Capitalism

In a capitalist or laissez faire economic system, independent, private individuals and groups (such as families or corporations) are free to spend and collect capital as they see fit. Prices for nearly everything are determined by the dynamics of supply and demand, and the government’s role is for the most part limited to ensuring the protection of this free enterprise by means of law, courts, and police.

Trade & Economic Development

Historically, it has been understood that trade--the free exchange of goods and services--is a tool for creating wealth. We have recognized that voluntary interactions of producers and consumers in the...

Human Nature: A Conservative, Classical Liberal & Libertarian View

Understanding human nature is a fundamental starting point for anyone attempting to build a coherent political philosophy. Generally speaking, there are two views: Human nature is either fixed or maleable....

Market Failure

For many, market failure is taken for granted as an accepted economic principle, when in fact it can be quite controversial. "Market Failure" is most commonly defined as a failure of the market to achieve economic...

Prices

Prices, and the personal freedom to set prices, make an ordered market economy possible.

Prices coordinate economic activity in three major ways:

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Creative Destruction

Economist Joseph Schumpeter coined the term "creative destruction" to describe the evolutionary process in an economy in which new ideas, processes, equipment, products, technologies, skills and jobs are constantly...

Competition

Competition occurs when people or organizations reach for the same prize or goal at the same time. The prize might be a customer, a job, a grade, or an eBay item. When you think about it, there is little in life for...

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