The Age of Enlightenment and the Birth of Liberalism
Classical liberalism arose in opposition to state-imposed religion and aristocracy in the 1600 – 1700’s during the Age of Enlightenment in Europe and America.
Economics
Economics is the social science that studies the production, distribution, trade, and consumption of goods and services. Economics uses a mix of psychology, mathematics, experiment, and analysis to predict and understand economies.
America Has a Capitalist Economic System
America’s economic system meets the definition of capitalism, but not pure free market capitalism. America has a mixed-market economy.
What is “the Invisible Hand”?
“The invisible hand” is a term used by Adam Smith to describe the theory that self-interest leads to social and economic benefits in a free-market.
Is America an Oligarchy?
The United States is a Federal Republic with democratic values that some claim contains a growing oligarchy (or corporatocracy). We look at those claims.
A Progressive Tax is More Fair Than a Flat Tax
A progressive tax (those who make more pay more) is generally “more fair” than a flat tax (everyone pays the same rate).
Wealth and Income Inequality
We explain economic inequality from a historical perspective, and then consider the effects of wealth inequality and income inequality in America today.
The United States of America is a Democracy
The United States is both a Republic and a Democracy. Specifically, the United States is a Constitutional FederalRepublic with a strong Democratic tradition and many democratic elements especially on a local level. Despite the democratic elements and traditions, the U.S. is not however a “Direct Democracy” (where people vote on laws directly*).
The Point of Life is Happiness
We present a discussion on “the meaning of life as happiness,”the Greatest Happiness Theory,” “the Good Life,”the Pursuit of Happiness,” and Virtue Theory.
Adam Smith is the Father of Modern Economics
Adam Smith can be considered the father of modern economics due to his influential works which explore the mechanics of morality, markets, and capitalism in an industrialized society.
People With More Money Save More
On average, those with more money save more, in both the short-term and long-term, while those with less money spend more and extend themselves on credit.