Conservatism Vs Libertarianism

Decent Essays
The public expenditure issue may be analyzed by understanding and appreciating changing balance between three dominant economic philosophies both in the past and present. The three dominant economic philosophies are libertarian who believes in minimum government role in public expenditure and on the other hand the collectivist believe in fully government role and summarily rejecting supremacy of private interests. The neo-liberals take a stand which serves as a go between the two.
Classical approach
Classical economists Adam Smith, David Richrdo, Malthus, J.S.Mill, were supported the libertarian approach and assigned minimum role to government. The founder of modern economics Adam Smith was a great champion of the principle of economic liberty
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