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 August 16, 2017

Adam Smith on Justice, Social Justice, and Ultimate Justice

JAMES R. OTTESON SOCIAL PHILOSOPHY AND POLICY, Volume 34, Issue 1 Abstract: Adam Smith argues that virtue falls into two broad categories: “justice,” which he calls a “negative” virtue because it principally comprises restraint from harming or injuring others; and “beneficence,” which he calls “positive” because it comprises the actions we ought to take to improve […]

Liberty Review August 13, 2017

Economic freedom and human capital investment

HORST FELDMANN JOURNAL OF INSTITUTIONAL ECONOMICS, Volume 13, Issue 2 Abstract: Using data from 1972 to 2011 on 109 countries, this paper empirically studies the impact of economic freedom on human capital investment. Enrollment in secondary education is used as a proxy for such investments. Controlling for a large number of other determinants of education, it […]

Liberty Review August 10, 2017

The Evolution of Culture and Institutions: Evidence From the Kuba Kingdom

SARA LOWES, NATHAN NUNN, JAMES A. ROBINSON, JONATHAN L. WEIGEL ECONOMETRICA, Volume 85, Issue 4 Abstract: We use variation in historical state centralization to examine the long-term impact of institutions on cultural norms. The Kuba Kingdom, established in Central Africa in the early 17th century by King Shyaam, had more developed state institutions than the other […]

Liberty Review August 7, 2017

Sentiments, Conduct, and Trust in the Laboratory

VERNON L. SMITH and BART J. WILSON SOCIAL PHILOSOPHY AND POLICY Abstract: In this essay we provide a brief account and interpretation of The Theory of Moral Sentiments showing that it departs fundamentally from contemporary patterns of thought in economics that are believed to govern individual behavior in small groups, and contains strong testable propositions governing the expression […]

Liberty Review August 4, 2017

A liberal theory of externalities?

CARL DAVID MILDENBERGER PHILOSOPHICAL STUDIES Abstract: Unlike exploitative exchanges, exchanges featuring externalities have never seemed to pose particular problems to liberal theories of justice. State interference with exchanges featuring externalities seems permissible, like it is for coercive or deceptive exchanges. This is because exchanges featuring negative externalities seem to be clear cases of the two exchanging […]

Liberty Review August 1, 2017

How Not to Argue for Markets (or, Why the Argument from Mutually Beneficial Exchange Fails)

JAMES STACEY TAYLOR JOURNAL OF SOCIAL PHILOSOPHY, Volume 48, Issue 2 Abstract: In recent years, there has been considerable debate concerning the legitimate scope of market transactions. Markets in many goods that are usually held to be market-inalienable (including sex, human organs, sweatshop labor, women’s reproductive labor, humans, and votes) have all had their defenders—and detractors. […]

Liberty Review July 28, 2017

Moral markets: A marginalistic interpretation of Adam Smith

WALTER G. CASTRO, RAFAEL E. BELTRAMINO THE REVIEW OF AUSTRIAN ECONOMICS Abstract: The article is built upon James Otteson’s analogy between the structure of moral and economic rules. In Otteson’s interpretation of Adam Smith’s works both of them develop from an exchange of information of interacting agents. We develop that concept about Adam Smith’s Theory of […]

Liberty Review July 26, 2017

Taxation in the Liberal Tradition

ROBERT A. LAWSON, J.R. CLARK THE REVIEW OF AUSTRIAN ECONOMICS Abstract: In this essay, we argue that liberal economists should take more seriously the problems of public goods and externalities as well as the capacity of taxation and state action to improve human welfare. While taking seriously the public choice concerns about how the political process […]

Liberty Review July 24, 2017

Libertarianism and Basic-Income Guarantee: Friends or Foes?

JUAN RAMÓN RALLO JOURNAL OF BUSINESS ETHICS Abstract: The Basic-Income Guarantee is a governmental programme of income redistribution that enjoys an increasing predicament among academic and political circles. Traditionally, the philosophical defence for this programme has been articulated from the standpoint of social liberalism, republicanism, or communism. Recently, however, libertarian philosopher Matt Zwolinski also tried to […]

Liberty Review July 18, 2017

Economic policy of a free society

PETER BOETTKE THE REVIEW OF AUSTRIAN ECONOMICS Abstract: Liberalism correctly understood is little more than the persistent and consistent applications of the principles of economics of the affairs of men be they domestic or international. These include mutually beneficial exchange, the absence of political privilege, and toleration. The institutional precondition of these principles is the rule […]