Friedrich A. Hayek (1899–1992), the 1974 Nobel laureate in Economic Sciences and one of the foremost defenders of individual freedom and the free market, developed a conception of government compatible with a free society that does not require government to be absent, but rather the definition and limitation of its functions and powers.
Hayek and the Role of Government in the Free Market Read More »
Property rights are an essential element for development and well‑being. In this article we briefly analyze their importance and some of the problems with their application in Puerto Rico.
Property Rights: A Pending Task in Puerto Rico Read More »
Puerto Rico is a Hispanic American nation under the sovereignty of the United States of America; this fact makes it a particular case when discussing economic freedom in the Americas. Puerto Rico was ceded to the United States as a result of the Spanish-American War and the Treaty of Paris (1898).
Perspectives on Economic Freedom in Puerto Rico Read More »
The Nobel Prize-winning economist Friedrich Hayek is recognized as one of the most important advocates of liberty in the 20th century. The work that earned him this distinction was The Road to Serfdom, published in 1944 and dedicated “To the socialists of all parties.” The central thesis of the book is the incompatibility of central economic planning and a society of free individuals. This article reviews the origins and some of the key arguments of this seminal work in economic thought.
The Road to Serfdom Turns 80 Read More »
The existence of a business-friendly environment that facilitates investment, entrepreneurship, and business growth is of utmost importance for the economic development of any country. This becomes more relevant today, as companies, entrepreneurs, and productive factors—always scarce—can relocate to places where conditions are more favorable, creating a status quo in which countries constantly compete—at both regional and global scales—to attract investment and talent.
Lights and Shadows of the Puerto Rican Business Environment Read More »
Free-market economy is an economic system with proven effectiveness in coordinating the efficient use of a society’s resources and promoting productive innovation but, like any human institution, it faces challenges that can hinder its proper operation and warp its results. An array of improper, and even illegal, behaviors divert the legitimate business goal of making profits toward a pursuit of profit that is disconnected from productive activity and focused on the exploitation of advantages and privileges. These practices include rent-seeking, clientelism, nepotism, cronyism, and—in extreme cases—corruption.
Challenges to Classical Liberalism Read More »
Social and income mobility has become a hot topic among social scientists and policymakers. Few, though, have examined the role of economic freedom in explaining differences in mobility. I summarize my work showing that economic freedom has a strong impact on improving mobility.
Economic Freedom and Social Mobility: What Does It Mean for Puerto Rico? Read More »
The free-market system allows the individual to interact freely for the satisfaction of his conception of the good life within the rule of law. The individual as an agent is the main actor within the market; however, private, or public businesses and the State itself also figure as actors in the free market. In this article, we present the three ways in which the State acts in the free market.
The Role of Government and the free Market Read More »
Why is the right to private property important? What is the relationship between private property and economic liberty and free market economy? Why is private property related to economic efficiency and innovation? How do you protect the private property in Puerto Rico and the United States? What are the limits of private property?
The Right to Private Property Read More »
Liberalism is the political doctrine that built and dominates our modern world; yet the liberalism of desire that fostered the construction of this world has been transformed into a liberalism of necessity—a liberalism that constructs politics as a dichotomy between oppressors and victims. This kind of politics requires the power of the State to save individuals from victimhood; however, only the individual acting freely can mitigate their suffering.
Necessity Has Triumphed over Desire Read More »
1. Download the ATH Móvil app
2. Go to the Business section and search for the PATH:
/InstLibertadEconomica
3. Enter your contribution amount, check the details and press Pay now.
