Hayek determined to form a society committed to persuading the intellectuals, and hence the masses and their political leaders, to change course.

There is always some great excuse for the trashing of the human freedom that built civilization as we know it. If the state cannot find one, it is glad to invent one. A population that is ideologically gullible or afraid for its security will permit government to run roughshod over rights and liberties.

People respond to incentives. When governments change incentives, people respond in ways that produce unintended results. The law of unintended consequences has come to the fore recently in a discussion over the legal status of unpaid internships. If you subscribe to Arts & Letters Daily, you probably saw a link to this piece, which reviews a recent book on unpaid internships.

Let’s just take it for granted that there needs to be a division of labor: some people covering fundamentals and others working on difficult inside problems and controversies. Let’s just grant that; this post is not urging anyone to change emphasis.

The late 1990s saw a strengthening of the International Monetary Fund’s core mandate as a global financial parent on the lookout for perceived instabilities to correct in the name of economic development. Several alterations in the scope of its operations following the crises of the previous 20 years had given the Fund a far wider range of policy options, as well as far greater resources, with which to support faltering economies.

If you want a monopoly, you don’t have to be buddies with the king. You can just go to the patent office.

According to The Columbus Dispatch, “The lack of supply stems from the economic downturn. Automakers sold fewer new cars, which means that fewer recent models are out there to be traded in.”

The article fails to mention the Cash for Clunkers programs and its desired result of a reduced supply of used cars.