Economic liberalism advocates for a clear separation between government and commerce, allowing the market to operate independently without state interference. This philosophy, termed “laissez-faire,” posits that individuals pursuing their self-interest ultimately benefit society without central organization, planning, or control. However, government intervention disrupts natural market processes.In a capitalist society, all firms should enjoy equal rights in commerce, free of overreach. Government intervention—altering voluntary buyer-seller interactions and contracts—can drastically affect market operations. For instance, rent control policies dictate lease terms and set maximum rents that landlords may charge tenants, creating a significant disparity between

What is the Mises Institute?

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

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When we consider markets, we typically think of commerce – the buying and selling of goods and services, international trade, investing, supply and demand. Markets are the backbone of our economy. Almost everything has a market – food, medical care, toys, films and entertainment, weapons, drugs, stocks. But there is one market that surpasses them all in importance, without which no other market could exist – the labor market.Labor is crucial for commerce. Without people to produce goods and services, commerce would cease to exist. Businesses rely on labor to function, creating a demand similar to that of material goods and services. In other words, the labor market is the foundation on which all other markets depend.In an age where everyone feels the need to have