Taken from, Toward A Truly Free Market, by John C. Medaille:
- An economic system must answer three questions: What do produce? How to produce it? And to whom do we distribute the output?
- The answers to these questions will come from a combination of tradition, command, and market forces.
- The economy must provide for the material provision of the family, because the family is the basis of both the social and economic orders; it is the reason for having an economy and the indispensible condition of an economy.
- The economy must provide for a relative abundance of ends using relatively scarce means.
- It must accomplish all of these tasks in ways that advance freedom.
– Lucas G. Westman