MCA requires the Federal Reserve to price its payment services to recover all costs of providing the services over the long run, including imputed costs that would have been incurred and imputed profits that would have been earned had the services been provided by a private firm.
The societies that have been the most successful in improving the welfare of their citizens are those that have provided a social climate in which the dynamism and creativity of individuals and businesses can thrive. They are societies that, in the words of Robert Wright,1 are able to create “win-win” situations for their citizens.