Books

Professor Emeritus Richard McKenzie

Title: Reality Is Tricky: Contrarian Takes on Contested Economic

In Reality Is Tricky, Richard McKenzie uses basic economics to explain how the logic behind many controversial public policies is seriously flawed (if not totally wrongheaded). His subtitle to the book—Contrarian Takes on Contested Economic Issues—is on the mark because he offers policy viewpoints that often emerge as surprises (even epiphanies) and that challenge much conventional, long-held economic wisdom.

McKenzie explains why the “rich” pay lower tax rates on added income than the “poor”; how walking a mile to work is more polluting than driving the mile; why monopoly markets can be more efficient than highly competitive markets; how free-market kidney sales can save lives and lower transplant costs; and why many decision “irrationalities” and “biases” (as documented by behavioral economists) improve human welfare. He also explains how the downfall of communism in China and the former Soviet Union undermined faith in American capitalism and why the planet is doomed (with no climate policy escapes) if climate scientists are right on their science.

If you take strong issue with these policy positions, this could be a book for you, especially if you have strong opposing views, which many readers will likely have.

Richard McKenzie is the Gerken Professor of Economics (emeritus) in the UCI Paul Merage School of Business. He has written more than three dozen books and numerous articles for academic and general audiences. He has also received many teaching awards.