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Values in Economic Reasoning

Although principles and theories exist apart from an economic actor, he must include his structure of values in his economic reasoning.

At the core of economic value lies ethical values. Humans develop their scale of economic preferences based, to a large degree, on prior established ethical values.

In this topic we will discuss values generally accepted by western societies—and espoused by this site website.

Life

Our founders acknowledged the right to life in our Declaration of Independence; however, we violate that right in subtle way through our political process. That explains why I list it as one of the values of The Free Market Center.

We tend to act in favor of the right to "be" alive, but we frequently violate people right to live life. That means we own our bodies and no one should restrict how we use those bodies. We also should have the freedom to own and enjoy the production of our bodies. (See Property tab.)

Liberty

As much noise as we make about the right to liberty, people frequently don't advocate real liberty. Many people seem to view liberty as the freedom to do what they want, while others have the freedom to do what others allow them to do.

The liberty that I advocate and value at The Free Market Center gives everyone the freedom to do whatever they want so long as they do not violate the lives and property of others. Simple, yet often forgotten.

Property

From the right to life (See values: Life tab.) flows the right to own the product of our bodies. Frequently we do not place sufficient value on this right.

An important distinction exists between valuing property in general and valuing one's own property. Frequently people who will fight to protect their own property will violate the property of others without a second thought. (Taxation represents society's most glaring example.)

The Free Market Center advocates valuing property in general: other people's as well as our own.

 

 

Economic Reasoning