Broadly speaking, liberty is the ability to do as one pleases, or a right or immunity enjoyed by prescription or by grant (i.e. privilege). It is a synonym for the word freedom. In modern politics, liberty is the state of being free within society from control or oppressive restrictions imposed by authority on one's way of life, behaviour, or ...
Libertyis the value that proclaims that people should be free to think, speak, and act as they choose as long as they do not offend the freedom and rights of others. A journalist uncovers corruption in one of the country's largest political parties. Big-name leaders have been swiping money that donors contributed to the party's campaign fund and used it to purchase things for themselves, things like sports cars and yachts. The journalist, employing his liberty in the forms of freedom of the press and freedom of speech, writes and publishes an article about the scandal and speaks about it on television. A subsequent investigation proves that the leaders did exactly what the journalist claimed, and they lost their jobs and paid huge fines. A couple even went to jail, losing their liberty because they had misused it. This is liberty in action.
Self-governmentis the value that declares that citizens have a say in how their government is run. They are the primary source of the government's authority, they participate actively in the political process, and the government exists to promote their well-being. A young woman who has just turned 18 is excited to be able to vote in an upcoming election. She carefully studies the background and positions of each candidate, listens closely to debates, makes a list of the issues and ideas that are most important to her, and votes accordingly. After the election, she plans to remain informed about the workings of government and stay in close contact with her leaders, sending them letters and emails to express her opinions. One day, she might even run for office herself. This is self-government in action.
Equalityis the value that holds that all people must be treated fairly and with dignity and be able to embrace opportunities for education, economic success, political involvement, and a fulfilling life. One day, a teenage boy from a poor neighborhood in the inner city notices a bulletin announcing a government-sponsored summer school program that would help him build his study skills, assist him in his college preparations, and teach him how to apply for scholarships. Most of his friends just snicker and mutter that the whole thing would be a waste of time, but the boy knows an opportunity when he sees one, and he grabs it. He realizes that this is his chance for an education and a better life. Two years later, he graduates with honors and is preparing to start college at an excellent school with a full-tuition scholarship. He is pleased to have the same chance for an education and a successful life as students who come from richer families and better neighborhoods. This is equalit...
Individualismis the value that is committed to independence, self-sufficiency, private initiative, and personal economic growth. Individuals must be in control of their own lives and be able to make decisions without undue influence from the government or society. An American corporate worker is sick and tired of the rat race of big business, and he decides to strike out on his own and start his own business. He has plenty of ideas, drive, and energy, and he has saved up some money to cover his start-up costs. He knows that he's taking a risk, but he is willing to do so in order to be independent and take control over his own life and his own economic situation. This is individualism in action.
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National defense is in many ways a public, or “collective,” good, which means two things. First, consumption of the good by one person does not reduce the amount available for others to consume. Thus, all people in a nation must “consume” the same amount of national defense (the defense policies implemented by the government), although […]
Law and economics tends to be both positive (explaining rules in terms of economics concepts) and normative (arguing that legal rules should promote economic efficiency).
Nov 11, 2021 · Editor’s Note: The following is an excerpt from There’s No Free Lunch: 250 Economic Truths, by David Bahnsen, published this month by Post Hill Press. O ne of the challenges in understanding ...
Oct 13, 2021 · Liberty Street Economics Blog Our economists engage in scholarly research and policy-oriented analysis on a wide range of important issues. The mission of the Applied Macroeconomics and Econometrics Center (AMEC) is to provide intellectual leadership in the central banking community in the fields of macro and applied econometrics.