In “Has the Fed Been a Failure?,” Selgin, Lastrapes, and White (SLW) argue that U.S. aggregate economic performance has not obviously improved since the founding of the Fed in 1914. They also suggest that alternatives to the Fed, such as a gold standard, might have generated better performance. I present additional data that challenge these conclusions.
The presumed justification for the special legal treatment of drugs is that drug use causes substantial harm both to drug users and to society generally. The prohibition of drugs is assumed necessary to reduce the consumption of drugs and thereby reduce the ills caused by drug consumption. Miron explains that many of the harms typically attributed to drug use are instead due to drug prohibition.