Guide to the Economy by Thomas Sowell (pictured left).

I've been wanting to read Basic Economics for some time now, but it's not been available when I went to the library. I finally had to place a hold on it and got it last week. The plain cover and boring name are deceptive. This is a highly readable and very interesting book. Although it was written in 2000, it is very relevant to our current economic situation. My library had the first edition. There are three editions available, the most recent published in 2007.

Sowell defines economics as "the study of the use of scarce resources which have alternative uses" (1). That definition sounds pretty vague, but as he continues to repeat this almost mantra-like throughout the book, it begins to make sense. Economics is not just about money and prices, but how the allocation of resources (natural resources, financial resources, labor, etc) affects society as a whole. Sowell is obviously a proponent of the free market and believes that the market best determines the allocation of resources, not government intervention. This decade-old book really helped me better understand how our economy works. However, it also scared me because if even most of Sowell's assertions are correct the bail-out and government takeover policies recently enacted by our government are slowing our county's economic recovery rather than hastening it. He is critical of the concept of "saving jobs" (a major political talking point these days) stating that while the government saves the jobs of a few it comes at great expense to many often in the form of higher prices or direct taxation. He gives examples of companies that were once the largest of their kind that did not keep up with the changing society and are now very small (i.e. A & P Grocery Stores and White Castle). Their decline did not cause widespread devestation, but instead they were replaced by other companies or new industries (computers replacing typewriters). In the final chapter, Sowell writes:

Perhaps more than anything else, an understanding of basic economics can enable us to consider policy issues in terms of the incentives they create and the consequences that follow, rather than simply the goals they proclaim and how wonderful it would be to achieve such goals. . . .While critics of various programs often point out "unintended consequences" that did more harm than good, many of these consequences were predictable from the outset if people had looked at the incentives created, rather than the goals proclaimed. (345)

I followed up by reading The Housing Boom and Bust by the same author, which was published in 2009. As the title indicates, he looks at the reasons behind the recent housing bust and economic down turn. Another interesting read.

Sowell writes a weekly syndicated column that is available online along with more information about him and his books at tsowell.com.

Reading Challenge Update
Earlier I said that I haven't completed either of the other two books. I read 15 of the 19 chapters of Shepherding a Child's Heart. The last four chapters dealt specifically with children ages 5-12 and teenagers. Since my son isn't quite 2 years old, I didn't feel like these chapters were currently relevant for me. This is a book that I will probably refer back to for instruction and encouragement throughout the years and I will read those chapters as as my son approaches those ages.

I've elected to read A Wife After God's Own Heart more slowly. It's an easy read. If uninterrupted, I could probably speed through it in an afternoon. However, at the end of each chapter Elizabeth George challenges the reader to actually put the concepts into practice by suggesting small (and sometimes large) things to do. I felt like this book would be more valuable read a chapter or two a week where I could meditate on and apply George's suggestions.

February Reading List
The Hidden Art of Homemaking by Edith Schaeffer (available at library)
Beloved Bride: The Letters of Stonewall Jackson to His Wife by Bill Potter (will buy)
The Magician’s Nephew by C. S. Lewis (own)
A History of the American People by Paul Johnson (available at library)

To see what other people are reading, check out LifeAsMom.com.