Download PDF Common Sense Economics: What Everyone Should Know About Wealth and Prosperity, by James D. Gwartney, Richard L. Stroup, Dwight R. Lee
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* Do taxes help more than they hurt?
* What effect does redistributing wealth have on our economy---and those who participate in its redistribution?
* What is the role of government?
* How does an economy work?
James Gwartney, Richard L. Stroup, and Dwight R. Lee are three of the most prominent economists today, and in Common Sense Economics they show us why economic understanding is an essential ingredient for life in today's society, a key element that empowers those who possess it to better take charge of their own lives and their own responsibilities to their society. In clear, powerful language free of any hint of jargon or obscurity, they illuminate the basic principles of supply and demand, private ownership, trade, and more. In a world where free trade, taxes, and government spending are issues everyone needs to understand, Common Sense Economics is a lucid, simple explanation of how and why our economy and our world work the way they do, and how and why individuals and nations prosper.
- Sales Rank: #111182 in Books
- Published on: 2005-02-01
- Released on: 2005-01-13
- Original language: English
- Number of items: 1
- Dimensions: 8.32" h x .84" w x 6.16" l, .70 pounds
- Binding: Hardcover
- 208 pages
From Booklist
With minimum use of jargon, the authors aim to provide concise and organized insight into economics. Targeting both beginners and experienced executives, they teach basic principles and also provide perspective on the influence of political rules and policies on people and nations. Employing the popular convention of "lists," the authors offer "Ten Key Elements of Economic Theory" (including there is no such thing as a free lunch; hence, we must choose among alternatives since productive resources are limited while human desire for goods and services is virtually unlimited); "Seven Major Sources of Economic Progress" (including the legal system); "Ten Elements of Clear Thinking about Economic Progress and the Role of Government" (competition, a disciplinary force, is as important in government as it is in markets); and "Twelve Key Elements of Practical Personal Finance" (including don't finance anything for longer than its useful life, avoid credit-card debt, and purchase used items.) This is an excellent, readable primer in economics. Mary Whaley
Copyright © American Library Association. All rights reserved
Review
"This book forms a bridge between common sense and the basic principles of economics. It is a guide to sound economic reasoning for everyone. Its language is relatively simple, clear, and straightforward without being oversimplified and without sacrificing the really important insights and conclusions. It is a book with a strong message---economic progress is the result of competitive markets, of individual initiatives, and of the limited role of government."
- Václav Klaus, president of the Czech Republic
"Splendid and informed exposition of the basic principles of economics. The economics is sophisticated, the exposition simple, concise, lucid, and free from jargon."
- Milton Friedman, 1976 Nobel Prize winner
"This book provides the ABCs of how the world creates wealth without anyone having to be in charge because of market incentives---people are free to specialize, and by focusing on what they can do best for themselves, do unintended good for the rest of us. There is no other route to human betterment and poverty reduction."
- Vernon L. Smith, 2001 Nobel Prize winner
"Economic journalism is often based on slip-shod analysis; scientific treatises are analytically coherent but unintelligible. This book is an effort to bridge the awesome gap between these levels of discourse. Solid economic analysis, simply presented."
- James Buchanan, 1986 Nobel Prize winner
"This book is a must-read for anyone who wants to understand how the world really works and why economic freedom is the central ingredient of prosperity. If every citizen would read this book, our politics would be more enlightened and our nation more prosperous."
- Senator Connie Mack
"Gwartney, Stroup, and Lee tell us what everyone should know about economics in language we can all understand. It's refreshing, when three of the best in the profession avoid the all-too-common practice of writing in a code that only other economists can comprehend."
- Robert McTeer, president of the Federal Reserve Bank of Dallas
About the Author
James Gwartney served as chief economist for the Joint Economic Committee of Congress. A professor of economics at Florida State University, he holds the Gus A. Stavros Eminent Scholar Chair and directs the Stavros Center for Economic Education.
Richard L. Stroup is the author of Eco-Nomics, professor of economics at Montana State University, and senior fellow at the Property and Environment Research Center. He has also served as chief economist at the Interior Department.
Dwight R. Lee is coauthor of Getting Rich in America. He holds the Ramsey Chair of Private Enterprise at the University of Georgia and is a past president of the Southern Economic Association.
Most helpful customer reviews
1 of 3 people found the following review helpful.
Excellent Economic Overview
By John R. King
This is the best eoonomic book I have read. Usually this topic is very dry and hard to read. However the authors give a great range of examples to backup their topics. If I had to give one word to describe economics is "incentive" and its used often in this book. Often many people make political decision or vote based on what they would like to see happen. Sadly, they never think about "incentives" people have to do certain things.
6 of 13 people found the following review helpful.
common sense economics
By Ronald W. Vasicek
This was an excellent book. Written in simple layman terms. I would recommend it for anyone, especially young people just starting their working careers.
19 of 22 people found the following review helpful.
Conservative Common Sense, but not Full Common Sense
By Herbert Gintis
This book is a careful, sober, and measured conservative economic manifesto, something in the spirit of Henry Hazlett's famous Economics in One Lesson (Three Rivers Press, 1979), but longer and more detailed, with an addition on personal finance. The authors are rather sober and pedantic, so the reading is not great fun, but it is clear and logical.
