This pathbreaking collection brings together a selection of work by Nobel Prize winning authors from the archives of the Institute of Economic Affairs. The laureates whose work is featured made an important contribution to economists' understanding of a market economy. Nevertheless, it is unlikely that the editors, the publishers or the authors of these outstanding articles would have predicted quite how widespread and important their influence would be. The editors have chosen works to demonstrate the challenge raised by these authors to the socialist consensus of the time amongst both academics and politicians. The volumes are organised by theme, examining issues such as monetary policy, unemployment, and government regulation, as well as considering the power of language and ideas.

This is volume 17 in the "Major Conservative and Libertarian Thinkers" series. James McGill Buchanan (B. 1919) is an American economist best known for his public choice theory. The founder of a new Virginia school of political economy, he has written extensively on subjects including public finance, macroeconomics, and libertarian theory. Buchanan's theory offered a basis for conservative political endeavors such as a constitutional amendment to balance the federal budget. He was awarded the Nobel Prize in Economics in 1986. "Major Conservative and Libertarian Thinkers" provides comprehensive accounts of the works of seminal conservative thinkers from a variety of periods, disciplines, and traditions - the first series of its kind. Even the selection of thinkers adds another aspect to conservative thinking, including not only theorists but also writers and practitioners. The series comprises twenty volumes, each including an intellectual biography, historical context, critical exposition of the thinker's work, reception and influence, contemporary relevance, bibliography including references to electronic resources, and an index.

James McGill Buchanan (1919 - 2013) was an American economist best known as a pioneer of public choice theory. A founder of the new Virginia school of political economy, he made extensive contributions to the theory of public finance, constitutional economics, rent-seeking, and the economic analysis of politics. Buchanan's work offered a scientific basis for conservative and libertarian political endeavors such as a constitutional amendment to balance the federal budget. He was awarded the Nobel Prize in Economics in 1986.

Volume 11 of the "Conservative and Libertarian Thinkers" series focuses on Robert Nozick and his work on libertarianism. In 1974, Robert Nozick's book "Anarchy, State, and Utopia" moved libertarianism from a relatively neglected subset of political philosophy to the center of the discipline, as one of the most cogent critiques of social democracy and egalitarian liberalism. Nozick developed a rights-based account of libertarianism to show that a minimal state can legitimately arise, that nothing more than a minimal state is justified, and that the minimal state is not only morally right, but can also be an inspiring 'meta-utopia'. This volume presents Nozick's contributions to political philosophy in the context of his work in analytical philosophy. It also provides a biography of Nozick and considers the initial reception and long-term influence of his work. "Major Conservative and Libertarian Thinkers" provides comprehensive accounts of the works of seminal conservative thinkers from a variety of periods, disciplines, and traditions - the first series of its kind. Even the selection of thinkers adds another aspect to conservative thinking, including not only theorists but also writers and practitioners. The series comprises twenty volumes, each including an intellectual biography, historical context, critical exposition of the thinker's work, reception and influence, contemporary relevance, bibliography including references to electronic resources, and an index.

Robert Nozick's Anarchy, State, and Utopia (1974) is recognised as a classic of modern political philosophy. Along with John Rawls's A Theory of Justice (1971), it is widely credited with breathing new life into the discipline in the second half of the twentieth century. This Companion presents a balanced and comprehensive assessment of Nozick's contribution to political philosophy. In engaging and accessible chapters, the contributors analyse Nozick's ideas from a variety of perspectives and explore neglected areas of the work such as his discussion of anarchism and his theory of utopia. Their detailed and illuminating picture of Anarchy, State, and Utopia, its impact and its enduring influence will be invaluable to students and scholars in both political philosophy and political theory.

This collection of essays examines those areas where the freedom of individual men and women to voluntarily engage in mutually advantageous exchanges is prohibited or restricted by government. The authors critically examine the economic and philosophical rationale for the prohibition of alcohol, the sale of body parts, medicinal drugs, pornography, prostitution, recreational drugs, tobacco and trade in endangered species, among other topics.

This book examines the complex relationships between social capital, markets and democracy. It argues that participation in markets positively enriches and enhances the stock of social capital, while, conversely, democratic politics may undermine it by facilitating divisive rent-seeking by special interest groups.

Robert Nozick's Anarchy, State, and Utopia (1974) is recognised as a classic of modern political philosophy. Along with John Rawls's A Theory of Justice (1971), it is widely credited with breathing new life into the discipline in the second half of the twentieth century. This Companion presents a balanced and comprehensive assessment of Nozick's contribution to political philosophy. In engaging and accessible chapters, the contributors analyse Nozick's ideas from a variety of perspectives and explore neglected areas of the work such as his discussion of anarchism and his theory of utopia. Their detailed and illuminating picture of Anarchy, State, and Utopia, its impact and its enduring influence will be invaluable to students and scholars in both political philosophy and political theory.