Economists have long debated the relationship of bank credit to the business cycle. The attribution of economic cycles to the "inherent instability" of fractional-reserve banking has been advanced not only by Austrian scholars in the tradition of Murray Rothbard, but also by a number of...

Following the start of the war on terror in 2001, U.S. policymakers determined that winning the war on drugs in Afghanistan was necessary for winning the war on terror. Yet despite spending $8.4 billion on drug interdiction in Afghanistan since 2002, opium production has grown substantially. We...