More Reviews of Freedomnomics

1) But as economist John Lott argues in his new book, Freedomnomics (Regnery, a Human Events sister company), today’s soaring prices are actually a good thing. They mean our free market is working to deliver a product many people want at a price they’re willing to pay. “Temporarily high prices result in increased gas supplies, ultimately leading to a faster reduction in gas prices,” he writes.

The alternative to the free market, Lott notes, would be for the federal government to impose price controls on gasoline. Washington has done this in the past, specifically during the oil crises in the 1970s.

Instead of making things better for consumers, though, these price controls led to gas shortages in 1973 and again in 1978. “Americans waited in lines for hours to fill up their tanks due to chronic shortages” in the 1970s, Lott writes, shortages that “instantly disappeared as soon as the price controls were removed.” When it comes to setting gas prices, Lott writes, “the free market is working, and it’s ultimately working far more efficiently than any government-mandated controls would.” . . . .

2) Riding to the rescue is John Lott, another economist from academia, including the University of Chicago current home of Steven Levitt. Lott takes the position in his book “FREEDOMnomics, that not only is FREAKonomics a pile of rubbish, it is a veiled attack on the free market and business in general. Lott points out that the assertion that the Klan is like a group of Real Estate agents who use “fear” to take advantage of others is beyond the rhetorical boundaries of taste if not accuracy. In fact Lott dissects the example used by Levitt and Dubner and demonstrates that while it might have been an actual example, their analysis of the motivation and result is a simplistic view of the data and a more detailed analysis would show their conclusions to be incorrect. . . . .

3) A critical review post on a web site called Shalom Bayit claims that among other things that free markets don't increase income: see here.

4) Michael Medved was nice enough to put the book first on his web page here

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Anonymous Anonymous said...

If all criticism of your work is of the same caliber as "Shalom Bayit", I really don't think you have anything to lose sleep over ;-)

To say that this 'critique' was "a hackneyed example of the kind of lazy and petulant dismissals typical of contemporary liberals" would be to grossly overstate its value.

Very poor indeed.


6/07/2007 11:02 AM  
Blogger John Lott said...

Thanks, DK. I appreciate the feedback.

6/07/2007 11:26 AM  

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