- The Royal Family for their grace and charm in this magnificent affirmation of the dignity of humankind.
- Daniel Kahneman for his ingenuity in the study and understanding of human decision and its associated cognitive processes demonstrating that the logic of choice and the ecology of choice can be divergent.
- The pioneering influence of Sidney Siegel, Amos Tversky, Martin Shubik, and Charles Plott on the intellectual movement that culminated in the economics award for 2002.
- Humanity’s most significant emergent creation: markets.
- Mandeville who said: “The worst of all the multitude did something for the common good.”
- The ancient Judeo Commandments: Thou shalt not steal or covet the possessions of thy neighbor, which provide the property right foundations for markets, and warned that petty distributional jealousy must not be allowed to destroy them. Neither shalt thou commit murder, adultery or bear false witness, which provide the foundations for cohesive social exchange.
- David Hume who declared the three laws of human nature: The right of possession, its transference by consent, and the performance of promises, and taught that the rules of morality are not the conclusions of reason.
- F.A. Hayek for teaching us that an economist who is only an economist cannot be a good economist; that fruitful social science must be very largely a study of what is not; that reason properly used recognizes its own limitations; that civilization rests on the fact that we all benefit from knowledge that we do not possess (as individuals).
- Benjamin Franklin who said “Tell me and I forget, teach me and I remember, involve me and I learn.”
- And to Kahlil Gibran who reminds us that work is love made visible.
Featuring John Allison, President and CEO, Cato Institute; Rep. Kevin Brady (TX-8), Chairman, Joint Economic Committee; and Norbert Michel, Research Fellow in Financial Regulations, Heritage Foundation; moderated by James A. Dorn, Vice President for Monetary Studies and Senior Fellow, Cato Institute.
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In this issue of the Cato Journal, economists Geoffrey Black, D. Allen Dalton, Samia Islam, and Aaron Batteen offer one prominent example of allowing the market to work. Also in this issue, economists Jason E. Taylor and Jerry L. Taylor reexamine the relationship between marginal tax rates and U.S. growth, and Robert Krol looks at bias in CBO and OMB economic forecasts.
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The 2008-2009 financial crisis and Great Recession have vastly increased the power and scope of the Federal Reserve, and radically changed the financial landscape. This new ebook examines those changes and considers how the links between money, markets, and government may evolve in the future.