This collection of essays examines those areas where the freedom of individual men and women to voluntarily engage in mutually advantageous exchanges is prohibited or restricted by government. The contributors critically examine the economic and philosophical rationale for the prohibition of alcohol, the sale of body parts, medicinal drugs, pornography, prostitution, recreational drugs, tobacco, and trade in endangered species, among other topics.
The book explores the intricate dynamics between social capital, market participation, and democratic governance. It posits that engaging in markets can strengthen social capital, while democratic processes might weaken it by allowing special interest groups to engage in divisive rent-seeking behaviors. This examination sheds light on the dual impact of market and political participation on societal cohesion and trust.
Challenging conventional views on poverty measurement, this study critiques the reliance on relative income benchmarks that can paradoxically show poverty declining during recessions. It argues that current policies, primarily income transfers, often hinder long-term opportunities for the poor. The author advocates for a new measurement approach that emphasizes economic growth, increased labor market participation, and supply-side reforms to lower living costs. This evidence-based perspective aims to reshape public policy to genuinely improve the lives of those in poverty, making it essential for the poverty debate.