Information costs are reduced by the existence of large numbers of buyers and sellers. Under these conditions, prices embody the same information that would require large search costs by individual buyers and sellers in the absence of an organized market.

I had hoped to go to law school, but the war started, and because of the strong feeling that I did not want to kill anybody, I joined the Merchant Marine when I graduated from Berkeley.

The evolution of government from its medieval, Mafia-like character to that embodying modern legal institutions and instruments is a major part of the history of freedom. It is a part that tends to be obscured or ignored because of the myopic vision of many economists, who persist in modeling government as nothing more than a gigantic form of theft and income redistribution.

To predict the future we would have to know today what we will learn tomorrow which will shape our future actions

In 1972 I married again, to Elisabeth Case; she continues to be wife, companion, critic and editor: a partner in the projects and programs that we undertake.

The supremacy of Parliament and the embedding of property rights in Common Law put political power in the hands of men anxious to exploit the new economic opportunities and provided the framework for a judicial system to protect and encourage productive economic activity

While I was there I became deeply interested in photography, and indeed the most noteworthy event in my early life was winning first, third, fourth and seventh prizes in an international competition for college and high school students.