ECONOMICS AND THE DISTINCTION BETWEEN VOLUNTARY AND COERCIVE ACTION1

In economics, considerations of liberty are generally regarded as a secondary question of ‘policy implications’ and a matter of mere opinion. This essay rejects the relegation of liberty to such a status. It argues that the distinction between voluntary and coercive action, rooted in concepts of private ownership and consent, and forming the basis of liberty, should play a fundamental role in the way economic issues and arguments are formulated.