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Jim Bohannon asked me, as a final question, what I would do if I were the world’s economics czar, and to ignore political consequences for a moment. I had something like 15 seconds to answer.

My original answer was: “I’d eliminate my position.” But, as this was talk radio, both he and the listeners wanted to hear what I would say anyway. So I acquiesced and answered:

  1. Enforce sound money policies on all of the world’s central banks (e.g. returning to some sort of commodity standard)
  2. Eliminate all special privilege.

¬†There really wasn’t time to elaborate, or to think harder about what else to add. Without sounding like an anarcho-nutcase, which I suppose at times some might think of me as, I would have added the following to the short list if the time were there:

  • Force all corporate charters to run out (or at least be renewed);
  • Disallow corporate managers (owners?) to have zero liability. I really would consider some sort of partnership structure the standard we should aspire to;
  • Elimate all barriers to trade, including tariffs, subsidies, quotas and¬†import restrictions;

Of course, there could be dozens more. But for the sake of a soundbite, I think I would stick with these to start.

UPDATE: Notice that as czar I would not propose the creation of anything, at least not as one of my top priorities.

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