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

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

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

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

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

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

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

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

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.

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

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

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

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

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

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

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.

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

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