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Many people have preconceived notions of what free enterprise means and what role business plays in our social order. This class challenges many preconceived notions of free enterprise by examining the relationship between individuals and the state and that between individuals and society. The course uses economic analysis to examine the role markets play in coordinating individual economic activity and creating widespread gains from trade. The course shows how business is inherently socially beneficial.

This course conducts an in depth examination of the institutional structure necessary for a flourishing social order. The course examines market behavior and applies economics to understanding the economy as an informational feedback mechanism allowing social cooperation and entrepreneurial activity. The course also discusses how societies provide quality assurance in the absence of government regulation. This requires the student to apply basic economic theory, particularly supply and demand and opportunity-cost analysis, and to apply the understanding of social science to business management.