Notes
Chapter 1
1. The future NBA players in the game were Othell Wilson, Sam Perkins, James Worthy, Michael Jordan, and Ralph Sampson, the latter three of whom were to become NBA all-stars.
2. Ken Denlinger, “North Carolina Stalls off Virginia for ACC Title: A Classic Example of Overcoaching and Underplaying,” Washington Post, March 8, 1982, C1.
3. Richard Goldstein, “In 1954, Shot Clock Revived a Stalled N.B.A.,” New York Times, December 25, 2004; retrieved on December 4, 2011, from www.nytimes.com/2004/12/25/sports/basketball/25clock.html.
4. James A. Sheldon, “Basketball Rules Experiments May Net Results,” NCAA News, June 16, 1982, 1.
5. Jeremy Gerard, “In $1 Billion Deal, CBS Locks up N.C.A.A. Basketball Tournament,” New York Times, November 22, 1989; retrieved on December 4, 2011, from www.nytimes.com/1989/11/22/sports/in-1-billion-deal-cbs-locks-up-ncaa-basketball-tournament.html; and “March Money Madness: CBS Sports to Spend $6 Billion over 11 Years for Basketball Tourney,” Money Magazine, November 18, 1999.
6. John Maynard Keynes, The General Theory of Employment, Interest and Money (Orlando, FL: Harcourt Brace, 1936), 384.
7. For estimates of the number of people dislocated by the use of eminent domain, see Ilya Somin, “Economic Development Takings as Government Failure,” in The Pursuit of Justice: Law and Economics of Legal Institutions, ed. Edward J. López (New York: Palgrave Macmillan, 2010), 123–144.
8. John Stuart Mill. “The Claims of Labour,” Edinburg Review (1845), in Essays on Economics and Society Part I, vol. 4 of The Collected Works of John Stuart Mill, ed. John M. Robson (Toronto: University of Toronto Press; and London: Routledge and Kegan Paul, 1967), 370.
9. “A 40-Year Wish List: You Won’t Believe What’s in That Stimulus Bill,” Wall Street Journal, January 28, 2009, A14.
10. Mill, “The Claims of Labour,” 370.
Chapter 2
1. Plato, “CRITO.” In The Dialogues of Plato: Translated into English with Analyses and Introduction by V. Jowett, M. A. in Five Volumes, third edition (Oxford, UK: Oxford University Press, 1892); retrieved on November 9, 2011, from http://oll.libertyfund.org/title/766/93697.
2. Wikipedia contributors, “List of U.S. executive branch czars,” Wikipedia, The Free Encyclopedia; retrieved on July 10, 2010, from http://en.wikipedia.org/wiki/List_of_U.S._executive_branch_czars.
3. Habeas corpus prohibits unlawful or arbitrary imprisonment of an individual by the government, a right enjoyed—if occasionally taken for granted—by citizens of stable and peaceful democracies yet longed for by citizens of abusive governments. Regarding limits on the government’s power of eminent domain, the earliest forms of the public use and compensation requirements appear in chapters 28 and 29 of the Magna Carta.
4. Harvey C. Mansfield, The Prince: Second Edition by Niccoló Machiavelli (Chicago: University of Chicago Press, 1998), ii.
Chapter 3
1. Paul A. Samuelson, “The Art of Economic Policy,” New York Times, October 30, 1970, 41.
2. James M. Buchanan, “What Should Economists Do?” (Presidential Address, Southern Economic Association, November, 1963) Southern Economic Journal 30:3 (1964), 213–222.
3. Robert D. Tollison, “Economists as the Subject of Economic Inquiry” (Presidential Address, Southern Economic Association, November 26, 1985) Southern Economic Journal 52:4 (1986), 909–922.
