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 continue to be a photographer; I have enjoyed fishing and hunting with a close friend; and have owned two ranches, first in northern California and then in the state of Washington.

What the war did was give me the opportunity of three years of continuous reading, and it was in the course of reading that I became convinced that I should become an economist.

Our family life was certainly not intellectual.

I learned to fly an airplane, and had my own airplane during the 1960s.

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