Casey Khan (in 2003)

Economic thinkers need to be disciplined in understanding the fundamental differences between the market and the state. In more subtle examples like EPA emission credits, US Treasuries, or Federal Reserve Open Market Operations, economists need to realize the roots of these creations and how they affect the market economy. It cannot be stressed enough that the state cannot create its antithesis, the market. Markets are rooted in private property; states are rooted in theft. Don’t be fooled by squared circles.