Had Drugs Been Decriminalized, Crack Would Never

How Do You Hold Down Government Spending?

What Central Banks Can Control Is A Base And One Way They Can Control The Base Is Via Manipulating A Particular Interest Rate, Such As A Federal Funds Rate, The Overnight Rate At Which Banks Lend To One Another. But They Use That Control To Control What Happens To The Quantity Of Money. There Is No Disagreement.

. . . It Is Worth Discussing Radical Changes, Not In The Expectation That They Will Be Adopted Promptly But For Two Other Reasons. One Is To Construct An Ideal Goal, So That Incremental Changes Can Be Judged By Whether They Move The Institutional Structure Toward Or Away From That Ideal. The Other Reason Is Very Different. It Is So That If A Crisis Requiring Or Facilitating Radical Change Does Arise, Alternatives Will Be Available That Have Been Carefully Developed And Fully Explored.

Germany Has A Very Able And Productive Workforce. It Has High-quality Products That Are Valued All Over The World. It Has Every Opportunity To Be A Productive, Growing State. It Just Has To Give Its Entrepreneurs A Chance. It Has To Let Them Make Money, Hire And Fire, And Act Like Entrepreneurs.

Adam Smith's Key Insight Was That Both Parties To An Exchange Can Benefit And That, So Long As Cooperation Is Strictly Voluntary, No Exchange Can Take Place Unless Both Parties Do Benefit.