Liberty Review

Liberty Review summaries are selected by Liberty Fund Fellows on the basis both of their own research interests and of their relevance for Liberty Fund’s mission: to contribute to the preservation and development of individual liberty through research and educational activities.

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Recent Posts

Here are the 10 latest posts from Liberty Review.

Liberty Review February 2, 2018

The ethics of pure entrepreneurship: An Austrian economics perspective

austrian.reviewTHE REVIEW OF AUSTRIAN ECONOMICS ISRAEL M. KIRZNER Abstract: This paper focuses on the justice of income distribution in a system of private property rights. Milton Friedman argued that the “ethical principle that would directly justify the distribution of income in a free society is ‘to each according to what he and the instruments he owns […]

Liberty Review January 30, 2018

A short history of constitutional liberalism in America

constitutional.political.economyCONSTITUTIONAL POLITICAL ECONOMY ROGER D. CONGLETON Abstract: American liberalism emerged before the most famous European liberal intellectuals put their pens to paper. It was grounded partly on liberal ideas that were in the air before those works were written, but mostly on the attractive communities generated by liberal institutions and policies. American liberalism is empirically, rather […]

Liberty Review January 22, 2018

Barriers to prosperity: the harmful impact of entry regulations on income inequality

public.choiceDUSTIN CHAMBERS, PATRICK A. MCLAUGHLIN, LAURA STANLEY PUBLIC CHOICE Abstract: Entry regulations, including fees, permits and licenses, can make it prohibitively difficult for low-income individuals to establish footholds in many industries, even at the entry-level. As such, these regulations increase income inequality by either preventing access to higher paying professions or imposing costs on individuals choosing […]

Liberty Review January 8, 2018

Individualism, Collectivism, and Trade

Experimental EconomicsAIDIN HAJIKHAMENEH, ERIK O. KIMBROUGH EXPERIMENTAL ECONOMICS Abstract: While economists recognize the important role of formal institutions in the promotion of trade, there is increasing agreement that institutions are typically endogenous to culture, making it difficult to disentangle their separate contributions. Lab experiments that assign institutions exogenously and measure and control individual cultural characteristics can allow […]

Liberty Review January 2, 2018

Trust, Trade and Moral Progress: How Market Exchange Promotes Trustworthiness

JONATHAN ANOMALY SOCIAL PHILOSOPHY AND POLICY, Volume 34, Issue 2 Abstract: Trust is important for a variety of social relationships. Trust facilitates trade, which increases prosperity and induces us to interact with people of different backgrounds on terms that benefit all parties. Trade promotes trustworthiness, which enables us to form meaningful as well as mutually beneficial […]

Liberty Review December 11, 2017

Socialized View of Man vs. Rational Choice Theory: What Does Smith’s Sympathy Have to Say?

JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION ELIAS L. KHALIL Abstract: To explain the anomaly of cooperation in finitely repeated games, some economists advance a socialized view of man as an antidote to rational choice theory. This paper confronts these economists insofar as they trace the socialized view to Smith’s theory of sympathy in The Theory of Moral […]

Liberty Review December 4, 2017

Ludwig Lachmann’s peculiar status within Austrian economics

VIRGIL HENRY STORR THE REVIEW OF AUSTRIAN ECONOMICS Abstract: Lachmann occupies a strange position within modern Austrian economics. He is viewed as something of an outsider and his views are often regarded as outside the mainline of modern Austrian thought. But, on several key issues – especially subjectivism and institutions – Lachmann’s positions are the dominant […]

Liberty Review November 9, 2017

‘A Burthen Too Heavy For Humane Sufferance’: Locke on Reputation

STUART-BUTTLE, T. HISTORY OF POLITICAL THOUGHT, Volume 38, Number 4 Abstract: Locke emphasized that a concern for reputation powerfully shaped the individual’s conduct. Most scholarship suggests that Locke portrayed this phenomenon in negative terms. This article complicates this picture. A concern for reputation served a constructive role in Locke’s theory of social development, which offered a […]

Liberty Review November 5, 2017

Marsilius of Padua on Representation

MULIERI, A. HISTORY OF POLITICAL THOUGHT, Volume 38, Number 4 Abstract: The concept of representation plays an important role in Marsilius of Padua’s major work, the Defensor Pacis. Yet, with a few notable exceptions,Marsilius’ concept of representation has received relatively little attention among recent scholars. The main purpose of this article is to fill this gap […]

Liberty Review November 2, 2017

Democracy before, in, and after Schumpeter

PHILIP PETTIT CRITICAL REVIEW Abstract: The classical model of democracy that Schumpeter criticizes is manufactured out of a variety of earlier ideas, not those of any one thinker or even one school of thought. His critique of the central ideals by which he defines the model—those of the common will and the common good—remains persuasive. People’s […]