The 17th-century British philosopher John Locke is known for his major political influence on the American Founders. He’s less known as an early advocate of principles that have become part of modern economics.

In commemoration of Locke’s 385th birthday, Duke University professor Michael Munger highlighted Locke’s economic thought during a presentation for the John Locke Foundation’s Shaftesbury Society.

Munger also applied Locke’s ideas to the modern debate over price-gouging laws.