The Market Economy: A Reader outlines the characteristics and
philosophical underpinnings of the market economy and its
usefulness in the allocation of resources. This anthology offers a
comprehensive set of authentic, primary source selections that
demonstrate how the tenets of classical economic liberalism provide
the foundation for an efficient economic system-while also
maximizing individual freedom. The readings also provide a
structure for analyzing economic and philosophical issues. The book
includes selections from several authors who are not economists but
whose work is important in terms of their contribution to economic
thought, such as Henry David Throeau and Ayn Rand. It also features
classic readings such as Adam Smith's invisible hand from his
Wealth of Nations, David Ricardo's original explanation of
comparative advantage from Principles of Political Economy and
Taxation, and John Stuart Mill's eloquent expression of the limits
of government in On Liberty. Latter day proponents of private
enterprise include Friedrich Hayek, Ludwig von Mises, and Milton
Friedman. These authors and others address how the market economy
responds to such topical issues as the environment, income
distribution, and free trade.
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