The Philosophy of Liberty

What I learned from Austrian School economics is that the simple right to self-ownership, or individual liberty, as outlined in this video, is not only the foundation for an ethical society but actually provides the most efficient and fair social and economic system available to man. 

This understanding elegantly resolves the apparent conflict between an utilitarian system (towards which I had the most inclination) and a principled system, as well as between individual good and greater good.

This was a surprise to me. As I learned more about economic theory in the last couple years, I didn’t expect it would have such normative consequences (figuring how things *should* work, as opposed to simply describing how they work).
The knowledge logically derived from the axiom of human action (humans act, pursuing ends with means) not only keeps proving its robustness and consistency, it clearly shows the inefficiencies and corruption of central regulation and planning.
I am still looking for arguments and evidence which do not fit the theory, but my default assumption is now that private property and the resulting free-market work better than alternatives, unless explicitly proven otherwise.

 

Note: this video is not perfectly rigorous, but it does provide a good vulgarization of what self-ownership means and entails. There are some subtleties which it omits, such as the case of the child (when does he get to decide for himself?), the comatose (who has no voluntary action) and the criminal (who can be forced to compensate the victim). Also, it does not explain how resources from nature can become property (homestead principle).

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