Capitalism is far and away the most effective system ever invented for peacefully organizing cooperation among large numbers of human beings. The success enjoyed by capitalistic economies during the last 70 years is in sharp contrast to the dramatic and widespread failure of communist and...

The discussion in Chapter 1 provides a useful general introduction to the subject of freedom. We continue in this chapter to analyze the details of applications of the Jensen-Meckling definition of freedom. We begin by addressing the following question: Why are the constraints that restaurant...

With the possible exception of love, probably no word in the English language generates a more sympathetic response than the word freedom. Everyone favors freedom. We prize it not only for ourselves, but also as a characteristic of our society. Most of us, however, have given little thought to...