Finally, this view, based only on the doctrines of one obscure and heterodox scholastic, was enshrined in conventional histories of economic thought, where it was seconded by the free market but fanatically anti-Catholic economist Frank Knight and his followers in the now highly influential Chicago School.
The weakness of a benevolent despotism is that there is no guarantee that it will remain benevolent. The Social Welfare State, the modern liberals' goal, is essentially a Germanic concept.
As champions of liberty, Paine and Bastiat threw the covers off the fallacies and institutions that stood in the way of its realization. Both writers bequeathed to us arsenals of intellectual ammunition that will always be deadly to statism.
In general, moreover, Keynesian proposals for "compensatory" policies follow Marxian socialism in seeking to force individuals to obey the rule, "From everyone according to his abilities, to everyone according to his needs." Arguments and theories used to support these proposals are essentially Marxian.
"Just as serious as the economic disruption are the social consequences of inflation."
In the real world, erecting higher trade barriers will reduce economic output in both countries, whereas reducing trade barriers will lead to greater output.
A money-substitute can be embodied either in a banknote or in a demand deposit with a bank subject to check (”checkbook money” or depos
"Only savings can allow for sustainable economic growth."
The human desire for freedom has always run up against those who believe "too much" freedom is a bad thing and that the "common good" — as defined by some elite — outweighs the rights of the individual.
These increases may not show up in the price of US financial assets, but they will rear their ugly heads at the gas pump and grocery checkout.
