Last week, Federal Reserve Board Chairman Janet Yellen was awarded the Radcliffe Medal at Harvard’s Radcliffe Institute for Advanced Study. At a lunch in Yellen’s honor, Lizabeth Cohen, dean of the institute, praised the Fed chair’s “steadfast commitment to robust growth” and the way the she “steers our economy,” guided by the philosophy of her Yale mentor, Keynesian economist James Tobin.
Given any quantifiable standard, freedom and private property have proven themselves superior to planning, bureaucracy, and the welfare state. As the great laissez-faire economist Jean-Baptiste Say wrote in 1803, “Nothing can be more idle than the opposition of theory to practice!” Say’s message is as clear now as it was then: the mechanics of liberty work precisely because they respect our individual rights.
With all the talk of America’s forgotten middle class, it’s worth taking time as we begin a new year to consider that the country’s seeming obsession with wealth and inequality may instead be turning the U. S. into a country with only two classes: the governed and the governing.
TweetMy essay at RealClearPolitics yesterday sparked several responses. But 2,000 words is insufficient when it comes to outlining a dynamic shift in the political construct, and there will be more to[…]
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TweetThe debt ceiling crisis is rightly sucking almost all of the oxygen in the arena of public debate. So it’s remarkable that The Washington Post’s George Will dedicated his Friday[…]
TweetHeartland Institute friend Darren Nelson (an Aussie living in Wisconsin) shares with us an interesting post from the libertarian Mises Institute about a now-infamous December piece in New York magazine[…]