No Central Banker Would Disagree With The

Government Has Three Primary Functions. It Should Provide For Military Defense Of The Nation. It Should Enforce Contracts Between Individuals. It Should Protect Citizens From Crimes Against Themselves Or Their Property. When Government-- In Pursuit Of Good Intentions Tries To Rearrange The Economy, Legislate Morality, Or Help Special Interests, The Cost Come In Inefficiency, Lack Of Motivation, And Loss Of Freedom. Government Should Be A Referee, Not An Active Player.

If A Tax Cut Increases Government Revenues, You Haven't Cut Taxes Enough.

George Stigler Was A Delightful Correspondent. In A Letter From London In 1948, After Remarking On The Inconvertibility Of The Pound And The Inedible, Still-rationed Food, He Concluded, "so Here I Am Losing Weight And Gaining Pounds.

There Are Severe Limits To The Good That The Government Can Do For The Economy, But There Are Almost No Limits To The Harm It Can Do.

Concentrated Power Is Not Rendered Harmless By The Good Intentions Of Those Who Create It.