Economy

• Hobbes:

  -Government regulates economy to ensure social order and stability

  -Hobbes' primary focus was on political and social order- no comprehensive economic theory or framework
• Burke:

  -Free markets + limited government intervention

  -Believed in the benefits of trade, but upheld the importance of moral values in economic activities

  -Critical of excessive government intervention in the economy- especially if it infringed upon individual liberties
• Oakeshott:

  -Free markets + Limited government intervention

  -State to primarily focus on maintaining order, not intervening in the economy
• Rand:

  -No welfare provision if state sponsored

  -Individuals have the right to maintain property income without being taxed for welfare spending

  -Laissez-faire economy

  -Small state to maintain free markets
• Nozick:

  -Critical of taxation- Free markets + limited government intervention