In this entry, Alexander Volokh examines how externalities are generated in the market and questions the assumption that government should act because of them.
A restitution-based system, which requires those guilty to pay recompense to those they wrong, may be more just than our retribution or crime-based systems.
Voluntarism argues that individuals should not be coerced into “socially beneficial” projects, but should act voluntarily to assist others.
With many private contract enforcement options in existence, libertarians now question whether government is needed to guarantee contracts are upheld.
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.
Economists in the Austrian School approach their analysis by looking at human choices and behavior, and how human action by itself creates and regulates markets.
F.A. Hayek was one of the most prominent economists and philosophers on the side of free-market economics and individualism; his work is often discussed today.
Ludwig von Mises was one of the most influential economists of the Austrian School, focusing among other issues the failures of central planning.
In this entry, Lawrence H. White explains the changing ways in which economists have thought about money and banking, including the debate over deregulation.
Debates over money and banking policy ask to what degree should the government intervene? The Austrian Theory of Banking proposes: very little.
Classical economics, the position held by supporters of the free market and limited government, is one of the core tenants of the libertarian platform.
Charles Comte, politician and prominent writer, was a principle figure in promoting classical liberalism in France in the early 19th century.
Charles Dunoyer was a major influence in the French classical liberal movement. He wrote on law, society, and the benefits of free markets and limited government.
Free trade allows for goods and services to move freely across borders. As a free system, it is the best way to distribute resources to those that value them most.
Libertarians believe that laissez-faire policy, or the freest form of economy, provides the greatest net benefit to individuals and to society.
Frederic Bastiat was a 19th century economist whose writings have been foundational to the individualism & free trade economics movements.
State agencies often try to create policy that sparks economic development, yet the proven way to stimulate progress is through economic freedom.
Wealth is born from production and meeting the demands of the market. As such, liberty encourages wealth, while government over-regulation may destroy it.