In this entry, Douglas Rasmussen offers justification for protecting individual rights from the perspectives of several schools of thought.
The black market refers to those markets involving extra-legal organizations and paths for the trade of goods and services.
Drug prohibition, or the criminalization and restriction of certain substances, has harmful effects to the economy and to human liberty and wellbeing.
Prohibitive and restrictive legislation towards drug use is both ineffective and does more harm to individuals than good.
Private property succeeds in supporting an ordered, free, and just society where other configurations of property fail.
The Prohibition of alcohol, from 1919-1933, though intended to reduce alcohol consumption, merely made alcohol consumption more dangerous.
Marxism is a philosophy calling for the working class to overcome capitalism and institute a socialist society. Politically, it has only caused disaster.
Böhm-Bawerk and his signature work, Capital and Interest, contributed majorly to the Austrian School of economics and the concept of interest.
Often called the father of the self-esteem movement, Nathaniel Branden was a noted psychologist and author who favored personal freedom and choice.
Instead of focusing on groups and society, individualism places the individual as the focus of ethical discussion and political agency.
Many libertarians argue that though market failures exist, private solutions still work more effectively than government intervention.
Tullock contributed to the start of the public choice school of economics and countered status-quo arguments about the role of government in the market.
Knut Wicksell was a Swedish economist whose insights on banking and investment influenced and anticipated the work of public choice economists.
One of the leading economists of the last century, James M. Buchanan was one of the founders of the public choice theory of economics.
Libertarians celebrate increasing individual liberties as the main fuel for human progress - material, moral, and intellectual.
Buckle was a great British historian of the 19th century who dedicated his life to completing a comprehensive history of English culture.
Spontaneous order theory suggests that society is the aggregate of individual action, and that institutions of society form without government planning.
Subsidiarity is decentralized, bottom-up decision-making. Libertarians support decentralization that places the individual in charge of their own decisions.