Economic Liberty, Price Control, and Environmental Harm

One core question in contemporary political economy is whether economic liberties should be constitutionally protected as basic rights. In this article I do not provide a positive argument for the view that economic liberties are basic rights. Rather, I seek to provide a reason for not embracing the opposing view, i.e. that economic liberties should not be constitutionally protected as basic rights. Based on Hayek’s theory of price as signal, I argue that price control, a view usually associated with high liberals, and sometimes endorsed by moderate welfarists, is environmentally sub-optimal.