Paper Summary:

This paper takes a look at the principles discussed by Gwartney and Stroup in their book, 'What Everyone Should Know About Economics and Prosperity'. According to the paper, the book could really be called 'What Everyone Already Knows About Economics and Prosperity'. The paper concludes by saying that even if the book does not encompass every possible objection to the author's theories, it shows how capitalism should work.

From the Paper:

"Overall, the authors take a very positive view of the potential of the free market to distribute goods and services to the population and use what seems like a common-sense justification to argue against government intervention in most sectors of the economy. They believe that the government has a role in creating a safe and level playing field in a competitive marketplace and supplying certain public utilities. But beyond such basic functions, the personal incentive for profit makes private organizations more effective than a non-competitive state of affairs, as exists within government. The government has no major competitors, so it has no incentive to be efficient. But private organizations are in a competitive fight for economic survival, profit and a share of the marketplace."

Sample of Sources Used:

• Gwartney, James D. & Richard L. Stroup. What Everyone Should Know About Economics and Prosperity. Laissez Faire Books, 1992.

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