Economics And Clashing Faith
The Clashing Worlds of Economics and Faith
Individual freedom is symbolized best in the institution of private property. Friedrich Hayek, a well respected social theorist, believes that individual freedom is a necessity to social organization. He rejects the belief that people created social institutions and therefore can alter them in socially beneficial ways because he believes that the cultural characteristics within the institutions are far too complex and historically rooted to be changed by central planning. The best economic policy protects property rights so that maximum freedom is retained and social organization can continue evolving.
There are clearly defined requirements for market success. The first is that property rights must be clearly defined. Second, exchange must be unrestrained. And last, people must seek their self-interest by trading wherever advantage can be found for themselves. The right of people to own property and freely exchange it is......
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