The fact that many private expenditures are mutually offsetting actually happens to constitute a remarkably good bit of fiscal news. Mutually offsetting spending patterns are wasteful in the same way that military arms races are. In such situations, if each party spends less, nothing is sacrificed, yet resources are freed up that can be put to much better uses.
Robert H. FrankLife is graded on the curve. It's not how big you are, how strong you are, how smart you are. It's how good you are at the things that count relative to the people around you.
Robert H. FrankOnly the federal government has the power to spend beyond its current revenue. It shouldn't do that when the economy is at full employment. But it's an essential step for an economy mired in recession.
Robert H. FrankJohn Stuart Mill believed that the only acceptable reason for government to limit a person's liberty was to prevent him from causing unacceptable harm to others. Mill was not a libertarian, but many libertarians are quick to cite this principle when arguing against a regulation that they oppose. And I believe most thoughtful libertarians are prepared to embrace something fairly close to Mill's harm principle. But accepting that principle implies accepting many of the institutions of the modern welfare state that libertarians have vigorously opposed in the past, such as safety regulation.
Robert H. FrankThe most common mistake we make as teachers is attempting to tell our students too much.
Robert H. Frank