Adam Smith Markets Emerge, Not Designed Eighteenth-century Scottish thinker who showed how specialization and voluntary trade create prosperity without anyone planning it, founding modern economics. Thinker
Milton Friedman The Case for Free Markets Twentieth-century American economist and public explainer who turned free-market ideas into plain language and tied economic freedom to political freedom. Thinker
Capitalism Capitalism is a system where individuals and businesses are free to own property, make decisions, and trade voluntarily with others. Instead of a central authority controlling most economic activity, people respond to prices, incentives, and competition. Supporters argue this helps create innovation, growth, and rising living standards over time.
Incentives Incentives are the rewards or consequences that influence how people make decisions and behave. Economic systems, businesses, and governments all create incentives that encourage certain actions and discourage others. Many economists argue that understanding incentives is essential for understanding real-world outcomes.