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Spring 2007

ISSN 0890-913X

Volume 22, Number 2

Categories: Economics | Spring 2007

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

Peter J. Boettke, George Mason University

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JournalofPrivateEnterprise,SpecialIssue,VolumeXXII,Number2,Spring2007Libertyvs.PowerinEconomicPolicyinthe20thand21stCenturiesPeterJ.BoettkeGeorgeMasonUniversityEverysemesterstudentsfromthroughouttheworldareintroducedtotheteachingsofeconomicsandpoliticaleconomy.Whatarethefirstthingsstudentslearnastheyentertheworldoftheeconomicwayofthinking?Obviouslytheanswertothatquestionvariesfrominstructortoinstructor(Heyne,Boettke,andPrychitko).Somewillemphasizebehavioralassumptionsandthelogicofchoice,otherswillemphasizeinstitutionalstructureandeconomicperformanceascapturedinnotionsofefficiency;somewillemphasizetheharmonyofintereststhatarereconciledthroughthemarketsystem,whileotherswillhighlighttheconflictofintereststhatresultfrommarketimperfections.Theintellectualbattlelinesinpublicpolicybetweenlibertyandpowerareoftendrawnbasedonthesepointsofemphasisineconomicteaching.Ibelievethatinstudyingthedevelopmentofthehistoryofideasinpoliticaleconomyitisusefultodistinguishbetweenthemainlineofargument,andthemainstreaminthecurrentlyfashionablepracticeofthescience.Themainlineofargumentemphasizesthecorepropositionsthathavebeenarguedthroughoutthehistoryofthediscipline.Mainstream,ontheotherhand,defineswhateveriscurrentlyfashionablewithinthediscipline.Economicsiswhatevercurrenteconomistsdo.TobeamainstreameconomistdoesnotnecessarilymeanthatoneiscomfortablewiththemainlineofargumentfromAdamSmithonward.Themainlineofargumentstressestheharmonyofintereststhatemergesthroughthecompetitivemarketprocess.DavidHumeandAdamSmithemphasizedthisreconciliationpowerofthemarketeconomyinthe18thcentury,J.B.SayandFredericBastiatdidPeterJ.Boettke7

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Title	Liberty vs. Power in Economic Policy in the 20th and 21st Centuries
Authors/Creators:	Peter J. Boettke, George Mason University
Year:	2007
Volume:	22
Number:	2
Pages:	7 - 36
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Economic Analysis, Economic Theory, Market, Freedom, Liberalism, Mixed Economy, Government policy

Citation:
Boettke, Peter J. / 2007. "Liberty vs. Power in Economic Policy in the 20th and 21st Centuries." The Journal of Private Enterprise, 22(2): 7-36.