This issue of The Freeman examines the meaning of rationality in human action, showing how entrepreneurship, learning, and personal judgment lie at the heart of progress. It critiques utopian calls for a conflict-free world by explaining how scarcity makes choice and trade-offs unavoidable, and explores how government overreach—from subsidies to regulation—distorts incentives and undermines prosperity. Additional essays outline the necessity of production for moral living, defend a contractual approach to business ethics, and explain economic coordination through price signals. Book reviews analyze works on democratic capitalism, monetary history, and the philosophical foundations of individual liberty.
