The State Is a Predator. It Can’t Be Used to Achieve Libertarian Ends

The State Is a Predator. It Can’t Be Used to Achieve Libertarian Ends

Tyler Cowen, who is said to be “known as one of the libertarian world’s deepest thinkers,” recently wrote a blog post entitled “What Libertarianism Has Become and Will Become — State Capacity Libertarianism.” There, Cowen asserts that libertarianism “is now pretty much hollowed out,” because it has not been able to address an idiosyncratic list of problems ranging from climate change to improving K-12 education. Consequently, according to Cowen, “smart” classical liberals and libertarians “have evolved into a view, as if guided by an invisible hand.” This view Cowen dubs “State Capacity...

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Paul Volcker: The Man Who Vanquished Gold

Paul Volcker: The Man Who Vanquished Gold

The flood of obituaries that noted the passing of Paul Volcker (1927–2019) last week have almost all lauded his achievement as Fed chair (1979–1987) in reining in the double-digit inflation that ravaged the US economy during the 1970s. Volcker was referred to as the “former Fed chairman who fought inflation” (here);  “inflation tamer” and “a full-fledged inflation warrior” (here); and the “Fed chairman who waged war on inflation” and led “the Federal Reserve’s brute-force campaign to subdue inflation” (here).  Mr. Volcker certainly deserves credit for curbing the Great Inflation of the...

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