James R. Otteson’s “Seven Deadly Economic Sins” (Cambridge, 305 pages, $27.95) is a fine effort to introduce readers to the basic principles of market economics. The hamartiological framing—the “sins” are bad assumptions about how markets work—is part of the author’s effort to make the subject more engaging than a typical treatise on economics. It works. Mr. Otteson, a professor of business ethics at Notre Dame, writes with an apt combination of casual wit and rigorous logic. 

I only regret that the book had to be written at all. There was a time in this country’s history—if the reader will allow a bit of declinist gloom—when America’s political class understood by instinct that wealth in a market economy comes about by voluntary exchanges in which all parties benefit. We do not live in such a time. About half of this country’s high-level elected officials appear to believe that some…

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