 The line of thinkers who by and large endorse markets reaches from Mandeville’s Fable of the Bees (1924 [1714/1721]) to the Scottish Enlightenment, with Adam Smith’s 1776 Inquiry into the Nature and Causes of the Wealth of Nations often seen as the birth certificate of economics as a separate science. In the 19th century, insights from Smith and other earlier thinkers were taken up by “classic” economists such as Thomas Malthus [1798] or David Ricardo [1817]. In the 20th century the pro-market tradition includes the “Austrian” school with thinkers such as Ludwig von Mises (e.g., 1949), Joseph Schumpeter (e.g., 1942), and F.A. von Hayek (e.g., 1944; 1973–9); James Buchanan and the “Virginia School” with its focus on public choice theory (e.g., Buchanan 1975); and the (largely libertarian) “Chicago School” with Milton Friedman as its most prominent representative (e.g., 1962; on the Chicago School as a whole see e.g., Emmett (2010); for a critical delineation of libertarian from liberal thought see Freeman 2001). The arguments by friends of markets have changed over time, but there are some threads that unite this tradition: the emphasis on individualism and on markets as helping to emancipate individuals from traditional ties, a “negative” understanding of freedom, a focus on the innovating and modernizing effects of markets, and on their positive impact on the welfare of society.