WSJ: “You’ll need best friends, who know you well. Think of these as 3 a.m. friends, or the ones you can call in the middle of the night. You’ll also need friends from different areas of your life: co-workers, who can help you process life at work; neighbors, to foster a sense of community; people who share your hobbies and interests. It is great to have friends you can learn from—who are different from you, or know about something you don’t know about. Those friendships can expand your world. And it is important to have friends in the same life stage as you.”
Pete Boettke: “Absent the three Ps of property, prices, and profit and loss, individuals will be devoid of the incentives and information required to continually innovate and coordinate their plans to realize the gains from trade and the gains from innovation.’ [via CafeHayek]
The Economist: “Today physical cash has fallen out of favour. The bulk of money is digital and created by commercial banks, albeit regulated ones. A cast of digital-money wannabes are vying for customers’ e-wallets. And central banks want to stay in the money business by issuing digital currencies of their own…A banknote, as a claim on a central bank, is the safest form of money. But only commercial banks have access to a central bank’s reserves. A central-bank digital currency (CBDC) would extend that to everybody. The public could either hold accounts with the central bank, or hold central-bank money in privately issued wallets.”