The section on personal finance is the best part of the book, and covers virtually all important points about wise personal finance. Only the first two of the authors' twelve points require some emendation. Their first point is "discover your comparative advantage." (p. 123) This is of course true---you should do with your life what you are good at doing, not what others want you to do or what you think is morally the best thing to do. We humans have very heterogeneous capacities and we are most contented when we get to exercise those capacities that represent our relative strengths. However, among those activities in which you have a comparative advantage, to that which will give you the most personal satisfaction---this they do not mention. In particular, if you think that you should simply pick a profession that will maximize your income, you are making a bad mistake. Wealth is nice, but not if it is purchased by activities that you do not value and daily routines that you tolerate only because of what they offer in terms of material reward.
Their second point is "Be entrepreneurial. In a market economy, people get ahead by helping others and discovering better ways of doing things." I think this point is probably just wrong. The entrepreneurial spirit is one of several personality types, and is not necessarily associated with "helping others" or "discovering better ways of doing things." The latter two activities are not correlated either. It might be better said that one should try to change the world for the better, either by entrepreneurship, helping others, or being creative.
The authors also offer "ten key elements of economics," "seven major sources of economic progress," and "ten elements of clear thinking about economic progress and the role of government." In every case, the authors offer good advice, but sometimes this advice is, to my mind, biased in an unwarranted way towards a conservative world view. Let me give some examples.
The first of the authors' "ten key elements of economics" is "Incentives matter." This, of course, is a central message of economic theory. If you want people to behave in certain ways, you must supply incentives that lead them to choose to behave as you wish. However, it is simply empirically incorrect that people are only motivated by personal gain and material reward. In a health economy, people have altruistic tendencies that lead them to help others, they have pride in doing their appointed jobs well, for their own sake, and they recognize such character virtues as honesty, trustworthiness, as sense of fairness, and a commitment to reciprocity. It is simply a mistake to think that these moral preferences are simply forms of enlightened self-interest, and that people behave prosocially only because they fear punishment for breaking moral rules. This issue is important because the view that people are selfish money maximizers leads to bad economic policy advice in such areas a criminal law and creating a culture of virtue rather than of corruption in a firm or in society at large.
Their second economic principle is that "there is no free lunch." What they mean by this is that virtually every proposal for intervention in the market economy will benefit some and hurt others. We should always be mindful of who gains, who loses, and how much. For instance, we may impose a quota on imports that saves the jobs of 1,000 workers, but the cost will be to consumers and taxpayers, and can easily amount to two or three times the yearly wages of the workers involved. However, there certainly may be government interventions that create a net surplus of gain for the winners over the cost to the "losers"---I put losers in quotes because in many cases those that pay for an intervention gain from it and do not consider themselves losers at all. For instance, an anti-poverty program that gives young people skills and values that make them into productive and fulfilled citizens may be valued positively by the taxpayers who foot the bill for the program.
The authors' seventh principle is "people earn income by helping others." What they mean is that the salaries of high-paid professionals and the profits of entrepreneurs are not forms of exploitation of the less well off, but rather reflect their contribution to society. This is a very important point---many people deserve every cent that they earn and the idea that their earnings are illegitimate is just wrong-headed. But, what about people who earn by lying and cheating, as we have seen frequently in industry and finance in recent years? They earn money by hurting. Moreover, what about those who have the privilege of inheriting wealth that they have not worked for? It may be that their wealth is justly acquired, but they are not necessarily helping anybody.
The authors' ninth point is that "the `invisible hand' of market prices directs buyers and sellers toward activities that promote the general welfare." This principle is largely correct, but we know that there are several sorts of "market failures" that lead market prices to diverge from social welfare. Conservatives do not like to talk about "externalities," "public goods," and "increasing returns industries," but they are a central part of standard economic theory. When there are market failures, it is worth investigating whether there are state interventions that might correct them. Of course, there are also "state failures," that might make the cure worse than the disease. Still, it is always worth looking for ways of improving market economies through wise state regulation.
I know that many modern social democrats will disagree with the authors' "seven major sources of economic progress," because they involve promoting competitive markets and limiting the extent of government regulation and maintaining low tax rates. However, I think these principles are quite reasonable. There are social problems that require regulation and taxation, including fighting poverty, investing in education and health care, and contributing to environmental integrity. But in many countries regulation and taxation are captured by special interest groups who use the state for personal wealth aggrandizement (so-called "rent-seeking"), and these should be opposed single-mindedly by taxpayers and voters.
As for the "ten elements of clear thinking about economic progress and the role of government," some of their principles are highly contentious. Their second is "government is not a corrective device." This is completely incorrect. There is no advanced modern economy without a strong and large government sector, and the reason for this is that government regulation is a strong and healthy corrective to unbridled market competition. Of course, government can also be captured by special interests, as we have seen above. But social security, public health insurance, food and drug regulation, environmental controls, and a dozen other areas are well served by government regulation. Their sixth principle is that "government slows economic progress when it becomes heavily involved in trying to help some people at the expense of others." (p. 78) This point is generally true, but unemployment insurance, aid to those who are temporarily impoverished, or who are or chronically impoverished through no fault of their own, is not very costly and is immensely socially beneficial. Of course, most of the time when the government helps some, the "some" are well-off middle-class or rich voters with political clout, as the authors stress.
Towards the end of the book, the authors propose draconian constitutional changes that take the power away from the legislative branch of government in the name of fiscal conservatism (p. 117). This includes a constitutional requirement of three-fourths majority in both Houses of Congress for federal expenditures, federal borrowing, and state mandates. This is just right-wing craziness. The idea that our economic ills are due to a bloated government and excessive taxation is seriously overblown, and we have the right to elect legislators that work on majority rule, not something close to unanimity.
Most of the points I have tried to make in my criticism of the authors' economic principles are pretty obvious, and they could be incorporated profitably into their argument. Of course, theirs would not then be a conservative manifesto. It would just be common sense.
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