When property rights in money are poorly defined, negative external effects develop. The institutional setup of the euro, with its poorly defined property rights, has brought it close to collapse and can be called a tragedy of the commons.
Without government, unemployment could be relatively easily alleviated.
If the government merely returned to its 2003 spending levels, then the current revenue stream would be enough to pay for everything.
A man would die of hunger who, having decided that money is real wealth, should carry out the idea to the end, writes Frédéric Bastiat (1801–1850).
Casey B. Mulligan believes what the economy needs right now is a little inflation.
