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# Failure and Progress: The Bright Side of the Dismal Science 

August 1993 • Published By Cato Institute 

By Dwight R. Lee and Richard B. McKenzie 

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##### About the Book 

Is a free-market economy cruel because some people are left unprotected against economic failure? Some believe so and favor a vast government safety net. But the authors of this readable and eye-opening book argue that government cannot mitigate failure without also eliminating opportunities for success.

The authors show that the money absorbed by bureaucracy in the name of helping the poor would be better spent in the wealth-creating sector where it would actually make people better off by producing growth and jobs.

##### What Others Have Said 

“One of the most important books I’ve ever read… Ought to be required reading for every senior executive.” 
—Tom Peters

##### About the Authors 

[Dwight R. Lee](http://www.cato.org/people/lee.html) is professor of economics at the University of Georgia. [Richard B. McKenzie](http://www.cato.org/people/mckenzie.html) teaches at the Graduate School of Management at the University of California at Irvine. Both are adjunct scholars at the Cato Institute.