Exhibit A: Cato’s annual monetary conference.
Last month, Cato conducted its 31st annual monetary conference on the topic “Was the Fed A Good Idea?”
By virtue of the prestige that has accrued around this annual event Cato was able to present the insights of some of the foremost thinkers, and policy makers, in the increasingly important monetary policy sector. While Neo-Keynesians rationalize the austerity their policies are generating, Cato prescribes policies to generate equitable prosperity.
Sylvia Nasar, in her superb Grand Pursuit: The Story of Economic Genius observed of Alfred Marshall, one of history’s great classical liberal economists, and one successfully dedicated to free markets for the betterment of the condition of workers:
The chief error of the older economists, in Marshall’s view, was to not see that man was a creature of circumstances and that as circumstances changed, man was liable to change as well. The chief error of their critics—but, ironically, one that the founders of political economy shared—was a failure to understand the cumulative power of incremental change and the compounding effects of time.
There are I believe in the world few things with greater capability of poetry in it than the multiplication table… If you can get mental and moral capital to grow at some rate per annum there is no limit to the advance that may be made; if you can give it the vital force which will make the multiplication table applicable to it, it becomes a little seed that will grow up to a tree of boundless size.
Call it Marshall’s Law: “If you can get mental and moral capital to grow at some rate per annum there is no limit to the advance that may be made.”
Cato’s mental and moral capital steadily grows.
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