Dwight R. Lee

leed@smu.edu

Dwight R. Lee is the O’Neil Professor of Global Markets and Freedom in the Cox School of Business at Southern Methodist University.

Related Freeman Articles

Book Review

What Money Can't Buy: The Moral Limits of Markets

MARCH 21, 2013 by DWIGHT R. LEE

Michael Sandel's arguments that markets crowd out "nonmarket values worth caring about" is appealing and easy to understand, but often fails to account fully for the roles prices play or the constraints on our abilities to form deep, intimate bonds with millions of people at once.

Feature

Reducing Income Inequality at the Expense of the Poor

FEBRUARY 05, 2013 by DWIGHT R. LEE

Income inequality is often a side effect of some very good things we'd be better off not doing away with.

Related Podcasts

Specialization and Wealth

SEPTEMBER 26, 2013 by DWIGHT R. LEE

In this podcast, Dwight Lee explains how specializatoin, voluntary exchange, and cooperation lead to an increase in productivity and wealth accumulation. (9:15 minutes)

Social Cooperation and the Marketplace

SEPTEMBER 26, 2013 by DWIGHT R. LEE

The social cooperation that results from the information and incentives communicated through the market is not perfect. But no other economic system comes remotely close to the market in allowing people to achieve their objectives in productive cooperation with each other. (8:44 minutes)

Sacrificing Lives for Profits

SEPTEMBER 26, 2013 by DWIGHT R. LEE

When people willingly accept risks to acquire things they value, they are putting a price on their lives--telling us with their actions that the marginal value of their lives is less than the often quite low value they realize from overeating, not exercising, driving too fast, and so on. (8:40 minutes)

Running Out of Agricultural Land

SEPTEMBER 26, 2013 by DWIGHT R. LEE

Fear that we are running out of important resources like agricultural land is perpetual, but in most cases, this fear is baseless. In this podcast, Dwight Lee explains the role of property rights in preventing the depletion of resources. (8:48 minutes)

Private Property and Oppurtunity Costs

SEPTEMBER 26, 2013 by DWIGHT R. LEE

Markets promote the general interest by revealing costs while governments commonly favor special interest by concealing those costs. In this podcast, Dwight Lee discusses opportunity costs by introducing the critical role of private property. Private property lies at the foundation of market economies because without private property, and the exchange it fosters, people would be unable to consider the full costs of their decisions. (8:22 minutes)

CURRENT ISSUE

December 2014

Unfortunately, educating people about phenomena that are counterintuitive, not-so-easy to remember, and suggest our individual lack of human control (for starters) can seem like an uphill battle in the war of ideas. So we sally forth into a kind of wilderness, an economic fairyland. We are myth busters in a world where people crave myths more than reality. Why do they so readily embrace untruth? Primarily because the immediate costs of doing so are so low and the psychic benefits are so high.
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