Bruce Bartlett recently lamented that given the current state of economic affairs we need more Keynesian medicine to fix the US economy. According to Bartlett, the core insight of Keynesian economics is that there are very special economic circumstances, called “liquidity traps” in which the general rules of economics don’t apply and are in fact counterproductive.

While we may denounce the owner for criminal negligence, it is absurd to denounce him for seeking profit.

If law enforcement were to be governed by contractual principles, no one would need to fear that they were letting bulls into a china shop.