Each of us wants the ability to better our condition through substituting one bond with another that we believe to be of greater value (divorcing in order to marry a more considerate spouse, switching holdings in a securities portfolio, changing jobs, placing our children in a better school).
"A fall in normal credit (i.e., credit that has an original lender) doesn't alter the money supply and hence has nothing to do with deflation."
Obviously, the free movement proviso is a far-reaching restriction of the property right of route owners as it would be defined according to the "freedom as property" conception, but it is not an arbitrary restriction — in fact, it is rooted the idea of freedom, which is, or should be, the supreme libertarian value.
In a few brief years the character of the right wing had been totally transformed: Once basically classical liberal, it had become a global theocratic crusade.
What counts in the market are the externalities that can be derived from intellectual property. How to deal with these externalities is, of course, a different matter.
"Without the historical act of saving, which is now embodied in capital goods, there would be no economy at all."
"Some illnesses are not insurable without destroying the insurance system."
"There is no market for the judgment that entrepreneurs rely on, and therefore exercising judgment requires the person with judgment to start a firm."
Pages 836-850. Narrated by Jeff Riggenbach.
