Explore

encyclopedia

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.

encyclopedia

Free Trade

by Daniel T. Griswold on Aug 15, 2008

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.

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

Black Markets

by Paul Dragos Aligica on Aug 15, 2008

The black market refers to those markets involving extra-legal organizations and paths for the trade of goods and services.

encyclopedia

Externalities

by Alexander Volokh on Aug 15, 2008

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

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

Molinari, Gustave de (1819-1912)

by David Hart on Aug 15, 2008

A great 19th century French economist, Gustave de Molinari was outspoken about his opposition of protectionist government policy.

encyclopedia

Hazlitt, Henry (1894-1993)

by Bettina Greaves on Aug 15, 2008

Henry Hazlitt was an economic journalist and popular author whose works explained and elaborated on many libertarian ideas.

encyclopedia

Entrepreneurship

by David Harper on Aug 15, 2008

Entrepreneurship, or the development of new products, methods, and means by individuals, is considered to be a compelling factor in economic growth as well.

encyclopedia

Voluntary Contract Enforcement

by Benjamin Powell and Edward P. Stringham on Aug 15, 2008

With many private contract enforcement options in existence, libertarians now question whether government is needed to guarantee contracts are upheld.

encyclopedia

Regulation

by Michael C. Munger on Aug 15, 2008

Government regulation of the market is often argued to be a response to market failures. However, often these regulations make society worse off.

encyclopedia

Dutch Republic

by Jason Kuznicki on Aug 15, 2008

One example of a prosperous and relatively free society, the Dutch Republic was a major world power between the 16th and 18th centuries.

encyclopedia

Murray, Charles (1943-)

by Brian Doherty on Aug 15, 2008

Charles Murray’s work has questioned the effectiveness and implications of the American welfare state and promoted individualist solutions instead.

encyclopedia

Laissez-Faire Policy

by Bryan Caplan on Aug 15, 2008

Libertarians believe that laissez-faire policy, or the freest form of economy, provides the greatest net benefit to individuals and to society.

encyclopedia

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.

encyclopedia

Knight, Frank H. (1885-1972)

by Richard Boyd on Aug 15, 2008

Frank H. Knight was an economist whose skeptical writings on economic planning and limited government informed the work of the Chicago School.

encyclopedia

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

Kirzner, Israel M. (1930-)

by Brian Doherty on Aug 15, 2008

Israel M. Kirzner is a noted economist of the Austrian School known most for his work on the role of entrepreneur in the market.