4. Mark Blaug, Great Economists before Keynes (Atlantic Highlands, NJ: Humanities Press International, 1986), 262.
5. Associated Press, “Biofuel Brews up Higher German Beer Prices,” May 30, 2007.
6. Mark Blaug, Economic Theory in Retrospect (Cambridge, UK: Cambridge University Press, 1985), 302.
7. N. Gregory Mankiw, “The Pigou Club Manifesto,” Greg Mankiw’s Blog, October 26, 2006; available at http://gregmankiw.blogspot.com/2006/10/pigou-club-manifesto.html.
8. Henry William Spiegel, The Growth of Economic Thought: Revised and Expanded Edition (Durham, NC: Duke University Press, 1983), 615.
9. Mark Skousen, “The Perseverance of Paul Samuelson’s Economics,” The Journal of Economic Perspectives, 11:2 (Spring 1997), 137–152.
10. Samuelson, “The Art of Economic Policy,” 41; Mark Skousen, “The Perseverance of Samuelson’s Economics.”
11. Leonard S. Silk, “Samuelson Contribution: Nobel Prize Winner Has Demonstrated the Uniformity of All Economic Theory,” New York Times, October 28, 1970, 67.
12. Ibid.
13. Samuelson, “The Pure Theory of Public Expenditure,” Review of Economics and Statistics 36: 4 (1954), 387–389.
14. The Concise Encyclopedia of Economics, s.v. “Friedrich August Hayek,” ed. David R. Henderson (Liberty Fund, Inc., 2008), Library of Economics and Liberty; available at www.econlib.org/library/Enc/bios/Hayek.html.
15. Citation counts are from Google Scholar. Comparisons to Friedman and Samuelson are from Avinash Dixit and Mancur Olson, “Does Voluntary Participation Undermine the Coase Theorem?” Journal of Public Economics 76: 3 (2000), 309–335.
16. Ronald Coase, “Intellectual Portrait Series: A Conversation with Ronald Coase.” Interviewed by Richard Epstein at 42:00. Online Library of Liberty, 2002. Liberty Fund, Inc.; available at http://oll.libertyfund.org.
17. Dava Sobel, Longitude: The Story of a Lone Genius Who Solved the Greatest Scientific Problem of His Time (New York: Walker, 1995).
18. David E. Van Zandt, “The Lessons of the Lighthouse,” Journal of Legal Studies 22: 1 (1993), 77–82; and Elodie Bertrand, “The Coasean Analysis of Lighthouse Financing: Myths and Realities,” Cambridge Journal of Economics 30: 3 (2006), 389–402.
19. Coase, “The Problem of Social Cost,” Journal of Law & Economics, vol. 3, October 1960, 18.
20. James M. Buchanan. “Better Than Plowing,” in The Logical Foundations of Constitutional Liberty, vol. 1 of The Collected Works of James M. Buchanan (Indianapolis, IN: Liberty Fund, 1999), 11–27.
21. Ibid.
22. Ibid.
23. Buchanan. “An Economic Theory of Clubs,” Economica 32 (1965), 1–14.
Chapter 4
1. U.S. General Accountability Office. Sugar Program: Supporting Sugar Prices Has Increased Users’ Costs while Benefiting Producers, GAO/RCED–00–126 (Washington, DC: General Accountability Office: 2000), 5.
2. The transplant waiting list is updated in real time at the website of the United Network for Organ Sharing, www.unos.org. The historical data are from the interactive tables made available by The Organ Procurement and Transplantation Network, “Removal Reasons by Year, January 1995–October 31, 2007,” available at www.optn.org/latestData/rptData.asp, based on OPTN data as of January 25, 2008. Report on file.
3. U.S. Department of Health and Human Services, Health Resources and Services Administration. 2006 OPTN/SRTR Annual Report: Transplant Data 1996–2005 (Washington, DC: Department of Health and Human Services, 2006); available at www.ustransplant.org/annual_reports/current/ar_archives.htm.
4. Gary S. Becker and Julio Jorge Elias, “Introducing Incentives in the Market for Live and Cadaveric Vital Organ Donations,” The Journal of Economic Perspectives, 21: 3 (Summer 2007), 3–24.
