Federal Reserve

Money and Books: monopoly and censorship analogy

3 Comments / Economics, Politics / Stephen Hicks

An analogy of books to money. As an exercise of imagination, let us suppose that the following were a true description of our publishing industry: * Only the government may print books.* The government decides how many books may be in circulation at any given time.* The government determines the initial price at which books […]

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Drunk college kids, Wall Street, and the Federal Reserve

Imagine a college dormitory, students away from home, and available alcohol. In any student population, some will drink too much. But most will do fine. Now suppose a Dean of Students who installs a bar in the dorm and subsidizes the price of booze, especially for favored students. Not surprisingly, the amount of student drunkenness

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