Instead of permitting the necessary economic adjustments to be made in the wake of this unsustainable boom, the political classes — and their court economists — insist on even more government spending, more debt, and more destruction of the dollar.
We must become the intellectual dissidents of our time, rejecting the demands for statism that come from the Left and Right.
The art of economics consists in looking not merely at the immediate but at the long effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.
Given the poor quality of the reasoning behind Samuelson's remarks we should doubt his advice, not F.A. Hayek and Milton Friedman's.
The Federal Reserve should not make a credible commitment to future inflation as a means of stimulating aggregate demand. The Federal Reserve should instead reverse its low-interest-rate policy before it increases the level of discoordination in the economy.
"The management is deeply embedded in the regulatory structure of the state, working to effectively turn the American car industry into a public-private partnership of the sort Mussolini would have applauded."
Obama's public-private partnerships would become extinct and despised, being recognized for what they are: back-door socialism, making a mockery of true partnerships and freedom. Entrepreneurship and innovation would be free to flourish in such an environment.
Folsom places great emphasis on Roosevelt's character, and the president comes off very poorly indeed.
Inflation has always been, the most dangerous and destructive form of taxation.
Presented at the 2008 Economics and Government Seminar at the University of Waterloo, sponsored by the Institute for Liberal Studies.
