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The effective management of the economic aspect of the country is always valuable and necessary to guarantee the financial stability of the nation and its people. As such, it is empirically significant that the economy is free from any manifestation of restriction for it to efficiently operate. Such condition is the underlying principle and practice behind what is called a free market. Economic freedom is attributed to the flexibility and most importantly, immunity of the economic field from limitations.
In carrying-out such ideal situation, the reality that free economy works most to the advantages of both the people and nation is established. With such clear indications, it is therefore essential that the concept of free market is supported because it definitely works best for the population and the country in general. The said main thesis concerning the principle and practices of free market was what efficiently exemplified by the book “Freedomnomics” written by Economist and acclaimed author John Lott.
In the said book, Lott (2007) opened the minds and hearts of the public about the necessity of a free market condition due to its many relevant advantages both for the people and societies. In doing so, the book not only provided its readers with a glimpse about the nature and components of free market but also allowed the public to realize its benefits. To support the book’s thesis, Lott based his premise from several case studies which all pointed to the significance of free market thus he called for and emphasized the need for economic freedom (Lott, 2007).
In supporting his main theory on free market, Lott stressed major points that showed how free market or liberated economy paved the way for the eventual successful handling of the other aspects of the society such as the political system and the structure of the criminal justice as well as even the ethical or moral features of a country like the United States. It is in this position therefore that the book ultimately succeeded because it was able to make way for the public’s recognition that free market encompassed not only the economic aspect of the country but its other social components as well.
Hence, there is indeed a need to adhere to and uphold the free market principle in order to achieve the nation’s improvement. The Free Market Premise In “Freedomnomics,” Lott effectively explored on the premise of free market-its nature, components, practices and most of all, its significance to people and the society. Citing the notion imparted by Adam Smith, the author outrightly presented that from such principle, where a nation’s economy just like the U. S.
is free from any form of restriction, “the free market works” (Lott, 2007, p. 1). Taking into consideration the results of a number of economic-related case studies which he did on his whole career, the relevance of the principle of free market was highlighted by the author through the book. Additionally, the book’s point of view evolved around and was analyzed according to the philosophy that a restricted kind of economy, such as the one manifested by communism, is undeniably harmful.
This is supposedly because of the fact that economic restrictions also result to portrayals of limitation that detriment other aspects of the society (Lott, 2007). As a support to his free market theory, Lott gave the public major points that all signified the benefits of such concept. In doing so, it became apparent for the book to prove the harms when the economy is subjected to any kind of restriction. The points that supported the free market perspective were bravely presented by the book like its opposition to the book “Freakonomics” by Steve Levitt and Stephen Dubner.
The Lott book stressed the advantages to be derived from free market or economic freedom when it challenged its counterpart’s philosophy that the American economy is a swindling business because both the corporations and their people are cheating the public (Lott, 2007). In correcting the wrong notion brought about by “Freakonomics,” Lott’s “Freedomnomics,” in turn, clarified that the American economy, due to its free market principle, truly operates according to rules. This is because the field, as represented by many corporations, exerts earnest efforts “to make a profit by supplying people with something they want” (Lott, 2007, p.
3). It is in this condition that the effective operation of free market is exhibited due to its remarkable advantage of encouraging the economy and people behind it to act honestly and accordingly (Lott, 2007). The book further perceived that treating the public honestly made the free economy maintain its good reputation. Notwithstanding the supposed penalties and legal liabilities, the best motivation for the economy and corporations is to preserve their honesty and honor.
Most importantly, it is not only the economy which benefited from free market as such principle likewise paved the way for proper operation of the other aspects of the society or the the sincere actions of other members of the society such as political leaders, professionals, members of the criminal justice system, all of which ensured adherence to moral standards. As a proof, Lott cited his experiences which confirmed that economy, politics and religion were connected. This was recorded by his opinion-editorial materials in the July 13, 1986 issues of the Great Falls Tribune and the Montana Standard (Lott, 2007, p.
7). Conclusion Regardless of the disputes against the free market principle, “Freedomnomics” effectively justified such and even emphasized its undisputed benefits which made the book commendable. Ultimately, it is only through continued observance of free market or liberated economy that Lott prescribed the country to become better and stable. Reference Lott, J. R. (2007). Freedomnomics: why the free market works and other half-baked theories don’t. Washington, DC: Regnery Publishing.