Gary Galles Archive
Gary M. Galles is a Research Fellow at the Independent Institute, Professor of Economics at Pepperdine University, and Adjunct Scholar at the Ludwig von Mises Institute.
By Gary Galles • Thursday October 8, 2015 at 3:48 PM PDT
One defining characteristic of early economists was their antipathy toward protectionism, because they realized that high tariffs and import restrictions harm a nation’s citizens by eliminating mutual benefits that voluntary exchange would have created. Adam Smith, history’s most famous economist, was among their number. However, there was the one case of protectionism he endorsed,...
By Gary Galles • Monday September 21, 2015 at 9:18 AM PDT
During the many years I have written about liberty, among the most common criticisms I’ve encountered has been that freedom, including a free market, is unfair. That conclusion always struck me as backward. How is a system fundamentally based on self-ownership and voluntary arrangements unfair? It certainly meets the traditional definition of justice, which...