This important book dispels popular economic myths promulgated by the media and the authors of Freakonomics. John Lott explains through his informative and understandable writing, how and why the free market system works. He further dispels many radical and flawed theories by presenting factual and verifiable statistics.
During discussions of important social and economic issues, such as gun control, we often hear a politician on television espousing the need for more gun control and further restrictions on legal personal ownership of hand guns. Lott demonstrates legal guns in the hands of law abiding citizens reduces likelihood of a crime committed against a citizen. States with concealed weapons laws saw a decrease in crime continuing years after the law was enacted. To my amazement, Lott further proves the assault weapons ban did nothing to reduce crime, with the murder rate actually falling after the assault weapons ban was lifted.
An expert in the field of crimes and punishment, Lott was a member of the United States Sentencing Commission from 1988 to 1989, and he has some interesting findings. One finding concluded harsher punishments should be imposed for lesser environmental crimes. The purpose of the larger penalty is to offset the higher probability of smaller criminals getting away with the crime. This is an eye opener on proper sentencing and helped me understand why it is important to enact punishments and deter even the smallest offender. As Lott explains, the smaller offender can easily get away with at environmental crime, because a large oil spill will be noticed before one barrel thrown over the side of a boat.
Lott demonstrates how limited government ownership and controls are beneficial to our economy. Government run organizations such as the postal system lead to predatory pricing by the government when private industry competes. The government can raise prices on services the post office has a monopoly, and reduce prices where they must compete such as express mail. The government was even considered as a solution to subsidize radio broadcasting. In the early days of radio, broadcasters could not figure out how to make customers pay for the service. Thankfully, private industry discovered the radio could be funded not by government, but by commercial advertising.
Reading Freedomnomics will enlighten the reader relating facts which will astonish and sometimes make you want to applaud the free market system. John Lott educated me with other examples of how the free market works, and further explains in a narrative and easy to follow manner why we should continue to allow the free markets to prevail. The statistics and examples he uses are indisputable. This book should be retained as an affirmation when you doubt the benefits of the free market system.
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