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** Econlib Newsletter
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July 2025
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As we continue our Independence Day celebrations here in the United States, we reflect not only on the birth of a nation—but on the enduring principles that make freedom possible.

At Econlib, we believe that liberty is more than a historical moment. It’s a living ideal—rooted in reason, responsibility, and the power of ideas to shape a free and flourishing society.

This month, we invite you to explore A Call to Liberty ([link removed]) , a new initiative from our parent organization, Liberty Fund ([link removed]) . Through classic texts, engaging essays, and thought-provoking questions, the project encourages a deeper understanding of the moral, legal, and economic foundations of a free society.

This month’s featured essay ([link removed]) from Econlib contributors Christopher Coyne and Abigail Hall argues that while wars may serve high ideals, they consistently expand the size and scope of government—undermining the very freedoms they claim to protect

Whether you're a longtime reader or new to these ideas, A Call to Liberty offers a powerful reminder: liberty begins with learning.

Happy Independence Day,
—The Econlib Team

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** EconTalk: Conversation for the Curious
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What Is Capitalism?

(with Mike Munger)

What is capitalism, really? Drawing on Adam Smith, Douglass North, and his own experience as a teacher and economist, economist Michael Munger ([link removed]) of Duke University discusses three stages of economic development with EconTalk's Russ Roberts ([link removed]) : voluntary exchange, markets, and capitalism. Along the way, the conversation explores the moral and institutional foundations that make impersonal exchange possible, the transformative power of the division of labor, and how capitalism uniquely enables "time travel" through liquidity and equity finance.

Explore more. ([link removed])

More Recent Episodes & Extras:
* The Deceptive Power of Maps (with Paulina Rowinska) ([link removed])
* How to Be a Super Ager (with Eric Topol) ([link removed])
* Leon Kass on the Wisdom of Rousseau ([link removed])
* Two Cheers for Libertarianism and Econ 101 (with Noah Smith) ([link removed])
* Amy Willis, ([link removed]) The Debate That Never Ends ([link removed]) (Boettke Extra)


** NEW Econlib Articles
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July 2025


** Roger Scruton's Conservatism and Adam Smith
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By Alejandra M. Salinas

Alejandra Salinas examines how English philosopher Sir Roger Scruton drew on Adam Smith’s moral and economic thought—yet diverged sharply on markets, culture, and the role of identity in national life. She explores how Scruton appreciated Smith’s vision of spontaneous institutions while challenging his faith in unbounded liberalism—and what it means for modern conservatism anchored in moral sentiment and tradition.
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Losing Affection for GDP

By Arnold Kling

This month, Arnold Kling takes us along on Diane Coyle’s fresh tour of how we define and use GDP—not just as a blunt headline metric, but as a nuanced "map" guiding economic understanding and policy, exploring both its strengths and its blind spots. Perfect for anyone wanting clarity beyond the numbers.
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** The Legacy of David Boaz at the OLL
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David Boaz (August 29, 1953–June 7, 2024) was one of the most influential libertarians of the 20th century, and a driving force behind The Cato Institute for many decades.

The breadth of his interests and his consistent application of his principles to real world challenges were obvious and inspiring to those who knew him. On the one year anniversary of his death, we hope to show the continuing relevance of his legacy.

Click here ([link removed]) to read the series.

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Copyright © 2025, Liberty Fund, Inc. All rights reserved.

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