Federal Experiment
August 27, 2005
Agreeing with Betsy Newmark and Cafe Hayek that Hawaii has agreed to perform a valuable service for economics professors everywhere.
Politicians in Hawaii apparently believe that ink on paper (backed up by policemen with guns) can keep the cost of gasoline lower than the price that would prevail on the market.
Federalism. To use it is to love it. Thank you, James Madison.
We're also cheered by the federal judiciary doing its job. Thank you, Judge Hughes.
[Agency] officials "discarded the mantle of the American Republic for the cloak of a secret society of extortionists....They heeded every call but that of duty and honor."
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