As dawn breaks over the Gulf of Fonseca, southeast of El Salvador, Patri Friedman sets out for a jog. He trots past domed hothouses filled with fruit trees and feels the sidewalk sway gently underfoot as a tugboat chugs by with a floating apartment building in tow. The year is 2024, and Friedman lives on a so-called seastead, a waterbound city of some 1,000 people who produce their own food, their own energy and -- most important -- their own laws.
Ben and Milton are together. Ben is asking Milton a question: “Shall there be action, Master, or depression?” Ben is like Obi-Wan Kenobi to Milton’s Yoda. At first, Milton doesn’t answer. Finally, Milton speaks. “Depression let it be. Deflation it must be.”
Anna Schwartz, an economist and co- author with Milton Friedman of a book on monetary policy that shaped the views of central bankers including Federal Reserve Chairman Ben S. Bernanke, has died. She was 96.
Friedrich Hayek’s book “The Road to Serfdom” has served as a beacon for American conservatives since its publication in 1944. Today’s Republicans often cite the book in their fight to limit federal power and regulation. Hayek’s views, however, were more complicated than they often assume.