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Adam Smith pointed out that market society frees us from from starvation and frees us from servility. However, he cautioned that the liberating impact of markets is not guaranteed because market can be corrupted by cronyism.
Leaps in human prosperity often stem from innovations that lower transaction cost.
Society’s most liberating achievement lies in how putting us in a position where we can trust each other turns us away from war and toward peaceful, voluntary, mutually advantageous cooperation.
The Production Possibilities Frontier (PPF) is a graphical representation of what production is possible given a fixed set of resources over a period of time.
Can destruction be good for an economy?
