Basic Economics: A Citizen's Guide to the Economy by Thomas Sowell
Economics defined as from the word 'economize' or scarcity.
It is scarce when more people wants the same thing.
Before my generation, Filipinos never have to economize because we are blessed with fertile soil, tropical weather and optimistic soul.
God also give us Free Will when our first parents eat the fruit of the tree of knowledge of good and bad. Free will is the foundation of our independence and creativity.
Price, Price, Price is the best instrument to manage scarcity.
The only difference is how to manage price - Marxism, Socialism, Feudalism, or Capitalism. The first three proved through generations as inequitable, incompatible and irreplicable. 18th century economist & philosopher Adam Smith, Milton Friedman - 20th century economist and present day economist -Thomas Sowell said so through the years.
Filipinos, it is our only chance for prosperity!
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