- I'm reading some of Friedman's "A Program for Monetary Stability" for the paper, and I thought this was a really fantastic conclusion:
"These [Friedman's economic policy recommendations] would be no mean accomplishments. But they would not provide a panacea for economic problems. Money is important, but only, in John Stuard Mill's words, "as a contrivance for sparing time and labour." There are other sources of uncertainty and instability. No doubt they will continue to produce recurrent fluctuations in economic activity and from time to time will give rise to more serious problems of economic adjustment. Monetary policy is but one segment of total governmental policy let alone of the far wider range of private and public economic arrangements that affect the course of events. And even if we could improve governmental policy in other areas as much as our limited knowledge and understanding would permit, some uncertainty and instability would remain. After all, uncertainty and instability are unavoidable concomitants of progress and change. They are on face of a coin of which the other is freedom."- Jeff Tucker has a great quote from Turgot on writing (Is it just me or is Jeff Tucker pretty awesome? I've been linking him a lot lately! If only he weren't so damned dogmatic a libertarian! Nobody's perfect I suppose.):
"Genius, whose course is at first slow, unmarked, and buried in the general oblivion into which time precipitates human affairs, emerges from obscurity with them by means of the invention of writing. Priceless invention!—which seemed to give wings to those peoples who first possessed it, enabling them to outdistance other nations. Incomparable invention!—which rescues from the power of death the memory of great men and models of virtue, unites places and times, arrests fugitive thoughts and guarantees them a lasting existence, by means of which the creations, opinions, experiences, and discoveries of all ages are accumulated, to serve as a foundation and foothold for posterity in raising itself ever higher!"
If you ever have the chance to visit Monticello, look carefully at the busts in the front hall. Turgot was one of the political economists that Jefferson felt deserving of gracing his home with. Also, quickly scan the books in his library as you walk through it (I assume they don't change the order very often!) at about eye-level, right as you walk in, you'll see Jefferson's copy of Malthus.