Dedication

In 1993, James Gwartney and Richard Stroup wrote What Everyone Should Know About Economics and Prosperity. After thirty years of teaching college economics, their goals were simple: present the insights of economics that really matter and write in a manner that is concise and organized. This first edition laid the foundation for those that followed.

Dwight Lee joined the authoring team in 2005. The title was changed to Common Sense Economics: What Everyone Should Know About Wealth and Prosperity, and the book was expanded to include “Part 4: Twelve Key Elements of Practical Personal Finance.” Later editions added coauthors Tawni Hunt Ferrarini, Joseph Calhoun, and Jane Shaw Stroup. Randall K. Filer joined the author team in 2020 to revise the work for the post-communist transition countries.

We lost Rick in November 2021 and Jim in January 2024. These two esteemed individuals left an indelible mark through their contributions. They taught thousands of undergraduates and impacted hundreds of thousands more through their textbooks. Their other scholarly works and op-eds have influenced countless individuals. They provided invaluable guidance to graduate students, their colleagues, and policymakers.

The remaining coauthors are forever grateful for the impact Rick and Jim have had on our lives. They were faithful husbands, cherished friends, and beloved colleagues. Though they may not be here with us physically, this edition of Common Sense Economics will keep their spirit and memory alive.

Thank you, Rick and Jim. You made our lives and the world better. This book is dedicated to you and your legacy.