MARKETS

Where are you more likely to earn a better salaried income, in the private sector or working for the government?

The narrative of ‘the monopolist jacking up prices to exploit its customers’ only applies to government-granted monopolies, such as the postal service or many utilities.

A false guide for central bank monetary policy.

Though it may seem strange, Karl Marx was not always a communist. As late as 1842, when Marx was in his mid-20s, he actually said he opposed any attempt to establish a communist system. In October 1842, he became editor of the Rheinische Zeitung [the Rhineland Times],...

The nineteenth century victory of free trade over Mercantilism and Protectionism represented one of the great triumphs in the history of classical liberalism.

This escape from poverty originated in Western Europe in the eighteenth and nineteenth centuries with the coming of the Industrial Revolution and the freeing of men and markets from the heavy-handed regulations and commercial restrictions of government.

Adam Smith’s central contribution to economic understanding was surely his demonstration that under an institutional arrangement of individual liberty, property rights, and voluntary exchange the self-interested conduct of market participants could be shown to be consistent with a general betterment of the human condition.

In The Wealth of Nations, Adam Smith applied Francis Hutcheson’s idea of “natural liberty” in formulating a conception of the meaning of individual freedom and the role and functions of limited government in a free society.

Hume presented a devastating criticism of Mercantilist thinking on trade and commerce, while at the same time, demonstrating the self-regulating and “balancing” forces of the market process.