G. Stolyarov II is a science fiction novelist, independent philosophical essayist, poet, amateur mathematician, composer, contributor to Enter Stage Right, Le Quebecois Libre, Rebirth of Reason, and the Ludwig von Mises Institute, Senior Writer for The Liberal Institute, and Editor-in-Chief of The Rational Argumentator, a magazine championing the principles of reason, rights, and progress (http://rationalargumentator.com). His newest science fiction novel is Eden against the Colossus. His latest non-fiction treatise is A Rational Cosmology. Mr. Stolyarov can be contacted at gennadystolyarovii@yahoo.com.

Arts & Humanities > Political Philosophy The concept of consumer sovereignty in economic theory

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The great Austrian economist Ludwig von Mises formulated the idea of "consumer sovereignty," using a term originally coined by William Hutt in a critique of Keynesianism, to describe the role of consumers and producers in the market process. Mises's analogy has its limits, as his student Murray Rothbard would recognize, but it remains nonetheless an eloquent defense of the free market. When the limits of the analogy are recognized, one will find the free market to be even superior to what a full application of the analogy might suggest.

By "consumer sovereignty" Mises meant that, in a f...

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