an economic system that is based on free exchange, contracts and self-interested activites that do not violate the right to life, liberty and private property. In its purest form, has delivered more people from starvation and homelessness than any other economic system ever experimented with. As an economic system it's based on maximum liberty and minimum security.
championed by the economist, Friedrich Hayek. According to Hayek, the idea that a harmonious, evolving order arises from the interaction of a decentralized, heterogeneous group of self-seeking individuals with limited knowledge. i.e."i am pencil"
Adam Smith was a Scottish professor of logic and moral philosophy who, in 1776, published a landmark book titled An Inquiry into the Nature and Causes of the Wealth of Nations. Claimed that man, by his very nature is driven to make decisions based on the overriding feeling of self-interest. (enlightened self-interest) Considered the father of economic thinking.
the type of behavior where both parties end up better off than before, is what gets things done in our world-even when it comes to miracles....
manifests itself in the form of a lack of awarenes or foresight when it comes to social and political trends.
an englishman who lived under the rule of Charles II, became famous with the publication of two treatises on government in 1690. According to him the state of nature was one in which "all men are by nature free, equal and independent" and all enjoy " the rights of life, liberty and property".