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The Joy of Freedom: An Economist's Odyssey
Henderson (economics, Naval Postgraduate School, Monterey) presents a manifesto of capitalist libertarianism. The book posits "freedom" as the underpinning of all economic justice and prosperity and touches upon the standard issues of capitalist libertarianism, attacking government interference in the relationships of property. Henderson uses his stunning revelation about the nature of freedom to condemn the minimum wage, social security, closed shop unions, and other bogeymen of capitalists. Two examples should suffice to show the nature of his commentary. In his chapter on unions, Henderson argues that unions are overly powerful today because the U.S. government put them in that position, ignoring the long history of battles by workers to establish unions while under attack by both employers and government. Additionally, he argues that the reason for income inequality in the world is a direct result of the amount that individuals produce, reasoning that the top five percent of individuals own the vast majority of assets, because they directly produce the vast majority of assets. Annotation c. Book News, Inc., Portland, OR (booknews.com)
384 pages, Hardcover
First published September 24, 2001
1 person is currently reading
60 people want to read
About the author
David R. Henderson
19 books11 followersProfessor of economics at the Naval Postgraduate School in Monterey, California, research fellow at the Hoover Institution, Fraser Institute and Independent Institute, editor of The Fortune Encyclopedia of Economics. Henderson also blogs for the economics blog EconLog along with Bryan Caplan.
From 1982 to 1984, he was the senior economist for health policy and, from 1983 to 1984, the senior economist for energy policy, with President Reagan's Council of Economic Advisers.
Born and raised in Canada, Henderson moved to the United States in 1972 to pursue his Ph.D. in economics at UCLA. He became a U.S. citizen in 1986.
From 1982 to 1984, he was the senior economist for health policy and, from 1983 to 1984, the senior economist for energy policy, with President Reagan's Council of Economic Advisers.
Born and raised in Canada, Henderson moved to the United States in 1972 to pursue his Ph.D. in economics at UCLA. He became a U.S. citizen in 1986.
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Displaying 1 - 4 of 4 reviews
November 21, 2019
2019-11-20 Loved this book. The author, David Henderson is a marvelous writer, teacher, speaker and friend. His personal stories in this book, and there are many, were touching and helpful in driving home the various economic, political and personal lessons.
Since I share his passion for freedom, I was fascinated with how he came to similar conclusions via different routes than I did. Just one example - he learned earlier on than I did how to become financially independent, due to necessity. His father was also not nearly as pro-free market as mine, so he had to learn more about economics and how the world really worked on his own, than I did. I still had major disagreements with my father over economics, but my father's family business ownership experience and constant reading of the Wall St. Journal at least gave him a perspective on the major political/economic issues we discussed that was pretty diametrically opposite David's teacher father's.
But we both had and still have a passion for figuring out what is really the truth about whatever issue it is we are investigating on our own, no matter what authority figures tell us what to believe.
That is a great part of the book too for me. David shares his journey on so many important topics about how he came to see each more clearly, the more he studied it, whether it be:
- health care policy ("single payer," regulations, subsidies, medicare, etc.)
- old age pensions (Social Security)
- environmental issues (endangered species, pollution, anthropogenic global warming, etc.)
- racism, discrimination, civil rights, etc.
- the draft, slavery and mercenaries
- income distribution/redistribution, justice, equality, etc.
- education, personal growth and flourishing
In all of these issues and more, he tells some great stories that highlight important basic economics laws or insights that show how freedom, property rights and personal responsibility are crucial for making the world a better place, and how the opposite, coercive government and all its myriad programs, agencies, subsidies, regulations, taxes, etc. etc are usually the reason things go badly.
Another special treat for me was that David listed, told stories about and explained how many great economists and their ideas influenced him. We have some wonderful overlap in those same people and ideas, but there is also a pretty fair amount of diversity too, as well as more depth in certain areas and many extra people and ideas for David, since he has been a professional economist all his grown life, and I just an amature. But the things he says about the people and ideas I know a fair amount about really rings true, for sometimes similar and sometimes different reasons and that is a joy for me.
If any of these topics are of interest to you, you are in for a treat with this book.
Since I share his passion for freedom, I was fascinated with how he came to similar conclusions via different routes than I did. Just one example - he learned earlier on than I did how to become financially independent, due to necessity. His father was also not nearly as pro-free market as mine, so he had to learn more about economics and how the world really worked on his own, than I did. I still had major disagreements with my father over economics, but my father's family business ownership experience and constant reading of the Wall St. Journal at least gave him a perspective on the major political/economic issues we discussed that was pretty diametrically opposite David's teacher father's.
