While mathematical concepts helped describe financial economics in the last chapter, our journey brings us to a place where things get interesting: the role of government. It is the elephant in the room. Here, mathematics takes a backseat to subjective logic. This subjectiveness is often tinged with personal sentiment, rendering it controversial. This chapter will examine the rule of law, survey the public sector, study political economics, and discuss political wisdom.
Fredrich Hayek (1960), an Austrian American economist, legal theorist, and philosopher, examined only free countries, not arbitrary governments. Nothing distinguishes conditions in a free country more clearly than the observance of the ...
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