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In this fifth edition of Basic Economics , Thomas Sowell revises and updates his popular book on common sense economics, bringing the world into clearer focus through a basic understanding of the fundamental economic principles and how they explain our lives. ... Economic Facts and Fallacies: Second Edition. by Thomas Sowell Paperback . AED 76. Economic facts and fallacies 2nd edition STUBBORN THINGSThomas Sowell's remarkable book Economic Facts and Fallacies is even more remarkable for its brevity. In just over two hundred pages, he tackles and deconstructs fallacies infecting our cities, our relationships, the academy, business, race relations, and the Third World..