But we both had and still have a passion for figuring out what is really the truth about whatever issue it is we are investigating on our own, no matter what authority figures tell us what to believe.
That is a great part of the book too for me. David shares his journey on so many important topics about how he came to see each more clearly, the more he studied it, whether it be:
- health care policy ("single payer," regulations, subsidies, medicare, etc.)
- old age pensions (Social Security)
- environmental issues (endangered species, pollution, anthropogenic global warming, etc.)
- racism, discrimination, civil rights, etc.
- the draft, slavery and mercenaries
- income distribution/redistribution, justice, equality, etc.
- education, personal growth and flourishing
In all of these issues and more, he tells some great stories that highlight important basic economics laws or insights that show how freedom, property rights and personal responsibility are crucial for making the world a better place, and how the opposite, coercive government and all its myriad programs, agencies, subsidies, regulations, taxes, etc. etc are usually the reason things go badly.
Another special treat for me was that David listed, told stories about and explained how many great economists and their ideas influenced him. We have some wonderful overlap in those same people and ideas, but there is also a pretty fair amount of diversity too, as well as more depth in certain areas and many extra people and ideas for David, since he has been a professional economist all his grown life, and I just an amature. But the things he says about the people and ideas I know a fair amount about really rings true, for sometimes similar and sometimes different reasons and that is a joy for me.
If any of these topics are of interest to you, you are in for a treat with this book.
December 1, 2016
This book is foundational for anyone wanting to understand the issues of freedom, that being a tiny government, weaned off the money they steal by force. A question Dr. Henderson asked was what would you do if for most of your life there were no taxes and all of a sudden the government said we are taking 35% of everything you make, he said there would be revolution. Well they take that and more but because we don't know any other way, and its a gradual progression we get used to it like the boiling frog.
The author David Henderson is a highly regarded economist, publishing an encyclopedia of econ, teaching at university, and serving our government in many ways with analysis, as well as an adviser to President Reagan. His writing style is very good, the information here is more of a foundations type book but he does give a lot of information on each subject.
The highlights of the book for me were the chapters on: the Socialist or Communist countries and their major problems, on property rights, freedom of association, on a Tour of Washington, on Environmentalism, Healthcare and the Government School System.
The book is powerful because this isn't just theory, the author has lived and witnessed much of the book and dealt with the critics of the market driven system he proposes.
There is a top 10 pillars of economic wisdom that I must share from the book:
1: There ain't no such thing as a free lunch.
2: Incentives matter.
3: Economic thinking is thinking on the margin.(margin means is the outcome beneficial to the cost)
4: The only way to create wealth is to move it from a lower valued to a higher valued use.
5: Information is valuable and costly.
6: Every action has unintended consequences.
7: The value of a good or service is subjective.
8: Costs are a good not a bad.
9: The only way to increase a nations real income is to increase its real output.
10: Competition is a hardy seed not a delicate flower.
There is a fascinating question he asked at the end of the book, "What are the 10 most important things you've learned in your life?" I was surprised that I struggled to list 10. Here is his list:
How to walk.
How to talk.
How to read.
Math.
How to think through something logically.
Forgiveness.
Touch typing.
How to budget money and invest for future.
How to drive.
Why free markets work so well.
When done with the list ask yourself how many of these you learned in school. Maybe leading you to question the effectiveness of government under-education.
I'll leave you with a great Mark Twain quote: I resolved from an early age not to let school get in the way of my education.
Order your copy today, and begin your education.
The author David Henderson is a highly regarded economist, publishing an encyclopedia of econ, teaching at university, and serving our government in many ways with analysis, as well as an adviser to President Reagan. His writing style is very good, the information here is more of a foundations type book but he does give a lot of information on each subject.
The highlights of the book for me were the chapters on: the Socialist or Communist countries and their major problems, on property rights, freedom of association, on a Tour of Washington, on Environmentalism, Healthcare and the Government School System.
The book is powerful because this isn't just theory, the author has lived and witnessed much of the book and dealt with the critics of the market driven system he proposes.
There is a top 10 pillars of economic wisdom that I must share from the book:
1: There ain't no such thing as a free lunch.
2: Incentives matter.
3: Economic thinking is thinking on the margin.(margin means is the outcome beneficial to the cost)
4: The only way to create wealth is to move it from a lower valued to a higher valued use.
5: Information is valuable and costly.
6: Every action has unintended consequences.
7: The value of a good or service is subjective.
8: Costs are a good not a bad.
9: The only way to increase a nations real income is to increase its real output.
10: Competition is a hardy seed not a delicate flower.
