Hayek and Libertarianism.
This view is essentially that government should have a limited role in the economy, advocating a free market system i.e. market capitalism. Some reasons are the inefficiency of government in the sense of a loss of welfare (for instance, welfare losses caused by price floors and ceilings).
Market capitalism requires only 3 things from the government:
(i) The rule of law
(ii) Enforcement of property rights
(iii) Price stability
Am I a libertarian? It is hard to say, seeing as I am attracted to the concept of Schumpetarian economics, but at the same time appreciating the ease of classical economic modelling. Perhaps one day I might become one. At the moment my position stands uncertain. For those that are interested in what libertarianism is about, I encourage you to apply for the Liberty and Society conferences held by The Center for Independent Studies (CIS). Their site is www.cis.org.au.
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