In his various writings, the leader of the monetarist school of thought, Milton Friedman, argued that there is a variable time lag between changes in money supply and its effect on real output and prices. Thus, according to Friedman,
In the short run, which may be as much as five or ten years, monetary changes affect primarily output. Over decades, on the other hand, the rate of monetary growth affects primarily prices.
Ayn Rand was once asked if she could explain her philosophy while standing on one foot. She did. Could you? Could you explain in everyday language the central idea of free market economics in one breath, between floors in an elevator, or with one foot letting the other do all the work?
When a just war of defense turns into a war of revenge, it ceases to be a just war and becomes an unjust war of aggression. That explains why Robert E. Lee—who followed the conventions of civilized warfare agreed upon in the eighteenth and nineteenth centuries—saw his role as defense of the South, and not as aggression against the North. In 1863, he said:
“In order to succeed in business a man does not need a degree from a school of business administration. These schools train the subalterns for routine jobs. They certainly do not train entrepreneurs. An entrepreneur cannot be trained. A man becomes an entrepreneur by seizing an opportunity and filling the gap. No special education is required for such a display of keen judgment, foresight, and energy.”—Ludwig von Mises, Human Action
