Virginia School of Political Economy

The Virginia School of Political Economy is an academic approach that emphasizes the role of institutions and markets in shaping political and economic outcomes. It originated at the University of Virginia and focuses on how social arrangements, particularly property rights and governance structures, influence economic performance and individual behavior. Scholars from this school advocate for free markets, limited government intervention, and the idea that incentives and constraints within institutions drive human actions. It combines economic theories with political analysis to explore how different system designs can lead to various societal results.