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Notes On Common Sense Economics - apologise, but

What is the problem we wish to solve when we try to construct a rational economic order? On certain familiar assumptions the answer is simple enough. If we possess all the relevant information, if we can start out from a given system of preferences, and if we command complete knowledge of available means, the problem which remains is purely one of logic. That is, the answer to the question of what is the best use of the available means is implicit in our assumptions. The conditions which the solution of this optimum problem must satisfy have been fully worked out and can be stated best in mathematical form: put at their briefest, they are that the marginal rates of substitution between any two commodities or factors must be the same in all their different uses. Notes On Common Sense Economics

Libertarianism from French : libertaire"libertarian"; from Latin : libertas"freedom" is a political philosophy and movement that upholds liberty as a core principle. Various schools of libertarian thought offer a range of views regarding the legitimate functions of state and private poweroften calling for the restriction or dissolution of coercive social institutions. Different categorizations have been used to distinguish various forms of libertarianism.

Left-libertarian [14] [15] Notes On Common Sense Economics [17] [18] ideologies include anarchist schools of thoughtalongside many other anti-paternalist and New Left schools of thought centered around economic egalitarianism as well as geolibertarianismgreen politicsmarket-oriented left-libertarianism and the Steiner—Vallentyne school. The first recorded use of the term libertarian was inwhen William Belsham wrote about libertarianism in the context of metaphysics. Libertarianism has frequently been used to refer to anarchism and libertarian socialism since this time. In the United States, libertarian was popularized by the individualist anarchist Benjamin Tucker around the late s and early s. Russell justified the choice of the term as follows:. Many of us call ourselves "liberals.

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But the leftists have now corrupted that once-proud term to identify themselves and their Commln of more government ownership of property and more controls over persons. As a result, those of us who believe in freedom must explain that when we call ourselves liberals, we mean liberals in the uncorrupted classical sense. At best, this is awkward and subject to misunderstanding.

Here is a suggestion: Let those of us who love liberty trade-mark and reserve for our own use the good and honorable word "libertarian. Subsequently, a growing number of Americans with classical liberal beliefs began to describe themselves as libertarians. One person responsible for popularizing the term libertarian in this sense was Murray Rothbardwho started publishing libertarian works in the s.

But now we had taken it over".

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In the s, Robert Nozick was responsible for popularizing this usage of the term in academic and philosophical circles outside the United States, [23] [49] [50] especially with the publication of Anarchy, State, and Utopiaa response to social liberal John Rawls 's A Theory of Justice According to common meanings of conservative and liberallibertarianism in the United States has been described as conservative on economic issues economic liberalism and fiscal conservatism and liberal on personal freedom civil libertarianism and cultural liberalism. Although libertarianism originated as a form of left-wing politics[21] [56] the development in the midth century of modern libertarianism in the United States led several authors and political scientists to use two or more categorizations [3] [4] to distinguish libertarian views on the nature of property and capital, usually along left—right or socialist—capitalist lines, [5] Unlike right-libertarians, who reject the label due to its association with conservatism and right-wing politicscalling themselves simply libertariansproponents of free-market anti-capitalism in the United States consciously label themselves as left-libertarians and see themselves as being Notes On Common Sense Economics of a broad libertarian left.

While the term libertarian has been largely synonymous with anarchism as part of the left, [9] [57] continuing today as part of the libertarian left in opposition to the moderate left such as social democracy or authoritarian and statist socialism, its meaning has more recently diluted with wider adoption from ideologically disparate groups, [9] including the right.

Additionally, some libertarians Economic the term libertarian socialist to avoid anarchism's negative connotations and emphasize its connections with socialism. The revival of free-market ideologies during the mid- to late 20th century came with Notes On Common Sense Economics over what to call the movement.

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While many of its adherents prefer the term libertarianmany conservative libertarians reject the term's association with the s New Left and its connotations of libertine hedonism. While both historical libertarianism and contemporary economic libertarianism share general antipathy towards power by government authority, the latter exempts power wielded through free-market capitalism. Historically, libertarians including Herbert Spencer and Max Stirner supported the protection of an individual's freedom from powers of government and private ownership.]