Framing the Dialogue

Posts Tagged ‘Jr’

Socialism (soh-shuh-liz-uhm)

Socialism is defined as:

Socialism 2“an economic system of government which advocates state ownership of the means of production with equal distribution of goods among the people.”

  • Socialist governments own the banks, car companies, farmlands, factories, and stores, and is the only employer and consequently owns the means of production.  The government controls all investments, production, distribution, income, and prices, as well as all organizations, schools, news media and formerly private societies.
  • Socialism is the antithesis of capitalism, opposes private ownership of capital or land, and rejects the free market in favor of central planning. 


In this rebuttal, John R. Lott Jr.‘s Freedomnomics takes a shot at the New York Times bestseller, Freakonomics (Levitt and Dubner – see my review).  This book is not as sensational as Freakonomics, but Dr. Lott provides compelling alternatives to the claims in the Levitt/Dubner book. 

As an example, the theory in Freakonomics that the decrease in crime being based, in large part, on an increase in the number of abortions, Freedomnomics theorizes that the decrease in crime is caused by more mundane things.  Stronger penalties, more criminals actually spending time in prison (and off of the streets) and right-to-carry laws are causing lower crime rates.  Some might even call these reasons logical. 


The subtitle of the book, “A Rogue Economist Explores the Hidden Side of Everything” was an intriguing draw for me as I am an expert economist.  Ok, I am not an expert.  I just work for a living, own (at least partially) a house and run a small business out of my home.  I do have an interest in economics and found the theories compelling as did most of America.