One of the most egregious misunderstandings about trade is that the government of country A should allow its people to trade freely with peoples of other countries only if governments of, and producers in, other countries “play by the rules” – which usually means “plays according to the rules that the rulers and politically powerful […]
Commerce brings out the best in human beings by providing incentives to care about others. Those who can’t rise above focusing on their short-term narrow needs have little ability to meet the needs of others.
Have you ever stopped and looked around the grocery store? There are thousands of products neatly arranged and conveniently located just for you.
If we want the market order to survive, we will have to continue to treat it both in theory and practice as a realm of moral and virtuous behavior.
Suppose that Smith, your neighbor in New Haven or your friend in Fayetteville, produced a lot of auto parts that consumers voluntarily bought at prices that earned for Smith a sizable fortune. Suppose further that Smith prudently saves a large chunk of his fortune, some of which he uses to start a glass-manufacturing plant in […]
A good part of the ethics of enterprise is reflected in the integrity, discipline, and quality of character that must enter into those individuals who choose the role of entrepreneurial leadership.