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Encyclopedia > Liberal theory of economics
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The liberal theory of economics is the theory of economics begun in the Englightenment, and believed to be first fully forumulated by Adam Smith. It is concerned with "natural liberty" as understood by these authors. Though Smith never used the term, today it is commonly known as laissez-faire. The concept of economic liberalism underpinned the move towards a free market economic system, and the subsequent demise of the mercantilist system. This article discusses liberalism as a major political ideology as it developed and stands currently. ... Politics is a process by which collective decisions are made within groups. ... American liberalism (also called modern liberalism) is a political current that claims descent from classical liberalism in terms of devotion to individual liberty, but rejects the laissez faire economics of classical liberalism in favor of institutions that promote social and economic equity. ... Classical liberalism (also called classic liberalism or simply liberalism) is the original form of, and is today a tendency within, liberalism. ... For the school of international relations, see Neoliberalism (international relations). ... According to ordoliberalism, the state must create a proper legal environment for the economy and maintain a healthy level of competition through measures that adhere to market principles. ... This article is being considered for deletion in accordance with Wikipedias deletion policy. ... In political science, the label radical denotes one who desires extreme change of all or part of the social order. (Britannica Deluxe CD2000). ... Social liberalism is either a synonym for new liberalism or a label used by progressive liberal parties in order to differentiate themselves from the more conservative liberal parties, especially when there are two or more liberal parties in a country. ... This is an (partial) overview of individuals that contributed to the development of liberal theory on a worldwide scale and therefore are strongly associated with the liberal tradition and instrumental in the exposition of political liberalism as a philosophy. ... Political freedom is the right, or the capacity, of self-determination as an expression of the individual will. ... ... The philosophical concept of negative liberty refers to an individuals liberty from being subjected to the authority of others. ... Positive liberty, essentially identical with the concept of positive right, an idea that was first expressed and analyzed as a separate conception of liberty by John Stuart Mill but most notably described by Isaiah Berlin, refers to the ability to act to fulfill ones own potential, as opposed to... 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... A mixed economy is an economy that combines capitalism and socialism [1]. Some sources prefer the use of command economy over socialism in defining a mixed economy (see external links below). ... The examples and perspective in this article do not represent a worldwide view. ... Civil rights or positive rights are those legal rights retained by citizens and protected by the government. ... Human rights are rights which some hold to be inalienable and belonging to all humans. ... This article or section does not cite its references or sources. ... This article is in need of attention from an expert on the subject. ... This article discusses liberalism as a major political current in specific regions and countries. ... The Liberal International is an international organization for international liberal parties. ... The European Liberal Democrat and Reform Party (founded in 1993) is a liberal party, active in the European Union, uniting liberal and centrist parties around Europe which together represent more than 20 million European voters and is an international non-profit association incorporated under the laws of Belgium. ... ALDE logo The Alliance of Liberals and Democrats for Europe (French: Alliance des Démocrates et des Libéraux pour lEurope) is a Group in the European Parliament. ... The Council of Asian Liberals and Democrats is a regional organization of liberal and democratic political parties in Asia. ... The Africa Liberal Network is composed of 16 parties in Africa, from 14 different countries, and is an associated organisation of Liberal International, the political family to which Liberal Democratic parties belong. ... The Liberal Network for Latin America (Red Liberal de América Latina, RELIAL) is an international network founded in 2003 with the official launch taking place in Costa Rica November 2004. ... Economics (from the Greek οίκος [oikos], house, and νομος [nomos], rule, hence household management) is a social science that studies the production, distribution, trade and consumption of goods and services. ... 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. ... 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... A painting of a French seaport from 1638, at the height of mercantilism. ...


Private property and individual contracts form the basis of the liberal theory of economics. The theory also states that individuals act primarily out of self-interest, and that allowing them to do so without any restrictions will produce the best results, provided that minimum standards of public information and justice exist. The classical liberal line in economics has been advanced by modern economists of the Austrian School. // Use of the term The concept of property or ownership has no single or universally accepted definition. ... All the textbooks define a contract as either a promise or an agreement that is enfored or recognised by the law. ... The Austrian School is a school of economic thought that rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology. ...


  Results from FactBites:
 
Towards An Understanding Of The Global Market System:
A New Perspective For Economics
(5248 words)
Economic theory is an edifice of models built on this fundamental assumption, models which enable the economists either to make statements about the development of the parameters of the economic system or to prescribe the optimal choices to be taken.
Whereas according to the liberal view the subject of economic rationality is the individual, the critics of this way of thinking point to the non-rational aspects of individual behavior, and emphasize the superiority of collective decision-making.
Although the liberal economists are only interested in the head of the homo oeconomicus—the ideal personification of their model of rationality—they could not deny the existence of his or her belly.
Liberal theory of economics - Wikipedia, the free encyclopedia (262 words)
The liberal theory of economics is the theory of economics described by classical liberal authors such as Anders Chydenius, Adam Smith and the French Physiocrats.
The concept of economic liberalism underpinned the move towards a free market economic system, and the subsequent demise of the mercantilist system.
The classical liberal line in economics has been taken up by modern economists of the Austrian School, and its combination with the open society and democracy is what is understood as liberalism in most of the world outside the United States.
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