This issue of The Freeman analyzes how government tax policy, inflation, and regulation distort capital formation and weaken economic growth, contrasting these effects with the vitality of a free market. It critiques federal subsidies for “essential air service” as wasteful interventions, explores Adam Smith’s principle of “natural liberty” as a timeless foundation for prosperity, and examines how inflation’s hidden redistribution harms production and savings. Additional essays address the growth of government through environmental regulation, the dangers of political power, the mutual gains from trade, and the need for voluntary land-use decisions. Book reviews consider race, classical political thought, and alternative perspectives in public policy.
