This volume shows how the virtues of the market system, private property, and freedom of exchange can be applied to enhance the quality of life. While there is widespread agreement that the market system works well to produce goods and services, there is less agreement on quality-of-life issues, and public opinion often favors government action to improve the quality of life. Thus, although people recognize in the abstract that markets work better than government in allocating resources, the government's presence in the economy is contiunually growing as the government intervenes to deal with one problem after another. This books shows how the market mechanism that has enhanced material well-being is also better suited than government planning to improving the quality of life. The book first examines the general principles that guide both market and government allocation of resources to show why market mechanisms work better than government planning to enhance the quality of life. Then specific policy issues are examined to provide examples of how market forces can be harnessed to improve the quality of life. Some of those issues are environmental protection, health care, the regulation of product quality, and land use planning.
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