Unconventional monetary policy—characterized by “zero interest rate policy” (ZIRP) and “quantitative easing” (QE), along with macro-prudential regulation—has increased the power of central banks in the United States, Japan, and Europe. In the new issue of Cato Journal, contributors revisit the thinking behind unconventional monetary policy and the “new monetary framework,” make the case for transparent monetary rules versus foggy discretion, and point to the distortions generated by ultra-low interest rates and preferential credit allocation.
When the Danish newspaper Jyllands-Posten published the cartoons of the prophet Muhammad in 2005, Denmark found itself at the center of a global battle about the freedom of speech. The paper’s culture editor, Flemming Rose, defended the decision to print the 12 drawings, and he quickly came to play a central part in the debate about the limitations to freedom of speech in the 21st century. In The Tyranny of Silence, Flemming Rose provides a personal account of an event that has shaped the debate about what it means to be a citizen in a democracy and how to coexist in a world that is increasingly multicultural, multireligious, and multiethnic.
The Cato Institute has released its 2014 Annual Report, which documents a dynamic year of growth and productivity. “Libertarianism is the philosophy of freedom,” Cato’s David Boaz writes in his book, The Libertarian Mind. “It is the indispensable framework for the future.” And as the new report demonstrates, the Cato Institute, thanks largely to the generosity of our Sponsors, is leading the charge to apply this framework across the policy spectrum.
Intellectual Property and First Principles
Presented by the Cato Institute's Center for Constitutional Studies and the Federalist Society for Law & Public Policy Studies
Featuring Randolph J. May, President, The Free State Foundation, coauthor, The Constitutional Foundations of Intellectual Property; Richard A. Epstein, Laurence A. Tisch Professor of Law, New York University Law School; Jim Harper, Senior Fellow, Cato Institute; and Eli Dourado, Director, Technology Policy Program, Mercatus Center, George Mason University; moderated by Roger Pilon, Director, Center for Constitutional Studies, Cato Institute.
Conservatives and libertarians are sometimes divided on the question of whether intellectual property is really property, and how much protection it deserves. On one hand, intellectual property is a product of mixing labor with material in the public domain, and it’s freely alienable, able to be bought, sold, licensed, or used as the owner sees fit. On this view, intellectual property is a bedrock natural right, central to economic and personal freedom, which the United States Constitution empowers Congress to protect. The contrary position, taken by some libertarians, views intellectual property as a government-conferred right that encourages political rent-seeking, restricts liberty, and thwarts innovation. Please join us as our panel of experts debates who has the better of the argument.