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A Quick Overview of the Economic Aspects of Libertarianism,
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This review is from: The Politically Incorrect Guide to Capitalism (Paperback)
Regnery Publishing bills its "Politically Incorrect Guides" (or PIGs) as the place to find "politically correct myths busted and an abundance of cold, hard facts." Robert P. Murphy certainly charges head-first against a lot of politically correct myths in "The PIG to Capitalism." He also provides many cold, hard facts, along with many arguably correct theories that deserve to be more widely known.
As a myth-buster, Murphy does not try to lead the reader gently toward a better-informed point of view. Instead, he starts throwing punches from page one. Windfall-profit taxes, pro-union laws, affirmative action, workplace-safety and antipollution regulations, Social Security -- these are among the sacred projects of left-liberalism that Murphy attacks, by explaining how free-market capitalism would do a better job of accomplishing what too many Americans think can be done only through government intervention.
If I were writing this book, my emphases would be different -- I'd devote more space to how prices (including wages) are emergent phenomena and to the concepts of economic efficiency and non-zero-sum interaction, and I'd spend less time (if any) on the history of slavery or explaining the difference between the monetarist and Austrian versions of what caused the Great Depression. But I agree with 95% of what Murphy says here.
If you have the time to take a deeper look at some of the issues Murphy touches on here, I highly recommend Thomas Sowell's Basic Economics: A Common Sense Guide to the Economy and John Steele Gordon's Empire of Wealth: The Epic History of American Economic Power (P.S.). Murphy also provides suggestions for further reading throughout the book, many of which were new to me.
If your time is limited and you want to get a concentrated dose of what left-liberals deride as "free-market fundamentalism" (but what I consider plain good sense), "The PIG to Capitalism" is a great place to start.
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Showing 1-3 of 3 posts in this discussion
Initial post: Jul 7, 2008 1:13:48 PM PDT
Dalton C. Rocha says:
Here in Brazil, I can see the real efect of non-capitalist politics:poverty, failure, economic crisis, corruption and so on.
In reply to an earlier post on Feb 6, 2009 8:27:35 PM PST
Paul Beaird says:
John P., I like YOUR idea for a book. Let me encourage you to write it.
Posted on Jul 28, 2012 11:01:13 AM PDT
I highly recommend the book "Unintended Consequences" for an eye-ending dicussion of recent economic events.
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