“In their view the state should confine its activities to ensuring a peaceful, competitive environment within which citizens could pursue their individual objectives as fully as possible. Only the evils of monopoly power or too much state involvement in economic affairs could prevent the price mechanism from yielding maximum national output, given the constraint of scarce but fully employed resources.” (Snowdon 2005 p. 56)

See Also[]

Public Choice


  1. Snowdon, Brian and Howard R. Vane. 2005: Edward Elgar Publishing;Modern Macroeconomics: Its Origins, Development And Current State
  2. Main Wiki
  3. Tullock, Gordon and Arthur Seldon and Gordon L. Brady. 2002: Government Failure: A Primer in Public Choice. Cato Institute