5. Leonard S. Silk, “Samuelson Contribution: Nobel Prize Winner Has Demonstrated the Uniformity of All Economic Theory.” New York Times, October 28, 1970, 67.
6. “This Year’s Economics Prize Awarded for a Synthesis of the Theories of Political and Economic Decision-Making (Public Choice),” The Royal Swedish Academy of Sciences press release, October 16, 1986, on Nobel Prize website at http://nobelprize.org/nobel_prizes/economics/laureates/1986/press.html.
7. Jane Seaberry, “Nobel Winner Sees Economics as Common Sense; Buchanan Says His Public Choice Helps Explain Politics,” Washington Post, October 19, 1986, C-1.
8. Ibid.
9. Hobart Rowen, “Discreetly Lifted Eyebrows over Buchanan’s Nobel Prize,” Washington Post, October 26, 1986, D-1.
10. Robert Lekachman, “A Controversial Nobel Choice? Tuning in to These Conservative Times,” New York Times, October 26, 1986, 32.
11. Jane Seaberry, “In Defense of Public Choice; Chairman of Nobel Panel Discusses Economic Winner,” Washington Post, November 23, 1986, K-1.
12. Rowen, “Discreetly Lifted Eyebrows,” D-1.
13. James M. Buchanan and Gordon Tullock, The Calculus of Consent: Logical Foundations of Constitutional Democracy (Ann Arbor: University of Michigan Press, 1962), 22–23.
14. Gordon Tullock, “Problems of Majority Voting,” Journal of Political Economy 67 (December 1959), 571–579.
15. Howard R. Bowen, “The Interpretation of Voting in the Allocation of Economic Resources.” Quarterly Journal of Economics 58: 1 (1943), 27–48.
16. Kenneth A. Shepsle and Barry R. Weingast, “Structure-Induced Equilibrium and Legislative Choice,” Public Choice 37: 3 (1981), 503–519.
17. Michael C. Munger, “They Clapped: Can Price-Gouging Laws Prohibit Scarcity?” Library of Economics and Liberty, January 8, 2007; available at www.econlib.org/library/Columns/y2007/Mungergouging.html.
18. Guido Pincione and Fernando R. Tesón, Rational Choice and Democratic Deliberation (Cambridge, UK: Cambridge University Press, 2006).
19. Tullock, “The Welfare Costs of Monopolies, Tariffs, and Theft,” Western Economic Journal 5 (June 1967), in The Selected Works of Gordon Tullock, Volume 1, Charles K. Rowley, ed. (Indianapolis: Liberty Fund, 2004), 169–179.
20. Ibid., 174.
21. George J. Stigler, “Review,” review of Foundations of Economic Analysis, by Paul A. Samuelson, Journal of the American Statistical Association 43: 244 (1948), 603–605.
22. Stigler, “The Theory of Economic Regulation,” Bell Journal of Economics and Management Science 2: 1 (1971), 3–21.
23. Ibid., 4.
24. Sam Peltzman, “Toward a More General Economic Theory of Regulation,” Journal of Law & Economics, 19 (1976), 211.
25. U.S. Government Accountability Office, “Understanding the Tax Reform Debate: Background, Criteria, and Questions,” GAO–05–1009SP, September 1, 2005.
26. Tullock, “The Transitional Gains Trap,” Bell Journal of Economics 6: 2 (1975), 671.
27. Michael M. Grynbaum, “Two Taxi Medallions Sell for One Million Each,” City Room, New York Times, October 20, 2011; available at http://cityroom.blogs.nytimes.com/2011/10/20/2-taxi-medallions-sell-for-1-million-each/.
28. Winston M. Clifford, “Economic Deregulation: Days of Reckoning for Microeconomists,” Journal of Economic Literature 31: 3 (1993), 1263–1289.
Chapter 5
1. John Stuart Mill, “The Claims of Labour,” Edinburg Review (1845), in Essays on Economics and Society Part I, vol. 4 of The Collected Works of John Stuart Mill, John M. Robson, ed. (Toronto: University of Toronto Press; London: Routledge and Kegan Paul, 1967), 370.
