Here's the insane chart:
Woj’s Thoughts - Why are textbooks so expensive today? We all know that student loans are rising exponentially to pay for tuition. Is it possible those loans are also subsidizing textbook sales? It’s doubtful that quality has increased that dramatically in the past 40 years and production costs are certainly lower. I suspect there is some institutional arrangement creating the surge higher, but unsure of specifically what that might be. Any suggestions?
2) The Folly of Obsessing over Marginal Tax Rates, by Garett Jones @ EconLog
It's often wise to pay more attention to marginal tax rates than to average tax rates. If you can make your first $100 tax free but the 101st dollar is taxed at a marginal rate of 99% you'll probably decide to earn $100 at most.
But what is marginal? When it comes to career choices or the state you'll live in or whether to have an extra child the marginal decision is very big, and a rational person will base that decision mostly on the average long run costs and benefits. In cases like this, the official marginal tax rate won't matter nearly as much as the long run average tax rate.
3) A Free-Market Monetary System by Friedrich A. Hayek @ Ludwig von Mises Institute
I think it is very urgent that it become rapidly understood that there is no justification in history for the existing position of a government monopoly of issuing money. It has never been proposed on the ground that government will give us better money than anybody else could. It has always, since the privilege of issuing money was first explicitly represented as a Royal prerogative, been advocated because the power to issue money was essential for the finance of the government-not in order to give us good money, but in order to give to government access to the tap where it can draw the money it needs by manufacturing it. That, ladies and gentlemen, is not a method by which we can hope ever to get good money. To put it into the hands of an institution which is protected against competition, which can force us to accept the money, which is subject to incessant political pressure, such an authority will not ever again give us good money.Woj’s Thoughts - Warren Mosler has often suggested researching the “Currency as a Public Monopoly” for my dissertation. While I’m not entirely sold on that project, at least yet, I was bit surprised to find this speech by Hayek discussing his own research on “a government monopoly of issuing money.” Although Mosler and Hayek almost certainly hold different views about the benefits and costs of such a monopoly, the potential of researching both perspectives piqued my interest. Maybe I will do some preliminary research on the subject and see where it leads.