Common Sense Economics

September 1, 2010

It is nearly impossible to boil economics down to a few essential statements. Yet Gwartney (economics, Florida State Univ.; Economics: Private and Public Choice), Richard L. Stroup (economics, adjunct, North Carolina State Univ.; Eco-Nomics), Dwight R. Lee (economics, Southern Methodist Univ.; Getting Rich in America), and Tawni H. Ferrarini (economics, Northern Michigan Univ.) distill the core principles of "common sense economics." People earn money by helping others; governments help people by protecting their lives, liberties, and property--these are some of the basic ideas highlighted here in crisp, logical writing. The authors bring to light both the self-stabilizing genius of the free market and the absurdities of politically driven economic policies with "crony capitalism" that often ensue. Two surprising inclusions are the "economic bill of rights" and the chapter on personal finance. The former, written in the language of a constitutional amendment, seeks to clarify the narrow role of the U.S. government in economic affairs, while the latter is a distinctly practical financial responsibility guide. VERDICT Though Common Sense is not an in-depth analysis of economics, economics students and professors, as well as general readers, will benefit from reading this introduction to general economic principles. Highly recommended as a primer.--Jekabs Bikis, Dallas Baptist Univ.

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