Classical liberalismClassical liberalism is a political tradition and a branch of liberalism that advocates free market and laissez-faire economics; and civil liberties under the rule of law, with special emphasis on individual autonomy, limited government, economic freedom, political freedom and freedom of speech. Classical liberalism, contrary to liberal branches like social liberalism, looks more negatively on social policies, taxation and the state involvement in the lives of individuals, and it advocates deregulation.
Economic calculation problemThe economic calculation problem (sometimes abbreviated ECP) is a criticism of using economic planning as a substitute for market-based allocation of the factors of production. It was first proposed by Ludwig von Mises in his 1920 article "Economic Calculation in the Socialist Commonwealth" and later expanded upon by Friedrich Hayek. In his first article, Mises described the nature of the price system under capitalism and described how individual subjective values (while criticizing other theories of value) are translated into the objective information necessary for rational allocation of resources in society.
NeoliberalismNeoliberalism, also neo-liberalism, is a term used to signify the late-20th century political reappearance of 19th-century ideas associated with free-market capitalism after it fell into decline following the Second World War. A prominent factor in the rise of conservative and right-libertarian organizations, political parties, and think tanks, and predominantly advocated by them, it is generally associated with policies of economic liberalization, including privatization, deregulation, globalization, free trade, monetarism, austerity, and reductions in government spending in order to increase the role of the private sector in the economy and society.
Ayn RandAlice O'Connor (born Alisa Zinovyevna Rosenbaum; , 1905 – March 6, 1982), better known by her pen name Ayn Rand (aɪn), was a Russian-born American writer and philosopher. She is known for her fiction and for developing a philosophical system she named Objectivism. Born and educated in Russia, she moved to the United States in 1926. After two early novels that were initially unsuccessful and two Broadway plays, she achieved fame with her 1943 novel, The Fountainhead. In 1957, Rand published her best-selling work, the novel Atlas Shrugged.
Political philosophyPolitical philosophy or political theory is the philosophical study of government, addressing questions about the nature, scope, and legitimacy of public agents and institutions and the relationships between them. Its topics include politics, liberty, justice, property, rights, law, and the enforcement of laws by authority: what they are, if they are needed, what makes a government legitimate, what rights and freedoms it should protect, what form it should take, what the law is, and what duties citizens owe to a legitimate government, if any, and when it may be legitimately overthrown, if ever.
EconomicsEconomics (ˌɛkəˈnɒmᵻks,_ˌiːkə-) is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers.
Chicago school of economicsThe Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school. Chicago macroeconomic theory rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations.
Max WeberMaximilian Karl Emil Weber (ˈveɪbər; ˈveːbɐ; 21 April 1864 - 14 June 1920) was a German sociologist, historian, jurist and political economist, who is regarded as among the most important theorists of the development of modern Western society. His ideas profoundly influence social theory and research. While Weber did not see himself as a sociologist, he is recognized as one of the fathers of sociology, along with Karl Marx and Émile Durkheim. Born in Erfurt in 1864, Weber studied law and history at the universities of Berlin, Göttingen, and Heidelberg.
The Road to SerfdomThe Road to Serfdom (German: Der Weg zur Knechtschaft) is a book written between 1940 and 1943 by Austrian-British economist and philosopher Friedrich Hayek. Since its publication in 1944, The Road to Serfdom has been popular among liberal (especially classical) and conservative thinkers, and remains referenced in modern discourse. It has been translated into more than 20 languages and sold over two million copies (as of 2010).
Spontaneous orderSpontaneous order, also named self-organization in the hard sciences, is the spontaneous emergence of order out of seeming chaos. The term "self-organization" is more often used for physical changes and biological processes, while "spontaneous order" is typically used to describe the emergence of various kinds of social orders in human social networks from the behavior of a combination of self-interested individuals who are not intentionally trying to create order through planning.
