The deficit narrowed during July after months of record shortfalls in federal tax revenues. During April, May, and June of this year deficits surges to unprecedented highs as economic activity dried up, workers were furloughed and laid off, and tax payments were deferred.

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The US foreign policy establishment has for decades been dominated by neoconservative interventionists and falsely named “humanitarian” interventionists. These people believe that because the United States is the one “exceptional nation,” no conflict anywhere in the world could possibly be solved without our butting our noses into it.

[A selection from Profit and Loss.]

The consumers by their buying and abstention from buying elect the entrepreneurs in a daily repeated plebiscite as it were. They determine who should own and who not, and how much each owner should own.

Ronald Dworkin was an outstanding American legal philosopher, but he is usually taken to be a strong opponent of the free market and defender of the welfare state. This perception of him isn’t wrong, but he is much more favorable to the free market than you might think, and we can learn a lot from him.