The decision made in 1997 by Gordon Brown, Britain's chancellor, to remove interest-rate decisions from political control and hand the power over to the Bank of England has immensely boosted the credibility of British monetary policy.
Is it beyond their self-control to simply keep spending at only the rate of inflation?
India's economy is projected to have grown just 5.0% last fiscal year, slower than the 9% expansion it was averaging just before the global financial crisis, hurt by the steep interest-rate increases by the central bank in 2010 and 2011 to control inflation.
Chicago already has some of the toughest gun control laws in the US. But the rising homicide rate - up 17% in the last year - combined with the national outrage over the mass shooting at a school in Connecticut has prompted calls for further action.
The Centers for Disease Control and Prevention says West Virginia has the second-highest rate of drug overdose deaths in the nation.
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And the worst kind of meddling, Hayek thought, came in the government's determination to control the price of money - also known as the interest rate.
Before that there were 13 rate increases between March 2010 and October 2011 to control inflation which touched a double-digit level in September 2011.
Well, if the set interest rates lower than the natural rate then they will have rising inflation and output which will mean an ever increasing natural rate and even faster inflation until eventually the economy moves into hyper-inflation and their control over the medium of exchange collapses.
But the sooner the public finances are brought under control, the sooner the country can afford a more flexible exchange-rate policy without risking a return to inflation.
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Heart-rate variability, says Dr Stein, is a good index of the degree of control an individual has over his autonomic nervous system (which controls many of the internal organs).
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