If you continue to use monetary policy to attempt to promote full employment the result would be that you would have higher inflation, and that you would not have lower unemployment.

A private enterprise system needs some measuring rod, it needs something, it needs money to make its transactions. You can't run a big complicated system through barter, through converting one commodity into another. You need a monetary system to operate. And the instability in that monetary system is devastating to the performance of the economy.

...Only physicians are likely to be regarded as competent to judge the qualifications of potential physicians, so licensing boards in the various states...are typically composed..of physicians,...members of the AMA. The boards, or the state legislatures...give the AMA the power to influence the number of persons admitted to practice (by) lengthy training,...(and) the list of 'approved' schools and hospitals (which) is generally identical with the list issued by the Council on Medical Education and Hospitals of the AMA.

The Great Depression in the United States was caused - I won't say caused, was enormously intensified and made far worse than it would have been by bad monetary policy.

Only government can take perfectly good paper, cover it with perfectly good ink and make the combination worthless.

What does it mean to say that government might have a responsibility? Government can't have a responsibility any more than the business can. The only entities which can have responsibilities are people.

Is it really true that political self-interest is nobler somehow than economic self-interest?