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....
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: