A welfare state is a "concept of government in which the state plays a key role in the protection and promotion of the economic and social well-being of its citizens. It is based on the principles of equality of opportunity, equitable distribution of wealth, and public responsibility for those unable to avail themselves of the minimal provisions for a good life. The general term may cover a variety of forms of economic and social organization."

Modern welfare states include countries such as Iceland, Sweden, Norway, Denmark and Finland which employ a system known as the Nordic model. The welfare state involves a transfer of funds from the state, to the services provided (i.e. healthcare, education) as well as directly to individuals ("benefits"). The welfare state is funded through redistributionist taxation and is often referred to as a type of "mixed economy".

The German term (Sozialstaat, "social state") has been used since 1870 to describe state support programs being developed by the German Sozialpolitiker—"Social Politicians" and implemented through Bismarck's conservative reforms.

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist, statistician, and author who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. As a leader of the Chicago school of economics, he influenced the research agenda of the economics profession. A survey of economists ranked Friedman as the second most popular economist of the twentieth century behind John Maynard Keynes, and The Economist described him as "the most influential economist of the second half of the 20th century…possibly of all of it."

Friedman's challenges to what he later called "naive Keynesian" (as opposed to New Keynesian) theory began with his 1950s reinterpretation of the consumption function, and he became the main advocate opposing activist Keynesian government policies. In the late 1960s he described his own approach (along with all of mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions. During the 1960s he promoted an alternative macroeconomic policy known as "monetarism". He theorized there existed a "natural" rate of unemployment, and argued that governments could increase employment above this rate (e.g., by increasing aggregate demand) only at the risk of causing inflation to accelerate. He argued that the Phillips curve was not stable and predicted what would come to be known as stagflation. Friedman argued that, given the existence of the Federal Reserve, a constant small expansion of the money supply was the only wise policy.

John F. Stossel (born March 6, 1947) is an American consumer reporter, investigative journalist, author and libertarian columnist. In October 2009 Stossel left his long time home on ABC News to join the Fox Business Channel and Fox News Channel, both owned and operated by News Corp. He hosts a weekly news show on Fox Business, Stossel, which debuted on December 10, 2009. The show airs in prime time every Thursday, repeating on both Saturdays and Sundays. Stossel also regularly provides signature analysis, appearing on various Fox News shows, including weekly appearances on The O'Reilly Factor, in addition to writing the Fox News Blog, "John Stossel's Take".

Stossel practices advocacy journalism, often challenging conventional wisdom. His reporting style, which is a blend of commentary and reporting, reflects a libertarian political philosophy and his views on economics are largely supportive of the free market.

In his decades as a reporter, Stossel has received numerous honors and awards, including nineteen Emmy awards and has been honored five times for excellence in consumer reporting by the National Press Club. John Stossel is doctor honoris causa from Universidad Francisco Marroquín. Stossel has written two books recounting how his experiences in journalism shaped his socioeconomic views, Give Me a Break in 2004 and Myths, Lies, and Downright Stupidity in 2007.

Stefan Basil Molyneux (born 24 September 1966) is a blogger, essayist, author, and host of the Freedomain Radio series of podcasts, living in Mississauga, Canada. He has written numerous articles and smaller essays which have been published on libertarian websites such as LewRockwell.com, antiwar.com and Strike The Root, recorded over 2000 podcasts, produced over 800 videos, and written several books which are self-published except for his first, which was published by Publish America. In 2006 Molyneux quit his previous job in the field of computer software and works full-time on Freedomain Radio, a philosophical community website which is funded through donations. He self-identifies as a full-time parent and philosopher.

Freedomain Radio is primarily an online podcast, however Molyneux also uses essays, videos, books, articles, interviews, and public speaking to deliver his content. The regular content of the show covers topics such as anarcho-capitalism, ethics, Austrian economics, atheism, religion, education, family, philosophy and politics. Each Sunday Molyneux conducts a call-in show where listeners can talk with him about either a set topic of discussion, or their own. Freedomain Radio also has an online community message board for listeners to discuss Molyneux's content as well as related topics.