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Encyclopedia > Economic libertarians
Part of the Politics series on
Libertarianism

Factions
Agorism
Geolibertarianism (see Georgism)
Left-libertarianism
Minarchism
Neolibertarianism
Paleolibertarianism
Politics is a process by which decisions are made within groups. ... Libertarianism, sometimes known as right-libertarianism, is a political philosophy[1] advocating that individuals should be free to do whatever they wish with their person or property, as long as they do not infringe on the same liberty of others. ... Agorism is a radical left-libertarian political philosophy popularized by Samuel Edward Konkin III, who defined an agorist as a conscious practitioner of counter-economics (peaceful black markets and grey markets). ... Geolibertarianism (also geoanarchism) is a liberal political philosophy that holds along with other forms of libertarian individualism that each individual has an exclusive right to the fruits of his or her labor, as opposed to this product being owned collectively by society or the community. ... Georgism, named after Henry George (1839-1897), is a philosophy and economic ideology that follows from the belief that everyone owns what they create, but everything supplied by nature, most importantly land, belongs equally to all humanity. ... Historically, the term libertarianism was first coined by leftist followers of Mikhail Bakunin to describe their own, anti-statist version of socialism, as contrasted with the state socialism propounded by Karl Marx. ... In civics, minarchism, sometimes called minimal statism or small government, is the view that the size, role and influence of government in a free society should be minimal - only large enough to protect the liberty of each and every individual, without violating the liberty of any individuals itself, thus maximizing... Neolibertarianism is a political philosophy combining elements of libertarian and conservative thought that embraces incrementalism and pragmatism domestically, and a generally interventionist foreign policy based on self-interest, national defense and the expansion of freedom. ... Paleolibertarianism is a school of thought within American libertarianism founded by Murray Rothbard and Lew Rockwell, and closely associated with the Ludwig von Mises Institute. ...


Influences
Austrian School
Anarchism
Anarcho-capitalism
Classical liberalism
Objectivism
The Austrian School is a school of economic thought that rejects economists overreliance on methods used in natural science for the study of human action, and instead bases its formalism on a logic of action known as praxeology. ... This article is becoming very long. ... Anarcho-capitalism refers to an anti-statist philosophy that embraces capitalism as one of its foundational principles. ... Classical liberalism is a term used to describe the following: the philosophy developed by early liberals from the Enlightenment until John Stuart Mill the philosophy developed by early liberals from the Age of Enlightenment until John Stuart Mill and then revived in the 20th century by Friedrich von Hayek and... This article is about Ayn Rands Objectivist philosophy. ...


Ideas
Civil liberties
Free markets
Laissez-faire
Liberty
Non-aggression
Self-ownership
Free trade
To meet Wikipedias quality standards, this article or section may require cleanup. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... The Statue of Liberty is a very popular icon of liberty. ... The non-aggression principle (also called the non-aggression axiom, anticoercion principle, or zero aggression principle) is an ethical prohibition against aggression, which is defined as the initiation of physical force or the threat of such upon persons or their property (the principle does not preclude retaliation against aggression). ... Self-ownership is the condition where an individual has the exclusive moral or legal right to control his or her own body and life. ... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ...


Key issues
Parties
Economic views
Views of rights
Theories of law
Many countries and subnational political entities have libertarian political parties. ... The Austrian School of economics and the Chicago School of economics are important foundations of the economic system favored by modern libertarians —capitalism, where the means of production are privately owned, economic and financial decisions are made privately rather than by state control, and goods and services are exchanged in... Libertarians and Objectivists limit what they define as rights to variations on the right to be left alone, and argue that other rights such as the right to a good education or the right to have free access to water are not legitimate rights and do not deserve the same... Libertarian theories of law build on libertarianism or classical liberalism. ...

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Economic libertarianism is the doctrine that government should not engage in economic interventionism, but only prohibit force and fraud. The Austrian School of economics and the Chicago School of economics are important foundations of the economic libertarianism. Economic libertarians, as well as generalized libertarians, advocate laissez-faire capitalism, where all the means of production are privately owned, economic and financial decisions are made entirely privately, goods and services are exchanged in a free market, and there is little or no positive state intervention in the economy. Economic interventionism is a term used to describe activity undertaken by a central government to affect a countrys economy in an attempt to increase economic growth and/or standards of living. ... The Austrian School is a school of economic thought that rejects economists overreliance on methods used in natural science for the study of human action, and instead bases its formalism on a logic of action known as praxeology. ... The Chicago School of Economics is a school of thought in economics; it refers to the style of economics practiced at and disseminated from the University of Chicago after 1946. ... This article deals with the libertarianism as defined in America and several other nations. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... For other uses, see Capitalism (disambiguation). ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy...


