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The origin of this disconnect – which Camila Casas, Federico Diez, Pierre-Olivier Gourinchas, and I describe in a 2016 paper – seems to be that, for the vast majority of internationally traded goods, prices are sticky in dollars, not in the producer’s currency, as Friedman’s reasoning required.

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Instead of "go anywhere, do anything you want," we actually created a regime that required prior assessment of where you're going and a duty to prevent significant harm.

Just two weeks ago, a bill introduced by Senator Kefalas that would have required athletes, kids under 18, to wear a helmet when they're riding their bike, died in committee.

This artificial hierarchy, because it goes against human desires to be free, required a tremendous amount of violence to maintain.

But one of them was to maintain the economic order of the South, which required not just a supply of cheap labor but an oversupply of cheap labor to work at the will of the land.

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