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

95% of Economics is common sense deliberately made complicated.

The danger is not only that these austerity measures are killing the European economies but also that they threaten the very legitimacy of European democracies - not just directly by threatening the livelihoods of so many people and pushing the economy into a downward spiral, but also indirectly by undermining the legitimacy of the political system through this backdoor rewriting of the social contract.

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

Since the 1980s, we have given the rich a bigger slice of our pie in the belief that they would create more wealth, making the pie bigger than otherwise possible in the long run. The rich got the bigger slice of the pie all right, but they have actually reduced the pace at which the pie is growing.

Making rich people richer doesn't make the rest of us richer.

Low inflation and government prudence may be harmful for economic development.