Genre: Nonfiction—Economics
Completed: 12 February 2014
Summary & Review:
Economist John R. Lott offers his rebuttal to the wildly popular Freakonomics and other pop-economic theories. Using some of the arguments presented in that book as starting point, such as abortions lowering crime or realtors ripping off the sellers they represent, Lott examines how despite the waxing and waning popularity of other economic theories, only free-market capitalism offers consistent personal freedom and prosperity. Lott succinctly lays out the basics of free-market economics by examining the importance of public reputations, small-government, and incentives.
While this book was partially in response to Freakonomics, it also serves as a suitable introduction to free-market economics in general. What I like about the way Lott presented his arguments is that he would often present the opposing view point and explain why the authors thought that way. Then, he would show how that theory was incomplete or incorrect and explain clearly how the free-market and limited government solve those problems more effectively and at less cost. I wish that the free-market was explained this clearly to all students, since many seem not to properly understand what it really is and why it is so important.
Rating: 7.5
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