Failure and Progress: The Bright Side of the Dismal Science

Is a free-market economy cruel because some people are left unprotected against economic failure? Some believe so and favor a vast government safety net. But the authors of this readable and eye-opening book argue that government cannot mitigate failure without also eliminating opportunities for success.

The authors show that the money absorbed by bureaucracy in the name of helping the poor would be better spent in the wealth-creating sector where it would actually make people better off by producing growth and jobs.

“One of the most important books I’ve ever read… Ought to be required reading for every senior executive.”
—Tom Peters

Dwight R. Lee is professor of economics at the University of Georgia. Richard B. McKenzie teaches at the Graduate School of Management at the University of California at Irvine. Both are adjunct scholars at the Cato Institute.