From Peter Boettke on facebook:
" ... a government which can apply coercion to the individual citizen only in accordance with pre-established, long-term general rules but not for specific, temporary ends is not compatible with every kind of economic order. If coercion is to be used only in the manner provided for in the general rules, it becomes impossible for government to undertake certain tasks. Thus it is true that, 'stripped of all its husks, liberalism is constitutionalism' ..."
- Hayek, The Constitution of Liberty (1960, 192)
Every time Nick Rowe writes a macro post...
2 hours ago