I call this the Fundamental Problem of Political Economy. How do we limit the power that idiots have over us? ... [Milton] Friedmans insight is that a market limits the power that others have over us; conversely, limiting the power that others have over us allows us to have markets. Friedman argued that no matter how wise the officials of government may be, market competition does a better job of protecting us from idiots.

I have come to believe that politicians are in the business of 'marketing' their product to the public, by exaggerating threats and over-selling government solutions.

The prescription for better health care is more freedom to innovate, not remote-control surgery from Washington.

I call this the Fundamental Problem of Political Economy. How do we limit the power that idiots have over us? ... [Milton] Friedmans insight is that a market limits the power that others have over us; conversely, limiting the power that others have over us allows us to have markets. Friedman argued that no matter how wise the officials of government may be, market competition does a better job of protecting us from idiots.

I believe that the Welfare State redistributes poverty and reduces income. As Karl Kraus once said of psychoanalysis, the Welfare State is the disease which it purports to cure.

After over half a century of employer-provided health care coverage, the American people have developed a phobia of paying for health insurance themselves.

The gap between what one knows and what one thinks one knows may be higher in the ranks of the elite. The result is supposedly-clever government interventions, introduced with excessive confidence, leading to disastrous results.