Mark Thoma:

One thing I’ve learned from the crisis is that the politics of economic intervention to stabilize the economy is far more important than I realized. When you teach stabilization policy out of textbooks, it’s easy, you just say that the government cuts taxes or increases spending, that the Fed takes this or that . . . → Read More: ECONOMISTS SAY THE DARNDEST THINGS

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In competition chance and good luck are often as important as skill and foresight in determining the fate of different people. — F. A. Hayek

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