The Morality of the Market

“The seeds of this moral defense of free markets were planted by John Locke, Adam Smith and Ludwig von Mises,” writes Steven Pearlstein in the Washington Post. He emphasizes the work of Ayn Rand in popularizing the moral case for the market, but could have also mentioned Hazlitt, Hayek, Baldy Harper, Edmund Opitz, Rothbard, and other Austrians and libertarians who justified free markets on ethical grounds, both consequentionalist and natural-rights based.


  1. Adam Smith & other classical economists did not define “free market” as a market free of government but as a market free of economic rent.

  2. Wow, that was hard to read and I only got to the middle of page 2.

    What incredible ignorance to call America “deregulated”, and to call what is the public schools “leaning toward school choice”.

    What “deregulation” is there with ever more regulatory agencies, ever more regulations, ever more intrusion? What “choice” is there when the taxes to pay are taken whether the taxpayer uses the service or not?

    Worst of all, the absurdity of saying of Obama and Romney, “both sides”. Tom Woods says it so very well when he points out the fantastically narrow range of accepted opinion, that the only opinions anyone can hold range between Rachael Madow and Rush Limbaugh.

    I am so very happy to have neither TV, magazine, nor newspaper subscription.

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