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Stigler, George J. (1911-1991)

by Aaron Steelman on Aug 15, 2008

George J. Stigler was a Nobel Prize winning economist who wrote on a number of topics, including prices, regulation, and information theory.

encyclopedia

Turgot, Anne-Robert-Jacques (1727-1781)

by David Hart on Aug 15, 2008

Turgot was a French economist, writer, and royal advisor. He tried to accomplish sweeping liberal reform of the economy and political system.

encyclopedia

Wicksell, Knut (1851-1926)

by Richard E. Wagner on Aug 15, 2008

Knut Wicksell was a Swedish economist whose insights on banking and investment influenced and anticipated the work of public choice economists.

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Development, Economic

by Ian Vásquez on Aug 15, 2008

State agencies often try to create policy that sparks economic development, yet the proven way to stimulate progress is through economic freedom.

encyclopedia

Market Failure

by Tyler Cowen on Aug 15, 2008

Many libertarians argue that though market failures exist, private solutions still work more effectively than government intervention.

encyclopedia

Price Controls

by Donald J. Boudreaux on Aug 15, 2008

When the government uses price controls to influence the affordability of products, shortages or surpluses occur - often making the problem worse.

encyclopedia

Public Choice Economics

by William A. Niskanen on Aug 15, 2008

Public choice theory, now popular among academics, approaches economic and political phenomena by examining individual choices and interests.

encyclopedia

Rent Seeking

by Sanford Ikeda on Aug 15, 2008

Rent-seeking occurs when actors lobby the government for regulatory legislation that assures the actor an advantage in the market.

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Assurance and Trust

by Daniel B. Klein on Aug 15, 2008

Assurance and trust are vital in any transaction. In this entry, Daniel Klein overviews the ways in which assurance arises and who should oversee it.

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Classical Economics

by Mark Skousen on Aug 15, 2008

Classical economics, the position held by supporters of the free market and limited government, is one of the core tenants of the libertarian platform.

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Competition

by Douglas MacKenzie on Aug 15, 2008

Competition between multiple firms fuels innovation, trade, and efficiency. For this reason, competition is an important part of a free market economy.

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Division of Labor

by Tyler Cowen on Aug 15, 2008

Specialization and division of labor are central parts of the market economy that allow for development and increased efficiency of trade and production.

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Externalities

by Alexander Volokh on Aug 15, 2008

In this entry, Volokh examines how externalities are generated in the market and questions the assumption that government should act because of them.

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Free-Market Economy

by Donald J. Boudreaux on Aug 15, 2008

In free markets, voluntary interaction makes up the economy’s structure, allowing for little to no state regulation and thus mutually beneficial trade.

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Capital Punishment

by Jarrett Decker on Aug 15, 2008

Also known as the death penalty, capital punishment has divided libertarians over the power of government and the justice of criminal procedures.

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Restitution for Crime

by Bruce Benson on Aug 15, 2008

A restitution-based system, which requires the guilty to pay recompense to who they wrong, may be more just than our retribution or crime-based systems.

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Retribution for Crime

by Eric Mack on Aug 15, 2008

Retributive justice holds that punishment is the only way to achieve justice and properly disincentivize criminal behavior, but to explain why, opinions differ.

encyclopedia

Affirmative Action

by Clint Bolick on Aug 15, 2008

Affirmative Action, programs meant to counteract racial discrimination, may also complicate equality despite striving to reach it.