Modern economic theory analyzes human action within a “society” or a “nation” and attempts to predict how it might respond to various policies. Let us turn to a basic philosophical principle concerning free choice; Groups don’t make choices, only people make choices. Classical Economics, and advocates of the Libertarian creed vehemently reject polices aimed at the maximizing utility of the “common good”.
In opposition to “common good” policies, classical economics defends the intimate relationship between economic freedom and personal liberty. In order for liberty to thrive, natural rights without exception or equivocation must be an integral consideration when public policies are on the table.
The underlying philosophical doctrine of Classical Economics is rooted in “Aristotelian Philosophy” adhering to rationalism, private property, social responsibility, subjective individuality, natural law, natural rights, and universal truths of human action.