2. Paul Belein, “Walking on Water: How to Do It,” Brussels Business Journal, August 27, 2005; available at www.brusselsjournal.com/node/202.
3. John Maynard Keynes, The General Theory of Employment, Interest and Money (New York: Harcourt Brace, 1936), ch. 24.
4. F. A. Hayek, “The Intellectuals and Socialism,” University of Chicago Law Review 16: 3 (1949), 373.
5. See in particular Hayek, The Pure Theory of Capital (London: Macmillan and Co., 1941) and Prices and Production (London: G. Routledge & Sons, 1931).
6. James Gwartney, Robert A. Lawson, and Joshua C. Hall, Economic Freedom of the World: 2011 Annual Report (Vancouver, BC: Fraser Institute, 2011).
7. World Bank, Where Is the Wealth Of Nations? Measuring Capital for the 21st Century (Washington, DC: World Bank, 2006), 87.
8. Paul G. Mahoney, “The Common Law and Economic Growth: Hayek Might Be Right,” Journal of Legal Studies 30: 2 (2001), 503–525.
9. John Emerich Edward Dalberg, Lord Acton, “The History of Freedom in Antiquity” (address delivered to the members of the Bridgnorth Institution at the Agriculture Hall, February 26, 1877), in The History of Freedom and Other Essays, John Neville Figgis and Reginald Vere Laurence, eds. (London: Macmillan, 1907), 6.
10. Douglass C. North, “Economic Performance through Time” (Nobel Prize Lecture delivered in Stockholm, Sweden, December 9, 1993), American Economic Review 84: 3 (1994): 359–368.
11. North, Understanding the Process of Economic Change (Princeton, NJ: Princeton University Press, 2005), 69.
12. Deirdre N. McCloskey, “The Institution of Douglass North,” MPRA Paper No. 21768, Munich Personal RePEc Archive (2009). More generally, see McCloskey, Bourgeois Dignity: Why Economics Can’t Explain the Modern World (Chicago: University of Chicago Press, 2010) and The Bourgeois Virtues: Ethics for an Age of Commerce (Chicago: University of Chicago Press, 2006).
13. Adam Smith, Lectures on Jurisprudence, vol. 5 of The Glasgow Edition of the Works and Correspondence of Adam Smith, R. L. Meek, D. D. Raphael, and P. G. Stein, eds. (Indianapolis: Liberty Fund, 1982), 493.
14. F. A. Hayek, “History and Politics,” introduction to Capitalism and the Historians, F. A. Hayek, ed. (Chicago: University of Chicago Press, 1954), 8.
15. James G. McGann, “The Think Tank Index,” Foreign Policy (2010); available at www.foreignpolicy.com/story/cms.php?story_id=4598&page=0.
16. Richard Dawkins, The Selfish Gene (Oxford, UK: Oxford University Press, 1976), 192.
17. Steven Rose, Lifelines: Biology beyond Determinism (New York: Oxford University Press, 1997), 7, 309.
18. Karl Marx, The Eighteenth Brumaire of Louis Bonaparte (Moscow: Foreign Languages Publishing House, 1948), p. 16. (First edition published in German, 1852)
19. Steven Pinker, The Blank Slate: The Modern Denial of Human Nature (New York: Penguin, 2002), vii.
20. Peter J. Richerson and Robert Boyd, Not by Genes Alone: How Culture Transformed Human Evolution (Chicago: The University of Chicago Press, 2005), 5.
21. H. L. Mencken, A Little Book in C Major. (New York: John Lane Company, 1916), 19.
22. Vernon L. Smith, “Constructivist and Ecological Rationality in Economics (Nobel Address),” American Economic Review, 93(3, June 2003), 465–508.
23. Elinor Ostrom, Governing the Commons: The Evolution of Institutions (Cambridge, UK: Cambridge University Press, 1990).
