Dwight Lee, PhD, explains that prices are the most effective way people around the world can communicate. He talks about the importance of having access to this information and how restrictive government policies such as price controls, import regulations, and central planning essentially amount to censorship. This censorship leads to a breakdown in communication between producers and consumers as well as wasted resources. Dr. Lee emphasizes that capitalism allows everyone to communicate with one another efficiently, while socialism substitutes a world of knowledge with limited information from bureaucrats and politicians.
Dwight R. Lee
Dwight R. Lee is a member of the editorial board of the Journal of Private Enterprise. He is a research fellow at The Independent Institute and professor at Johns Hopkins University. He has also taught at Washington University, George Mason University, Virginia Polytechnic Institute and State University, and the American Institute of Banking. His research interests cover a variety of areas, including the economics of the environment and natural resources, economics of political decision making, and labor economics. Lee has published a number of articles in academic journals, magazines, and newspapers. He is also the coauthor of several books, including Economics in Our Time (with R. McNown), Microeconomics (with F. Glahe), Taxation and the Deficit Economy (which he edited), and Regulating Government (with R. McKenzie). Lee is the William J. O'Neil Professor of Global Markets and Freedom at the Cox School of Business at Southern Methodist University. He holds a PhD in economics from the University of California, San Diego.
Interview with Dwight Lee by Luis Figueroa Dwight Lee
Thirty-Fourth Annual Conference, APEE Guatemala City April 6, 2009
A New Media - UFM production. Guatemala, May 2009 Camera: Jorge Samayoa, Manuel Alvarez; digital editing: Rebeca Zúñiga; index: Lucía Canjura; content revisers: Daphne Ortiz, Jennifer Keller; publication: Mario Pivaral / Carlos Petz
This work is licensed under a Creative Commons 3.0 License Este trabajo ha sido registrado con una licencia Creative Commons 3.0
Content
Initial credits
Introduction
What is the relationship between censorship and prices?
Price communication
Does price communication also work for credit, capital and individuals in general?
Can resources be allocated properly if information is censored?
Final words
Final credits
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