Philosophy and Methodology

Economists who have written on punishment find Rothbard's “double restitution” idea puzzling, because they think about it only in terms of economic efficiency. But Rothbard's theory is based on a moral principle.

Human beings make choices based on their own personal goals and values. There is no way to recreate these conditions in a laboratory experiment.

In a free market, goods pass to those who are willing to pay the most to get them. A legal system that allows people to bid against each another for the goods they want displays equal concern for its citizens.

One of the standard criticisms of the free market point of view is that it treats individuals as isolated atoms who view other people only as means to the pursuit of their selfish ends. 

Is democracy a vehicle for the peaceful transfer of power out of the hands of an unpopular government? Are ballots a substitute for bullets?

One of the standard criticisms of the free market point of view is that it treats individuals as isolated atoms who view other people only as means to the pursuit of their selfish ends. 

The political theorist Douglas W. Rae argues that to get the advantages of Hayekian freedom, everybody should be guaranteed a minimum amount of resources so that they can fully participate in the market.

The political theorist Douglas W. Rae argues that to get the advantages of Hayekian freedom, everybody should be guaranteed a minimum amount of resources so that they can fully participate in the market.

Economist James Buchanan thinks that a state is necessary, because people wouldn't be able to agree on the boundaries of their rights.