The philosophy of free markets
- Adam Smith advocated for reducing the role of government intervention and taxation in free markets, but he saw the government as responsible for a country's education and defence sectors.
- From Smith comes the idea of the "invisible hand" that guides the forces of supply and demand and competition in an economy.
- For Smith, an institutional framework is necessary to steer humans toward productive pursuits that benefit society. The framework consists of institutions like a justice system that protect and promote free and fair competition.
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