Individualism and Economic Order

Abstract: Many people today think that having strict rules for society isn't practical and prefer to make choices based on situations, which can reduce individual freedoms and lead to collectivism. True individualism, described by thinkers like John Locke, focuses on how personal actions impact society and values limited government control. This is different from collectivism, which separates individuals from society. In economics, sharing knowledge is important for making good decisions. Competition helps markets work better, while central planning often leads to waste. Understanding human behavior is key in both social sciences and economics to support a free society.

Book Summary

Chapter Summaries:

I. Individualism: True and False

II. Economics and Knowledge

III. The Facts of the Social Sciences

IV. The Use of Knowledge in Society

V. The Meaning of Competition

VI. “Free” Enterprise and Competitive Order

VIII. Socialist Calculation II: The State of the Debate (1935)

IX. Socialist Calculation III: The Competitive “Solution”

X. A Commodity Reserve Currency

XI. The Ricardo Effect

XII. The Economic Conditions of Interstate Federalism