There is a fascinating question he asked at the end of the book, "What are the 10 most important things you've learned in your life?" I was surprised that I struggled to list 10. Here is his list:
How to walk.
How to talk.
How to read.
Math.
How to think through something logically.
Forgiveness.
Touch typing.
How to budget money and invest for future.
How to drive.
Why free markets work so well.
When done with the list ask yourself how many of these you learned in school. Maybe leading you to question the effectiveness of government under-education.
I'll leave you with a great Mark Twain quote: I resolved from an early age not to let school get in the way of my education.
Order your copy today, and begin your education.
March 14, 2011
Best book I've read in a long time.
I've read Henderson's blog for a long time and enjoy his writing, enjoy his reasonable approach, enjoy his arguments from a position of principle and rational thought.
Based on my love of Henderson's other writing, I thought I'd probably like this book too. I enjoyed it at least as much as I thought I would. His starting point is similar to my own. That is, freedom is fundamentally important. People truly have a right to freedom, a right to make voluntary choices, a right to choose who they associate with, what they put in their bodies, where they spend their time, effort, and money, a right to make decisions in their own best interest, and then to face the consequences.
I'm willing to take the freedom position as axiomatic. I will accept on faith... people can do whatever they want as long as it is voluntary, non-coercive, and non-violent. My middle school social studies definition of freedom in America was "You can do anything you feel like, as long as you don't violently intrude on others' rights to do the same. There will be consequences. You will have to deal with those consequences, but if you can accept that, then your government shouldn't get in the way of your ability to choose." (Thank you Mrs. Paulson, 8th grade social studies teacher.) I'm not sure I've heard a better description since. I am sure I still agree.
Even though the book is almost 10 years old, it speaks loud and clear to many of the political and societal issues we are dealing with today. I love the approach of addressing these issues (law-enforcement, education, medical care, environmentalism, and many of the other forms of government regulation) from a principled, fundamental position where freedom and individual choice matter.
I'm always curious when I strongly disagree with somebody and the discussion becomes deeply ideological. I'm certainly not immune to this strong, ideological thinking. To me, this book presents a logical, principled argument in favor of freedom. I have to admit, it's difficult for me to even begin to understand how others can disagree with Henderson's perspective. I'd like to hear the arguments. I'm willing to buy a copy of this book for any of my friends who are in favor of more government intervention. Let's start the discussion. Oh, and I'm willing to read books you recomend too.
I've read Henderson's blog for a long time and enjoy his writing, enjoy his reasonable approach, enjoy his arguments from a position of principle and rational thought.
Based on my love of Henderson's other writing, I thought I'd probably like this book too. I enjoyed it at least as much as I thought I would. His starting point is similar to my own. That is, freedom is fundamentally important. People truly have a right to freedom, a right to make voluntary choices, a right to choose who they associate with, what they put in their bodies, where they spend their time, effort, and money, a right to make decisions in their own best interest, and then to face the consequences.
I'm willing to take the freedom position as axiomatic. I will accept on faith... people can do whatever they want as long as it is voluntary, non-coercive, and non-violent. My middle school social studies definition of freedom in America was "You can do anything you feel like, as long as you don't violently intrude on others' rights to do the same. There will be consequences. You will have to deal with those consequences, but if you can accept that, then your government shouldn't get in the way of your ability to choose." (Thank you Mrs. Paulson, 8th grade social studies teacher.) I'm not sure I've heard a better description since. I am sure I still agree.
Even though the book is almost 10 years old, it speaks loud and clear to many of the political and societal issues we are dealing with today. I love the approach of addressing these issues (law-enforcement, education, medical care, environmentalism, and many of the other forms of government regulation) from a principled, fundamental position where freedom and individual choice matter.
I'm always curious when I strongly disagree with somebody and the discussion becomes deeply ideological. I'm certainly not immune to this strong, ideological thinking. To me, this book presents a logical, principled argument in favor of freedom. I have to admit, it's difficult for me to even begin to understand how others can disagree with Henderson's perspective. I'd like to hear the arguments. I'm willing to buy a copy of this book for any of my friends who are in favor of more government intervention. Let's start the discussion. Oh, and I'm willing to read books you recomend too.
June 10, 2014
I enjoyed the book and would say it's worth reading (my ratings run as follows: 3=good, 4=lots of dog-eared pages and will keep on the shelf, 5 = buying this book to give to others). It's consistent with other libertarian/economic material I've read but with real-life experiences backing up the concepts - all from someone who was aware and clear-headed from an early age and lived through the DC sausage grinder.
Displaying 1 - 4 of 4 reviews