A limited constitutional government calls for a rules-based, freemarket monetary system, not the topsy-turvy fiat dollar that now exists under central banking. This issue of the Cato Journal examines the case for alternatives to central banking and the reforms needed to move toward free-market money.
Americans are finally enjoying an improving economy after years of recession and slow growth. The unemployment rate is dropping, the economy is expanding, and public confidence is rising. Surely our economic crisis is behind us. Or is it? In Going for Broke: Deficits, Debt, and the Entitlement Crisis, Cato scholar Michael D. Tanner examines the growing national debt and its dire implications for our future and explains why a looming financial meltdown may be far worse than anyone expects.
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.
Nudge: Improving Decisions about Health, Wealth, and Happiness
Featuring the coauthor Cass Sunstein, University of Chicago Law School, with comments by Terrence Chorvat, George Mason University Law School and Will Wilkinson, Cato Institute.
Expanding on their widely discussed article on “libertarian paternalism,” Professors Sunstein and Thaler argue that people often make bad choices on diet, retirement savings, health insurance, and contributing to climate change. In their new book they examine how human beings make decisions. Recent scientific research shows that people are susceptible to cognitive biases and blunders. Because we are human, we are fallible, and because we are fallible, we can use all the help we can get. Sunstein and Thaler argue that by knowing how people think, we can design choice environments that make it easier for people to choose what is best for themselves, their families, and their society. Using colorful examples from the most important aspects of life, Thaler and Sunstein demonstrate how thoughtful “choice architecture” can be established to nudge us in beneficial directions without restricting freedom of choice. Will Wilkinson and Terrence Chorvat will raise questions about the proper place of “choice architecture” in a free society and the plausibility of “libertarian paternalism.”