Chapter 6
1. “Clinton Praises FCC Auction Process as ‘Reinventing Govt. Model,’” Common Carrier Week, April 3, 1995; available at www.djnr.com.
2. “Wireless Quick Facts,” CTIA–The Wireless Assocation; retrieved on November 7, 2011, from www.ctia.org/advocacy/research/index.cfm/aid/10323.
3. Thomas W. Hazlett, “The Rationality of U.S. Regulation of the Broadcast Spectrum,” Journal of Law and Economics 33: 1 (1990), 133–175; “Physical Scarcity, Rent Seeking, and the First Amendment,” Columbia Law Review 97: 4 (1997), 905–944; and “The Wireless Craze, the Unlimited Bandwidth Myth, the Spectrum Auction Faux Pas, and the Punchline to Ronald Coase’s ‘Big Joke’: An Essay on Airwave Allocation Policy,” Harvard Journal of Law and Technology 14 (2001), 2.
4. Ronald Coase, “The Federal Communications Commission,” Journal of Law & Economics 2 (1959), 1–40.
5. NBC v. United States, 319 U.S. 190 (1943).
6. Red Lion Broadcasting Co. v. F.C.C., 395 U.S. 375, 375–77 (1969).
7. Quoted in Harvey H. Goldin, “Discussion of ‘Evaluation of Public Policy Relating to Radio and Television Broadcasting: Social and Economic Issues,’ (Coase),” Land Economics 41: 2 (1965), 167–168, at 168.
8. Coase, “The Federal Communications Commission,” 17–18.
9. Harvey J. Levin, “The Radio Spectrum Resource,” Journal of Law & Economics 11: 2 (1968), 433.
10. Coase, “Evaluation of Public Policy Relating to Radio and Television Broadcasting: Social and Economic Issues,” Land Economics 41: 2 (1965), 161–167.
11. Ibid., 165.
12. Ibid., 162.
13. Ibid., 166.
14. Ibid., 167.
15. Harvey H. Goldin, “Discussion of ‘Evaluation of Public Policy Relating to Radio and Television Broadcasting: Social and Economic Issues,’ (Coase),” Land Economics 41: 2 (1965), 167–168.
16. Ibid., 168.
17. Ronald Coase, William H. Meckling, and Jora Minasian, Problems of Radio Frequency Allocation (Santa Monica, CA: The RAND Corporation, DRU-1219-RC, 1995).
18. Ibid., iii.
19. Coase, “Comment on Thomas W. Hazlett: Assigning Property Rights to Radio Spectrum Users: Why Did FCC License Auctions Take 67 Years?” Journal of Law & Economics 41: S2 (1998), 577.
20. Newton N. Minow, Equal Time: The Private Broadcaster and the Public Interest (New York: Atheneum, 1964), 52.
21. Hazlett, “Assigning Property Right to Radio Spectrum Users: Why Did FCC License Auctions Take 67 Years?” Journal of Law & Economics 41: S2 (1998), 567, citing Paul Farhi, “Broadcast Executives Say Dole Vented Anger at Them,” Washington Post, January 12, 1996, F8.
22. Broadcast Renewal Applicant, 66 F.C.C.2d 419, 434 n.2 (1977) (Commissioners Hooks and Fogarty, separate statement).
23. Michael Calhoun, Digital Cellular Radio (Norwood, MA: Artech House, 1988).
24. “FCC Report to Congress on Spectrum Auctions,” Federal Communications Commission, WT Docket No. 97–150 (released: October 9, 1997), Appendix E: FCC Licensing Speed: Comparative Hearings, Lotteries, and Auctions.
25. Thomas W. Hazlett and Robert J. Michaels, “The Cost of Rent-Seeking: Evidence from Cellular Telephone License Lotteries,” Southern Economic Journal 59 (1993), 425–435.
