Contributor(s): Professor Barry R Weingast | Both Hayek and Smith differ from more recent attempts to define liberty. Indeed, the term, “liberty,” has largely disappeared from traditional economics. As part of a larger study of Adam Smith’s politics, Barry Weingast suggests why this is the case. The reason for this disappearance is that modern economics assumes away the problem that liberty solves, namely, in Hayek and Smith's terms, that of arbitrary power, and in modern terms, that of government predation.