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Most economists are reluctant to discuss values in their papers and books, and some have recently argued that it is generally unnecessary as well as undesirable to do so (Stigler and Becker, 1977, p. 76). But most are noticeably more willing to discuss different types of economic systems which, it is argued here, originally developed out of different beliefs concerning the proper ends of human activity and/or different ideas on what effectively motivates human action. And, while comparative enconomic systems textbooks are now often written from a positive, value‐free, point of analysis (i.e., an efficiency criterion and Pareto‐optimality or some other valuing procedure is accepted, at least implicitly, so that results of different policies and institutional arrangements may be evaluated), the more important observation for this article is that when economists begin discussing “isms” they often introduce simultaneously concepts of freedom, equity (justice), equality, security, etc. This phenomenon seems to hold true for the very conservative (e.g., Friedman and Hayek), the very liberal (e.g., Heilbroner and Lekachman) and even that much overworked comparison group, mainstream textbook authors (e.g., McConnell and Baumol and Blinder).