I conclude with an important final warning: naturally (and I must never tire of repeating it) the solution I propose is only valid in the context of an irrevocable decision to establish a free-banking system subject to a 100% reserve requirement on demand deposits.
Jeffrey Tucker interviews Robert A. Lawson. Recorded 15 January 2009.
Sponsored by the Mises Institute and held in Houston, Texas; September 22-23, 1995.
Presented at the Mises Institute’s first conference, November 16-17, 1983; in Washington, DC.
1996 Mises Institute Supporters Summit, San Francisco, California; February 9-10, 1996.
Recorded at the Toronto Stock Exchange; September 16-17, 1999.
Recorded at the Mises Institute Supporters Summit, 1 November 2008; Auburn, Alabama.
The law of comparative advantage tells us that no matter how much more productive they are than the rest of us, even people who are very productive can be made better off by trading with people who are not.
Bernstein's book takes us outside the here and now and helps us understand the big picture, and he does this by looking at the details of goods traded in lands far away in all times.
