People who live in poor countries have to be entrepreneurial even just to survive.

95 percent of economics is common sense made complicated, and even for the remaining 5 percent, the essential reasoning, if not all the technical details, can be explained in plain terms.

It takes time and experience to absorb new technologies, so technologically backward producers need a period of protection from international competition during this period of learning. Such protection is costly, because the country is giving up the chance to import better and cheaper products. However, it is a price that has to be paid if it wants to develop advanced industries.

Corruption often exists because there are too many market forces, not too few.

Democracy and markets are both fundamental building blocks for a decent society. But they clash at a fundamental level. We need to balance them.

The Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.

The days are over when technology can be advanced in laboratories by individual scientists alone. Now you need an army of lawyers to negotiate the hazardous terrain of interlocking patents. Unless we find a solution to the problem of interlocking patents, the patent system may actually impede the very innovation it was designed to encourage.