On the Efficiency and Morality of Free Markets

Source: American Institute for Economic Research
by Donald J Boudreaux

“With ever-more people on the political right rejecting the economics of Adam Smith, F.A. Hayek, and Milton Friedman, it’s refreshing in 2024 to learn that the Heritage Foundation’s Kevin Roberts and Derrick Morgan insist that the conservative movement ‘cannot abandon free markets’ and that ‘the moral and practical case for free enterprise is as necessary today as it was when Ronald Reagan and Margaret Thatcher used it to rescue their nations’ economies and win the Cold War.’ Hear, hear! Indeed so. But Roberts’s and Morgan’s case is weakened by a misunderstanding, one that’s unfortunately commonplace, of the economics and classical-liberal philosophy that serve as the strongest buttresses for the case for free markets.” (05/29/24)