Basic Economics - Book Deep-Dive | Ep 281

Basic Economics is written for those who want to understand how the economy works but have no interest in the formulas and "big words". Bestselling economist Thomas Sowell explains the general principles underlying different economic systems: capitalist, socialist, and feudal. 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, this is the first book for anyone who wishes to understand how the economy functions.

Remember, with each episode, we will provide a helpful Deep-Dive infographic where we break down the entire book on to 1 page! And we have a convenient link for you to find all of them! Visit invictusmultifamily.com/notes to find all of the sophisticated investor notes!

Here are our top 5 takeaways:

1. What Is Economics (03:00)
2. Richer Getting Richer (08:30)
3. Money Creates Incentive (12:00)
4. Speculation (16:00)
5. Long Term Consequences (20:40)
6. How To Use Brands (28:00)
7. Price Fixing (31:30)
8. Rent Control (35:00)
9. Alternative Resources (41:00)

"In price fixing, you are now exacerbating the issue because now the people who were willing to take the risk before are no longer willing to take the risk." – Anthony Vicino

"You can't just like take mosquitoes eye the equation, even though everyone hates 'em. But you take them out, there's all these kind of reverberations." – Dan Krueger

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