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The Dwight Lee Reader
A collection of articles written by economist Dwight Lee for The Freeman from 1976-2013. The articles are organized into sections on Basic Economics, Markets and Morality, The Market as a Process, Constitutional Economics, Government and Markets, International Trade, Social Welfare, and Environmental Policy.
Failure & Progress
Is a free-market economy cruel because some people are left unprotected against economic failure? Some believe so and favor a vast government safety net. But the authors of this readable and eye-opening book argue that government cannot mitigate failure without also eliminating opportunities for success. The authors show that the money absorbed by bureaucracy in the name of helping the poor would be better spent in the wealth-creating sector where it would actually make people better off by producing growth and jobs.
Common Sense Economics
"The authors tell us what everyone should know about economics in language we can all understand. It's refreshing when four 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, former president of the Federal Reserve Bank of Dallas With the global economy recovering from a steep recession, those who fail to grasp basic economic principles such as gains from trade, the role of profit and loss, and the secondary effects of government spending, taxes, and borrowing risk falling behind in their professional careers--even their personal lives. Common Sense Economics discusses key principles and uses them to show how to make wise personal and policy choices. This new edition of a classic from James D. Gwartney, Richard L. Stroup, Dwight R. Lee, and Tawni H. Ferrarini, with reflections on the recent recession and the policy response to it, illuminates our world and what might be done to make it better.
Common Sense Economics
The fully revised and updated fourth edition of the classic Common Sense Economics. As the global economy recovers from the COVID-19 pandemic and debates over the future of work challenge our long-held preconceptions about what careers and the market can be, learning the basics of economics has never been more essential. Principles such as gains from trade, the role of profit and loss, and the secondary effects of government spending, taxes, and borrowing risk continue to be critically important to the way America's economy functions, and critically important to understand for those hoping to further their professional lives—even their personal lives. Common Sense Economics discusses these...
Public Choice, Past and Present
In 1962, economists James M. Buchanan and Gordon Tullock published The Calculus of Consent, in which they developed the principles of public choice theory. In the fifty years since its publication, the book has defined the field and set the standard for research and analysis. To celebrate a half-century of scholarship in public choice, Dwight Lee has assembled distinguished academics from around the world to reflect on the influence of this monumental publication, and, more broadly, the legacy of its legendary authors. Their essays cover a broad spectrum of topics and approaches, from the impact of public choice theory on foreign policy analysis to personal remembrances of learning from and collaborating with Buchanan and Tullock. The result is a unique collection of insights that celebrate public choice and its visionary proponents, while considering its future directions.
Microeconomics for Managers
A sophisticated yet non-technical introduction to microeconomics for MBA students and undergraduates (fully updated for its 4th edition).
Milton Friedman
Milton Friedman was born in 1912 to parents who had emigrated from Europe for the freedom and opportunity to work hard and become successful. He earned a scholarship and worked his way through college. Drawn to the study of economics by two influential teachers and the Great Depression, his scholarly research focused on the role of money in promoting economic growth and stability. Over time Friedman became convinced that free markets and individual liberty were inseparable. While he recognized that government has an important role to play in protecting people's rights, he also believed that government does the most to promote prosperity and protect freedom when its role is limited. Short in stature but a giant intellectually, he received the Nobel Prize in Economics for his contribution to monetary history and theory, which indicated that the Great Depression was caused and prolonged by monetary policy that interfered with the self-correcting forces of the market. Book jacket.
Adam Smith
From his favorite spot on a hill overlooking a bay in Scotland in 1730, the boy Adam smith watched ships arrive from foreign countries to trade cloth and scrap iron for salt and nails. But some of the trade he observed was illegal. The Government permitted foreign countries to buy Scottish products, but did not allow Scots to reciprocate and buy many exported products. As a student and later a professor of moral philosophy at the University of Glasgow, Smith decided that such laws prohibiting free trade between people were wrong. At a time when kings and queens believed that allowing free trade between people caused chaos, and people needed government to protect them, wrote on the importance of individual freedom and trade for promoting social harmony. Based on his influential writings about the importance of free trade in making people and nations wealthier, the humble Scotsman is recognized as the founding father of economics. Book jacket.
Microeconomics for MBAs
This is the first textbook in microeconomics written exclusively for MBA students. McKenzie/Lee minimizes attention to mathematics and maximizes attention to intuitive economic thinking. The text is structured clearly and accessibly: Part I of each chapter outlines the basic theory and Part II applies this basic theory to management issues. 'Perspective' sections in each chapter provide a new line of argument or different take on a business or policy issue, and carefully chosen topics and review questions are designed to spark lively and instructive debates. Throughout the book, McKenzie and Lee aim to infuse students with the economic way of thinking in the context of a host of problems that MBA students, as future managers of real-world firms, will find relevant to their career goals.
