The Politically Incorrect Guide to Economics. by Thomas J. DiLorenzo
- In it, he stresses that economists who fail to grasp how the free market works often devise elaborate theories to show "market failures," but when examined in the light of historical evidence, these theories fall to the ground.
- Perfect competition is not the only case of an alleged "market failure"
- Critics charge that "public goods," goods that are both nonrival and nonexcludable, cannot be adequately supplied in a free market
- Another problem with the theory is that there are examples all around us of private individuals and groups providing myriad types of goods and services that are "nonrival" and "nonexcludable"
The federal income tax was the biggest attack on the principle of private property in American history
- It bypassed the authority of the states over their citizens and turned states into puppets of the federal government
- In effect, it essentially turned most state governments into subservient federal entities.
Tom DiLorenzo's masterful book brings out in unsurpassed fashion that the free market rests on mutually beneficial exchange
- Adam Smith, "Whoever offers to another a bargain of any kind proposes to do this: Give me that which I want, and you shall have that which you want, is the meaning of every such offer" (p. 5).
https://mises.org/wire/review-politically-incorrect-guide-economics
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