26. Gordon Tullock, “The Welfare Costs of Monopolies, Tariffs, and Theft,” Western Economic Journal 5 (June 1967), in The Selected Works of Gordon Tullock, Volume 1, Charles K. Rowley, ed. (Indianapolis: Liberty Fund, 2004), 179.
27. “FCC Report to Congress on Spectrum Auctions,” Appendix E.
28. Leo Herzel, “‘Public Interest’ and the Market in Color Television Regulation,” University of Chicago Law Review 18 (1951), 802–816.
29. Dallas W. Smythe, “Facing Facts about the Broadcast Business,” University of Chicago Law Review 20: 1 (1952): 96–106.
30. The anecdotes and details of Alfred Kahn’s experiences are based on e-mail correspondence with the authors on February 18 and February 24, 2010. Records are on file with authors.
31. See Richard Caves, Air Transport and Its Regulators—An Industry Study (Cambridge, MA: Harvard University Press, 1962); Arthur DeVany, “The Effect of Price and Entry Regulation on Airline Output, Capacity, and Efficiency,” Bell Journal of Economics and Management 6: 1 (1975), 327–345; George W. Douglas and James C. Miller III, Economic Regulation of Domestic Air Transport: Theory and Policy (Washington, DC: Brookings Institution, 1974); William A. Jordan, Airline Regulation in America: Effects and Imperfections (Baltimore: Johns Hopkins Press, 1970); Theodore C. Keeler, “Airline Regulation and Market Performance,” Bell Journal of Economics and Management 3: 2 (1972), 399–414; and Michael E. Levine, “Is Regulation Necessary? California Air Transportation and National Regulatory Policy,” Yale Law Journal 74: 8 (1965), 1416–1447.
32. Senate Committee on the Judiciary, Subcommittee on Administrative Practice and Procedure, Oversight of Civil Aeronautics Board Practices and Procedures, 94th Cong., 1st sess., 1975.
33. Ibid.
34. Quoted in Thomas K. McCraw, Prophets of Regulation (Cambridge, MA: Belknap Press, 1984), 224.
35. Ibid.
36. Ibid., 272.
37. Ibid., 291.
38. Daniel Patrick Moynihan, Miles to Go: A Personal History of Social Policy (Cambridge, MA: Harvard University Press, 1996), 26.
39. Robert Higgs, Crisis and Leviathan (Oxford, UK: Oxford University Press, 1989).
40. Moynihan, Miles to Go, 26.
41. Moynihan, “The Professors and the Poor,” in On Understanding Poverty, ed. Daniel Patrick Moynihan (New York: Basic Books, 1968), 20.
42. Charles Murray, Losing Ground: America Social Policy, 1950–1980 (New York: Basic Books, 1984), 42.
43. Moynihan, “America’s Poor: What Is to Be Done?” (address delivered at Harvard University, Cambridge, MA, September 4, 1986).
44. Moynihan, The Negro Family: The Case for National Action (Washington, DC: U.S. Department of Labor, 1965).
45. Mollie Orshansky, “Counting the Poor: Another Look at the Poverty Profile,” Social Security Bulletin 28: 1 (1965): 3–29.
46. Michael Harrington, The Other America: Poverty in the United States (New York: Macmillan, 1962).
47. Kenneth B. Clarke, The Dark Ghetto: Dilemmas of Social Power (New York: Harper & Row, 1965).
48. David T. Ellwood, Poor Support: Poverty in the American Family (New York: Basic Books, 1988), 37.
49. Moynihan, The Negro Family, 31.
50. George Gilder, Visible Man: A True Story of Post-Racist America (New York: Basic Books, 1978); Wealth and Poverty (New York: Bookthrift Company, 1984); and Men and Marriage (Gretna, LA: Pelican Publishing, 1986).
51. Andrew Ross Sorkin, Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System—and Themselves (New York: Penguin Books, 2009); Bethany McLean and Joe Nocera, All The Devils Are Here: The Hidden History of the Financial Crisis (New York: Penguin Books, 2010); and John Taylor, Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis (Stanford, CA: Hoover Institution Press, 2009).
