Unfortunately my answer is no. In the present article I’ll go over three possible exit options, and explain the flaws in each.
Before assessing the chances of escape, let’s first review what the problem is:
John Kasich, governor of Ohio, in his State of the State speech, said:
“It may lead to some temporary increments, ironically, to GDP, as a process of rebuilding takes place. In the wake of the earlier Kobe earthquake, Japan actually gained some economic strength” – Lawrence Summers, president emeritus of Harvard University and former director of the White House National Economic Council.
William C. Dudley is the amazingly out-of-touch President of the New York Fed. Speaking in Queens today, he said the economy has improved, but a long way from improved employment and price stability.
The audience pressed Dudley about higher food prices, wherein Reuters reports “people forget that even as the price of food is rising, other prices are falling. He mentioned the price of the iPad 2, prompting guffaws from the audience.”
</p><drupal-media data-align="center" data-entity-type="media" data-entity-uuid="414881aa-79eb-4055-931c-fb2c359d1de2" data-view-mode="embedded_in_rich_text_field"></drupal-media>
What does it take to bring about a well-functioning market? Almost all economists agree that people should engage in cooperative exchange rather than predation, theft, or fraud, but how to ensure this is a matter of debate. Many neoclassical economists follow Thomas Hobbes and focus on changing legal arrangements to solve prisoners’ dilemma situations (Barzel, 2002, Hirshleifer, 2001; Tullock, 1972). Eliminating unwanted behavior is a matter of imposing optimal fines, the “price of an offense” (Becker, 1968, p.262), to alter the costs and benefits of different choices.
Professor Hoppe has posted a very interesting Interview on Taxation — as he notes in prefatory remarks:
A few months ago, a French journalist, Mr. Nicolas Cori, approached me with the request for an interview on the subject of taxation, to be published in the French monthly “Philosophie Magazine,” in the context of current “tax reform” debates in France.
