Commentary
If the term “consumer sovereignty” is unfamiliar to you, don’t feel bad; you have a lot of company. Writing seven or eight decades ago, the great Austrian economist Ludwig von Mises (1881–1973) used the phrase “consumer sovereignty” as a synonym for “free enterprise” or “free-market economy.” In some ways, “consumer sovereignty” is superior to its synonyms. It provides a more precise sense of how a market economy works.
