The miracle of pricing is that it enables individuals to be part of a world-wide supply chain, each prospering by doing their bit without any need to control the work of others. It is, in effect, a brilliantly efficient way of transmitting information.

For those of us in business, the setting of prices is a major function. In some businesses, prices are set and remain constant for long periods. In others, such as grocery or airlines, prices are in a constant state of flux. Because pricing is so much part of our daily concern, few of us take time to ponder the wider economic function of prices....

Liberty – a superior ethic

The dominant political doctrines of the 20th century failed us economically, socially and morally. The beneficiaries of the welfare state have not been the poor and the disadvantaged; they have been those with influence who can capture and manipulate the system.

 

It is hard to imagine an ethic better suited to undermining the moral basis of a free society. [Yuval Levin]

 

The ethics of liberty on the other hand are based on the principle of private property and founded on natural rights theory. For this we are indebted to John Locke:

Every man has a property in his own pe...

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