George Will praised Tamny's book in a recent column, calling him "a one-man antidote to economic obfuscation and mystification." George Leef also praised the book, and proffers a good distillation of its contents.
This book should be required reading for high school, college, and graduate school econ classes. Instead of signing pledges, politicians should simply declare they have read the book and can't find anything wrong with it. It's especially timely, since many of the issues discussed in the book are at the heart of important national debates (e.g., wealth inequality, the estate tax, government regulation, progressive taxation).
To compile this sampling of the many economic truths he lays out and explains in simple terms with examples that come straight from daily life, I've simply drawn from the titles of the books' chapters:
Taxes are nothing more than a price placed on work
When we tax corporations, we rob them of their future
Government spending has never created a job
Budget deficits don't really matter—government spending does
Capital gains are what really drive innovation
The best way to "spread the wealth" is to abolish the estate tax
Weath inequality is beautiful
Government regulation almost never works
Anti-trust laws are counter-productive
Outsourcing is great for workers
Falling prices for computers are not deflationary
Energy independence would be economically crippling
If some of these strike you as very wrong (and I'm sure many will), I urge you to read the book. There's a good chance you will discover you haven't thought about these issues in the right way.
Thanks, John, for this much-needed contribution to economic wisdom.