Like most mainstream economists, the Austrian and Chicago schools support the subjective theory of value, which says that only a buyer and seller, while using information shared and available in the marketplace, can determine how valuable goods or services are to them and thereby set a mutually agreeable price. Libertarians contend that supply and demand, as ordered by the incidence of independent, subjective valuations in a free market, are the only sensible means of establishing prices. Moreover, they believe that only prices rendered in a free market can synthesize and communicate the preferences and relevant, time-sensitive data to millions of consumers and producers alike, and that any attempt to objectify these transactions by a centralized authority will fail. According to them, any government intervention such as regulation, trade barriers, or taxes, interfere with this judgement being reflected accurately in the price (though economists often argue that market failures can interfere with pricing as well). Most economists agree that accurate pricing is an important part of efficient markets, and thus important for maximizing economic utility. Economists are scholars conducting research in the field of economics. ... Economic subjectivism is the theory that value is a feature of the appraiser and not of the thing being valued. ... The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ... This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... In economics, consumers are individuals or households that consume goods and services generated within the economy. ... In microeconomics, production is the act of making things, in particular the act of making products that will be traded or sold commercially. ... A trade barrier is general term that describes any government policy or regulation that restricts international trade, the barriers can take many forms, including: Import duties Import licenses Export licenses Quotas Tariffs Subsidies Non-tariff barriers to trade Most trade barriers work on the same principle: the imposition of some... A tax (also known as a duty) is a financial charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state (e. ... Market failure is a situation in which markets do not efficiently organize production or allocate goods and services to consumers. ...


Market failures are a tremendous source of controversy amongst libertarians. This is what usually divides the mainstream ones who advocate for continued public ownership of policing, military and so forth and anarcho-capitalists who want full privatisation of goods. For many of the hardline group, the principle of liberty must overcome the goal of wealth. The public good of police, for instance, could be seen as immoral coercion no matter how efficient over private security).


Libertarians do not see unequal wealth distribution as a moral problem (many Libertarian philosophers including Rand wrote bitterly against the idea of equality itself), and firmly support the private ownership of land and capital. They oppose mandatory egalitarian redistribution of wealth because they believe this would qualify as initiation of force against individuals and their legitimate property (see Non-aggression principle for more on this idea, and its criticisms). In addition, libertarians claim that redistribution of wealth takes capital from the most productive sectors of the economy, and that enforcing economic egalitarianism reduces the incentive for the poor to work [1]. They may further argue that any temporary equality of outcome gained by redistribution would quickly collapse without coercion because people have different levels of motivation and native abilities, and would make different choices based on their differing values. Those that were more productive or traded more effectively would quickly gain disproportionate wealth, others would waste their resources, and some of those would choose to save for retirement or earn little on their own. Some may choose not to generate wealth, preferring to spend their time in other areas they find more fulfilling like non-commercial artistic expression or religious growth — an avenue libertarians do not oppose. However, they do oppose forced subsidization of such unprofitable ventures. Material inequality, they argue, is a necessary outcome of the freedom to choose one's own actions without imposing on others. To the extent that they accept any kind of welfare, libertarians tend to prefer Milton Friedman's negative income tax as an alternative (but not a supplement) to the existing system, arguing that it is simpler and has fewer of the "perverse incentives" of "government handouts". Wealth derives from the old English word weal, which meant well-being or welfare. The term was originally an adjective to describe the possession of such qualities. ... Egalitarianism can refer to moral as well as factual theories. ... Income redistribution or redistribution of wealth is a political policy promoted by members of the political left, especially socialists, and opposed by members of the political right. ... The non-aggression principle (also called the non-aggression axiom, anticoercion principle, or zero aggression principle) is an ethical prohibition against aggression, which is defined as the initiation of physical force or the threat of such upon persons or their property (the principle does not preclude retaliation against aggression). ... Economic egalitarianism is a term used to define a state of affairs in which the members of a society are of equal standing in terms of economic power or wealth. ... Equality of outcome is a basic form of egalitarianism which seeks to reduce or eliminate differences between individuals or households in a society. ... Venus de Milo exhibited in the Louvre museum, France. ... Fishers of Men, oil on panel by Adriaen van de Venne (1614) Various religious symbols Religion is a human phenomenon that defies easy definition. ... Welfare is financial assistance paid by the government to certain entities or groups of people who are unable to support themselves alone, or are perceived by the government to be able to function more effectively with financial assistance. ... Milton Friedman Milton Friedman (born July 31, 1912) is a U.S. economist, known for his work on macroeconomics, microeconomics, economic history, statistics, and for his advocacy of laissez-faire capitalism. ... In economics, a negative income tax (abbreviated NIT) is a method of tax reform that is popular among economists but has never been fully implemented. ... A perverse incentive is a term for an incentive that has the opposite effect of that intended. ... // See also alternative political spellings and the list of pejorative political puns. ...


