Central banks have done nothing to end the boom-and-bust cycle. Instead, their unscrupulous interventions in credit markets just prolong the boom. But it's a huge mistake to assume that bringing market interest rates to zero will create a perpetual boom.
Joe's excellent critique of "state capacity libertarianism" picks up on something I also noticed when reading Tyler Cowen's piece. As Joe puts it, Cowen's ideal state is "a nonmarginal actor whose task is to achieve certain collective outcomes intuited by Cowen or some other political...
The task that civil rights laws were meant to carry out—the top-down management of various ethnic, regional, and social groups—had always been the main task of empires. The US now imposes this both domestically and globally.
Why do we have money in the first place? Where does it come from, and what determines its form? What qualities make for a good money? What role do banks play—is it something other than what money itself does for us?