Profiles

Financial success in some broad or narrow market niche has no deeper philosophical significance; in itself, it is no further sign of excellence or virtue. Market success does not prove that the tastes catered to, the goods and services provided, or the providers themselves are admirable.

As an exercise, I'll contend that constitutional monarchy can better preserve people's freedom and opportunities than democracy as it has turned out in practice.

A more realistic view is that a housing boom and bust happened to strike a fragile financial system whose fragility was worsened by ill-conceived government interventions.

Leland Yeager 1 1. The author thanks Roger Garrison and two anonymous referees for valuable suggestions.