If people are teaching economics, they need to teach all the different disciplines, all the different schools in economics. They can't just teach one because then the person isn't equipped to deal with the economics profession.

My father wanted to instill the work ethic. And, because he knew if you don't learn to work to be more productive to improve your efficiency, to cooperate with other people at an early age, you may never learn those habits.

A market system is not a profit system, it's a profit-and-loss system.

People are interested in certain ideas, in certain periods, and then that moves, and okay, now people are more interested in studying this, and there is no perfect balance, and how would you know what the perfect balance is? I mean, what does it mean to have too many Beethoven chairs and too few Stravinsky chairs? I mean, that's kind of a value judgment that isn't really based on humility. We don't know what the optimum number is, so let people figure this out on their own. People are more interested in Beethoven than Stravinsky? Great! Why would that bother me?

If people are teaching economics, they need to teach all the different disciplines, all the different schools in economics. They can't just teach one because then the person isn't equipped to deal with the economics profession.

I think our biggest problem in society is we're headed more and more toward a two-tiered society. That is, creating welfare for the wealthy and destroying opportunities for the disadvantaged.

You can pay certain people more money and stuff but that's just going to be a transfer from one group to another. The only way people's wages are going to rise overall, or average median income is going to rise, is if you increase productivity.