Hell Hath No Fury Like A Bureaucrat

Because We Live In A Largely Free Society, We Tend To Forget How Limited Is The Span Of Time And The Part Of The Globe For Which There Has Ever Been Anything Like Political Freedom: The Typical State Of Mankind Is Tyranny, Servitude, And Misery.

Inflation Is Always And Everywhere A Monetary Phenomenon In The Sense That It Is And Can Be Produced Only By A More Rapid Increase In The Quantity Of Money Than In Output.

Germany Has A Very Able And Productive Workforce. It Has High-quality Products That Are Valued All Over The World. It Has Every Opportunity To Be A Productive, Growing State. It Just Has To Give Its Entrepreneurs A Chance. It Has To Let Them Make Money, Hire And Fire, And Act Like Entrepreneurs.

My Monetary Studies Have Led Me To The Conclusion That Central Banks Could Profitably Be Replaced By Computers Geared To Provide A Steady Rate Of Growth In The Quantity Of Money. Fortunately For Me Personally, And For A Select Group Of Fellow Economists, That Conclusion Has Had No Practical Impact… Else There Would Have Been No Central Bank Of Sweden To Have Established The Award [nobel Prize] I Am Honoured To Receive.

The Argument For The Free Market Is A Complicated And Sophisticated One And Depends On Demonstration Of Secondary Effects. I Have Confidence Market Efficiency Will Win Out.