Towards the Simple Economics of Natural Liberty: An Exploratory Analysis

James M. Buchanan

Kyklos, 1987, vol. 40, issue 1, pages 3-20

Abstract: Individuals with legally protected endowments have incentives to allow maximal liberties of purchase or sale to persons on the opposing sides of potential trades. Unless overtly restricted, potential buyers and sellers will be allowed freedom of entry into all markets, thereby insuring maximization of combined consumer and producer surplus or rent. Since liberty, as defined, is a valued but not a scarce good, it is optimally utilized when it is not valued at the margin. The relationship between liberty and rent is examined, and individuals have incentives to extend liberties to others as means of protecting their own rents. Copyright 1987 by WWZ and Helbing & Lichtenhahn Verlag AG

Date: 1987

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