Theft is considered illegitimate regardless of how long ago it occurred, but libertarians tend to oppose reparations that do not involve the thief and victim directly. For most practical purposes, such property is treated as if it were legitimate: if the original participants are long dead, taking property from its current owner and giving it to the victim's descendants is considered initiation of force, and the property should remain with its current holder. On the subject of reparations for slavery, a related issue, Steve Dasbach, executive director of the Libertarian Party said that "Forcing people who had nothing to do with slavery to pay others who were never enslaved is the height of injustice." [2] To prevent such complications in the future, libertarians argue that property rights should be strictly protected and enforced, and that all future transfers of wealth should occur through the market (as in trades or gifts). Nevertheless, the issue of theft in the past remains a thorny one for most libertarians, with many critics arguing that libertarianism is either inconsistent or wildly impractical: inconsistent if it simply ignores theft that occurred a certain amount of time ago (because this might imply that if a person steals something and that object is kept in his family long enough, it suddenly becomes legitimate property at some arbitrary point), or wildly impractical if it doesn't ignore theft in the past (because some would argue that, for example, much of the land in North America should be given back to various American Indians). Reparations refers to two distinct ideas: Reparations for slavery of groups or individuals War reparations: Payments from one country to another as compensation for starting a war under a peace treaty, such as those made by Germany to France under the Treaty of Versailles. ... It has been suggested that Chattel slavery be merged into this article or section. ... World map showing North America A satellite composite image of North America. ... This article is the current U.S. Collaboration of the Week. ...


Libertarians tend to believe that minimizing the amount of money citizens pay to government minimizes the ability of the government to fund bad programs and prevents citizens from needing government assistance because they have more of their own money (see "starve the beast"). Because they oppose taxes, libertarians also oppose most programs funded by taxes. Many libertarians oppose government run or regulated schools, hospitals, industry, agriculture, and social welfare programs. Others justify public schools on grounds of efficiency, fairness, or both, though most would prefer a school voucher system to the status quo. Starve-the-beast is a strategy of using budget deficits in order to force the government to reduce its social spending. ...


Libertarians, especially the Cato Institute have long supported Social Security privatization as a first step to dismantling Social Security [3]. The Cato Institute is a large libertarian, non-profit public policy research foundation (think tank) headquartered in Washington, D.C. The Institutes stated mission is to broaden the parameters of public policy debate to allow consideration of the traditional American principles of limited government, individual liberty, free markets, and... This article concerns proposals to change the Social Security system in the United States. ... Social Security in the United States is a social insurance program funded through a dedicated payroll tax. ...


Lastly, many libertarians support the gold standard as opposed to paper currency because they do not trust the government to restrain itself from over-expanding the money supply which would result in inflation. Inflation is commonly regarded by libertarians as a surreptitious method of taxation employed to usurp value from privately-held money without levying an apparent tax and demanding physical transfer of money (see Chicago School of economics). This article is on the monetary principle. ... A £20 Ulster Bank banknote. ... The Chicago School of Economics is a school of thought in economics; it refers to the style of economics practiced at and disseminated from the University of Chicago after 1946. ...


  Results from FactBites:
 
Participatory Economics (3895 words)
I bet that most libertarian municipalists instead have an intuitive feeling that folks in the Joe Hill municipality should have more say over political choices inside their community than people from outside it, and should have this greater say roughly in proportion as they are more affected by the choices.
Since economic units are incapable of restraining their own profit seeking from within, they must be subjected to restraint from without." In other words, if workers in each unit in an economy make decisions independently of other workers and of consumers, there will emerge the kind of destructive competitive dynamics that we all abhor.
Bookchin continues by arguing that each economic unit "must be embedded in a larger community that has the power not only to bridle a specific enterprise's pursuit of profit but to control economic life generally." Well, I agree that we need institutions that cause economic life to be other than profit-seeking insular competition.
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