Sublime

At the Freedom School, Charles became particularly enamored of the work of two laissez-faire economists, the Austrian theorist Ludwig von Mises and his star pupil, Friedrich Hayek, an Austrian exile, who visited the Freedom School. Hayek’s book The Road to Serfdom had become an improbable best seller in 1944, after Reader’s Digest published a conde

“What does Wall Street get out of financialization? A valuation story to sell. What does management get out of financialization? Stock-based compensation. What does the Fed get out of financialization? A (very) grateful Wall Street. What does the White House get out of financialization? Re-election. What do YOU get out of financialization? You get

Value is subjective, which means uncertainty governs all economic phenomena.

First, believing in the overriding importance of sustained economic growth is more than philosophically tenable. Indeed, it may be philosophically imperative. We should pursue large rather than small benefits, and we should have a deep concern for the more distant future rather than discounting it exponentially. Our working standard for evaluating