How can we teach the values of free enterprise and individual responsibility? This entertaining reinterpretation of an award-winning children’s book provides one basic explanation!
Ludwig von Mises
Check out this awesome article from Values and Capitalism: “People-vs-Profits” is a False Dichotomy.
Are we headed for a student loan crisis?
Prof. Davies says the student loan market has all the same ingredients as the housing market, only the student loan crisis will be MUCH worse! Find out why in this interesting video from Economic Freedom.
Where do you see THIS happening today?
The cost of borrowing money is at a record low. Is this a good thing?
Many argue that we need low interest rates to increase spending and decrease saving, but Prof. Davies explains that artificially low interest rates cause people to spend now, rather than later in the future. It alters spending habits, but it doesn’t create “more spending.”
So, what interest rate is best for the economy? Prof. Davies says the market rate— the rate we get when the Federal Reserve doesn’t meddle in financial markets.
Let anyone do anything he pleases that is peaceful or creative; Let there be no organized restraint against anything but fraud, violence, misrepresentation, predation; Let anyone deliver mail or educate or preach his religion or whatever so long as it’s peaceful; Limit society’s agent of force—government— to juridical and policing functions… Let the government do this and leave all else to the free unfettered market!
Leonard E. Read, Anything that’s Peaceful
— Milton Friedman
Schools of Thought in Classical Liberalism (Part 2): Milton Friedman and the Chicago School.
Milton Friedman was a Nobel Laureate and economist at the University of Chicago and is widely considered the founder of the “Chicago School.”
So what is the “Chicago School”? In part 2 of our series, Dr. Ashford explains that it’s an intellectual tradition that basis its theories on empirical and measurable evidence.
In relation to classical liberalism, the Chicago School assesses the merits of law by the results of those laws. By going about this method, Friedman and the school argued that laws may be well-intended, but it’s not by those intentions that they should be judged, but by the measurable consequences of those laws. It was this conclusion that led the school to believe markets would lead to better outcomes than government in most situations.
So what does the Chicago School say about the proper role of government?
Friedman believed that the government should have 4 realms of responsibility:
Learn more about this school by watching our NEW video, and check out the rest of the series here: http://www.learnliberty.org/content/schools-thought-classical-liberalism