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Liberty vs. Power in Economic Policy in the 20th and 21st Centuries

By: Boettke, Peter J. | Journal of Private Enterprise, Spring 2007 | Article details

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Liberty vs. Power in Economic Policy in the 20th and 21st Centuries


Boettke, Peter J., Journal of Private Enterprise


Every semester students from throughout the world are introduced to the teachings of economics and political economy. What are the first things students learn as they enter the world of the economic way of thinking? Obviously the answer to that question varies from instructor to instructor (Heyne, Boettke, and Prychitko). Some will emphasize behavioral assumptions and the logic of choice, others will emphasize institutional structure and economic performance as captured in notions of efficiency; some will emphasize the harmony of interests that are reconciled through the market system, while others will highlight the conflict of interests that result from market imperfections. The …

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