52. See, for example, Steven Horowitz and Peter Boettke, The House That Uncle Sam Built: The Untold Story of the Great Recession of 2008 (New York: Foundation for Economic Education, 2011); Paul Krugman, The Return of Depression Economics and the Crisis of 2008 (New York: W. W. Norton, 2008); and John Taylor, “Origins and Policy Implications of the Crisis,” in New Directions in Financial Services Regulation, ed. Roger B. Porter et al. (Cambridge, MA: MIT Press, 2010).
53. See, for example, Sorkin, chapter 19.
54. U.S. Financial Crisis Inquiry Commission. The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States (Washington, DC, 2011); retrieved on November 11, 2011, from http://fcic-static.law.stanford.edu/cdn_media/fcic-reports/fcic_final_report_full.pdf.
55. Housing and Community Development Act of 1977, Title VII, Sec. 802, 90 Stat. 1147 & 90 Stat. 1148.
56. William Jefferson Clinton, “Remarks on the National Home Ownership Strategy,” (address delivered at the White House, Washington, DC, June 5, 1995), The American Presidency Project; available at www.presidency.ucsb.edu/ws/?pid=51448.
57. See Blueprint for the American Dream; available at www.nw.org/network/policy/pdf/blue-printbrochure.pdf.
58. McLean and Nocera, All the Devils Are Here, chapter 9.
59. Updated Estimates of the Subsidies to the Housing GSEs, Congressional Budget Office, Report to the Committee on Banking, Housing and Urban Affairs, U.S. Senate (April 8, 2004); available at www.cbo.gov/doc.cfm?index=5368&type=0.
60. Wayne Passmore, The GSE Implicit Subsidy and the Value of Government Ambiguity, Finance and Economic Discussion Series No. 2003–64, Board of Governors of the Federal Reserve System, 2003.
61. See John B. Taylor, “Housing and Monetary Policy,” Proceedings, Federal Reserve Bank of Kansas City, (2007), 463–476. See also, Boettke and Prychitko, supra.
Chapter 7
1. Karl Marx, “Theses on Feuerbach” (1845), appendix to Ludwig Feuerbach and the End of Classical German Philosophy, by Friedrich Engels, 1888 ed. (Moscow: Progress Publishers, 1946), Thesis XI.
2. Gregg Easterbrook, “Forgotten Benefactor of Humanity,” Atlantic Monthly, January 1997; retrieved on December 4, 2011, from www.theatlantic.com/magazine/archive/1997/01/forgotten-benefactor-of-humanity/6101.
3. Robert Higgs, Crisis and Leviathan: Critical Episodes in the Growth of American Government (New York: Oxford University Press, 1987), 83–84.
4. Victor Marie Hugo, “Conclusion,” in The History of a Crime (Paris: Calmann Lévy, 1877), Huntington Smith, translator (University of Michigan Press, 2010), ch. 10.
5. Joseph A. Schumpeter, Capitalism, Socialism, and Democracy (New York: Harper & Bros., 1942), 82.
6. Ludwig von Mises, “Super-National Organization Held No Way to Peace,” New York Times, January 3, 1943, E8. We are grateful to Ben Dyer for locating this reference for us.
7. Information on the MacArthur Fellows Program is available at www.macfound.org/site/c.lkLXJ8MQKrH/b.959463/k.9D7D/Fellows_Program.htm.
8. Jim Morrison, “The Wasp (Texas Radio and the Big Beat)” on L. A. Woman, with The Doors, Elektra Records, 1971. EKS-75011. LP.
9. Friedrich August von Hayek, Studies in Philosophy, Politics, and Economics (Chicago: University of Chicago Press, 1967).
10. John Stuart Mill. “The Claims of Labour,” Edinburg Review (1845), in Essays on Economics and Society Part I, vol. 4 of The Collected Works of John Stuart Mill, ed. John M. Robson (Toronto: University of Toronto Press; and London: Routledge and Kegan Paul, 1967), 370.