There is a question that runs underneath almost the entire history of economic thought, and it is not the one most people think economics is about. It is not “how do we grow.” It is this: a person whose survival depends on something they do not control is not fully free, no matter what rights they are formally granted. So what, if anything, can be done about that?
Nearly every major economic thinker for two and a half centuries took a position on it. The remarkable thing is how many of them agreed on the diagnosis and how badly every one of their cures stalled. Understanding why they stalled is the entire point, because the reason was always the same, and it is the reason that has just, very recently, changed.
Continue reading “The oldest argument in economics is about whether you are free”
