In this quote Aristotle is providing insight to what economists would later call The Tragedy of the Commons. What is the Tragedy of the Commons? Professor Sean Mulholland lays it out below:
This quote comes from David Friedman’s book, “The Machinery of Freedom,” in which he makes the case for private markets in law enforcement, courts, and other conduct typically defined as the exclusive realm of the state.
F.A. Hayek was highly critical of central banking and of government’s proclaimed interest in holding a monopoly on the issuance of money. Hayek eventually turned his opinions on money and free banking into an economic treatise in the book “The Denationalization of Money“. Some even say Hayek predicted the emergence of Bitcoin nearly three decades […]
This quote was taken from Ludwig von Mises’s work Planning for Freedom: Let the Market System Work, which is a collection of essays and addresses on inflation and government intervention in the economy. In this work, as in others, von Mises maintains that government interventions in monetary and commercial affairs are destructive to the economy, regardless […]
Do you agree with F.A. Harper’s assessment? Can you think of any historical examples?