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Encyclopedia > Libertarian economic views
Libertarianism
This series is linked to the

Politics series This article deals with the individualist and propertarian meaning of libertarian (sometimes called right libertarianism). ... The Elections and Parties Series Democracy Liberal democracy History of democracy Referenda Representative democracy Representation Voting Voting systems Elections Elections by country Elections by calender Electoral systems Politics Politics by country Political campaigns Political science Political philosophy Related topics Political parties Parties by country Parties by name Parties by ideology...

Factions
Minarchism
Anarcho-capitalism
Paleolibertarianism
Neolibertarianism
Geolibertarianism
In civics, Minarchism, sometimes called minimal statism, is the view that government should be as small as possible. ... Anarcho-capitalism refers to an anti-statist philosophy that embraces capitalism as one of its foundational principles. ... Paleolibertarianism is a school of thought within libertarianism founded by Murray Rothbard and Lew Rockwell, and closely associated with the Ludwig von Mises Institute. ... Neolibertarianism is a subset of libertarian thought that embraces incrementalism and pragmatism domestically and a generally interventionist foreign policy. ... Geolibertarianism is a political philosophy that holds with other forms of libertarianism that the products of ones labor should be privately owned and controlled. ...


Influences
Objectivism
Austrian School
Classical liberalism
Individualist anarchism
Objectivism is the philosophy of Russian-born American philosopher and author Ayn Rand. ... The Austrian School is a school of economic thought which 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. ... Liberalism is a political current embracing several historical and present-day ideologies that claim defense of individual liberty as the purpose of government. ... Individualist anarchism is a philosophical tradition, appearing primarily in the United States, that emphasises the autonomy of the individual, most noteably in regard to its advocacy of private property rather than collective property. ...


Practices
Capitalism
Non-aggression
Capitalism has been defined in various ways (see Capitalism). ... The non-aggression principle or non-aggression axiom is defined as a prohibition against the initiation of force, or the threat of force, against persons or property. ...


Key issues
Economic views
Views of rights
Theories of law
Criticism
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. ... Libertarianism is a political philosophy that supports largely unrestricted property rights and opposes most government functions (such as taxation, prosecution of victimless crimes and regulations on businesses beyond the minimum required to prevent fraud or property damage) as coercive, even if a democratic majority supports it. ...


The Austrian School of economics and the Chicago School of economics are important foundations of the economic system favored by modern libertarianscapitalism, 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 a free market. Like most mainstream economists, they accept 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, many economists 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 these economists, 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 nonstate market failures can interfere with pricing in certain situations as well). Most economists agree that accurate pricing is an important part of efficient markets, and thus important for maximizing economic utility. The Austrian School is a school of economic thought which 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. ... The Chicago School is a loose, unofficial group of economists that are generally associated with neoclassical price theory and free market libertarianism. ... This article deals with the libertarianism as defined in America and several other nations. ... Capitalism has been defined in various ways (see Capitalism). ... 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. ... 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... In economics, consumers are individuals or households that consume goods and services generated within the economy. ... Producers can mean: The plural of producer The Producers, a 1968 movie The Producers (band), a 1980s new wave band from Atlanta This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... Barriers to international trade can take many forms, including: import duties import licenses export licenses import taxes tariffs agricultural subsidies non-tariff barriers However, most trade barriers all work on the same principle: the imposition of some sort of cost on trade that raises the price of the traded products. ... A tax is an involuntary fee paid by individuals or businesses to a state, or to functional equivalents of a state, including tribes, secessionist movements or revolutionary movements. ... In economics, a market failure is a situation in which markets do not efficiently organize production or allocate goods and services to consumers. ...


Libertarians tend to minimize the number and magnitude of market failures they accept as legitimate, or even ignore them as irrelevant to the question of maximizing rights, and this is one source of criticism from opponents of laissez-faire economics. Some libertarians would support this form of capitalism even if one could demonstrate that other economic systems are more efficient from an economic perspective, arguing that the right to property, including ownership of oneself and, by extension, in one's labor, supersedes efficiency. Other libertarians would argue that the empirical evidence demonstrates that property enforcement is necessary to the functioning of society, that various redistributionist schemes and, in particular, state ownership of the factors of production are all bound to fail, and that capitalism ultimately provides a more optimal and equitable distribution of goods to members of society. If the empirical evidence were different, these libertarians claim, their views would change. 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. ...


Libertarians do not see unequal wealth distribution as a problem, and firmly support the private ownership of land and capital. They oppose mandatory egalitarian redistribution of wealth because this would qualify as initiation of force against individuals and their legitimate property. In addition they claim that this takes capital from the most productive sectors of the economy, and that enforcing economic egalitarianism destroys 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 some kind of welfare will exist, 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 usually refers to money and property. ... 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. ... Resources Great Museums in the World (Louvre, Metropolitan Museum, MoMA, Picasso …) CGFA: A Virtual Art Museum Art-Atlas. ... Fishers of men; Oil on panel by Adriaen van de Venne (1614) Religion—sometimes used interchangeably with faith or belief system—is commonly defined as belief concerning the supernatural, sacred, or divine, and the moral codes, practices, values, and institutions associated with such belief. ... Milton Friedman Milton Friedman (born July 31, 1912) is a U.S. economist, known primarily for his work on macroeconomics and for his advocacy of laissez-faire capitalism. ... A negative income tax 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 to 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 would occur through non-coercive means (as in trades or gifts). 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. ... A monument celebrating the emancipation of slaves in the British Empire in 1834, erected in Victoria Tower Gardens, Millbank, Westminster, London Look up Slavery in Wiktionary, the free dictionary Slavery is a condition of control over a person against their will, enforced by violence or other forms of coercion. ...


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 "starving 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.


Libertarians, especially the Cato Institute have long supported Social Security privatization as a first step to dismantling Social Security[3]. The Cato Institute is an influential non-profit public policy research foundation (think tank) with strong libertarian leanings (despite wide public perception that it is a conservative think-tank), headquartered in Washington, D.C. It is named after Catos Letters, a series of early 18th century British essays expounding... This article concerns proposals to change the Social Security system in the United States. ... For specific national programs, see Social Security (United States), National insurance (UK), Social Security (Sweden) Social security mainly refers to a field of social welfare concerned with social protection, or protection against socially recognized needs, including poverty, old age, disability, unemployment, families with children and others. ...


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) 1922 U.S. gold certificate The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. ... A £20 Ulster Bank banknote. ... The Chicago School is a loose, unofficial group of economists that are generally associated with neoclassical price theory and free market libertarianism. ...


  Results from FactBites:
 
Libertarian views of rights - Wikipedia, the free encyclopedia (824 words)
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 protections.
Likewise, libertarians often cite the example of a right to "the pursuit of happiness" as asserted in the Declaration of Independence, saying that it does not posit a right to be provided with happiness but a right to pursue it, and that the wording as such illustrates the libertarian sensibilities of the author, Thomas Jefferson.
Libertarianism frequently dovetails neatly therefore with strict constructionism and the constitution in exile.
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