The author offers a comprehensive protection of the principles of classical liberalism. At the same time, he connects economic arguments, which are usually nominated in favor of the socio-economic policy of classical liberalism, limited government and open markets, with moral and ethical arguments, which are also related to institutional arguments. This connection is ensured by the concept of “robas political savings” – we need robaceous (stable) political institutions that can withstand pressure and stresses created by the weak sides of human nature. The book considers two of them: the problem of limited rationality (people are not omniscients and they have to act in conditions of uncertainty) and the problem of incentives (in some situations, people tend to act opportunistically, so institutions that discipline the potentially opportunistic agent are required).
The first part of the book is a direct polemic with representatives of competing …
Author
Pennington Mark
Translator
Kuznetsov Yuri
Publisher
Thought, 2014
Series
Foundation Liberal Mission
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