Writing assignment: Answer two of the following questions:
(1) Explain the basics of the Austrian theory of the business cycle. What is the difference, in terms of consequences, between lower interest rates that result from the saving choices of individuals, and lower interest rates that are achieved artificially, by a government-established central bank?
(2) What are some of the pitfalls of industrial policy?
(3) How can private-property rights help solve environmental problems?
(4) What have been some of the problems with the federal prohibition on certain drugs?