US Vice President J.D. Vance recently claimed that free markets are a tool, rather than the purpose of American politics. But efficient markets are more than a means to an end, because they advance prosperity, foster economic and political liberty, and promote individual and social virtue.

WASHINGTON, DC – In a recent interview with The New York Times, US Vice President J.D. Vance noted: “I think one of the criticisms that I get from the right is that I am insufficiently committed to the capital-M market.” Vance made clear his belief that “the market economy is the best way of provisioning goods and services and coordinating people across a very complex society,” but the market, in his view, is a “tool,” rather than “the purpose of American politics.”