The Online Library of Liberty

A project of Liberty Fund, Inc.

• Foreword
• Part I: Can Capitalism Survive?
• Introduction
• Chapter 1: Can Capitalism Survive?
• Part II: The Philosophy of Freedom
• Introduction
• Chapter 1: The Case For Economic Freedom
• Chapter 2: The Libertarian Philosophy
• Chapter 3: Who’s to Blame?
• Chapter 4: Paradise In Posey County
• Part III: On the Nature of Economics
• Introduction
• Chapter 1: Adam Smith: 1776-1976
• Chapter 2: Christian Economics: Myth Or Reality?
• Chapter 3: College Economics: Is It Subversive of Capitalism?
• Part IV: On the Business System
• Introduction
• Chapter 1: Profits
• Chapter 2: The Businessman
• Part V: On Labor Markets
• Introduction
• Chapter 1: The Labor Monopoly
• Part VI: On Money and Inflation
• Introduction
• Chapter 1: The Long-run Economic Outlook
• Chapter 2: Alleged Causes of Inflation: Corporate Monopolies
• Part VII: On the Problems of Cities
• Introduction
• Chapter 1: The Problems of Cities
• Part VIII: On Education
• Introduction
• Chapter 1: Financing Higher Education In the United States
• Chapter 2: The Promise of the College
• Part IX: On What to Do
• Introduction
• Chapter 1: The Businessman and the Defense of Capitalism
• Chapter 2: Reflections On the Election of 1964
• Chapter 3: The Foundation For Economic Education: Success Or Failure?

Introduction

In this part on the nature of economics, pride of place goes naturally to the paper on Adam Smith, the Father of Economics. This paper was first presented to an audience at Hillsdale College. In it, I make no attempt to conceal my opinion that Adam Smith is still the best of all of us who have labored in this particular vineyard.

The second paper in this section, “Christian Economics: Myth or Reality?” was written as an attempt to relate economics as a science to those questions of right and wrong policy that are the stuff of the real world. I accepted an invitation to present a paper at a Seminar on Economics and Ethics held at Valparaiso University in early 1965, and this paper is the result of that rash acceptance.

The third paper, “College Economics: Is It Subversive of Capitalism?” was presented to the Conservative Club at Yale University in the fall of 1967. Many of the older alumni of schools like Yale were convinced then (and now) that the members of the economics departments of their old colleges were ringleaders in the conspiracy to “do in” the capitalist system. In my paper, I argue that the very nature of economics is such as to make those fears largely groundless.