A vital function of the free market is to penalize inefficiency and misjudgment and to reward efficiency and good judgment. By distorting economic calculations and creating illusory profits, inflation will destroy this function.

When any welfare scheme is being proposed, its political sponsors always dwell on what a generous and compassionate government should pay to Paul; they neglect to mention that this additional money must be seized from Peter.

Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, mathematics or medicine - the special pleading of selfish interests.

The quickest and surest way to production, prosperity, and economic growth is through private enterprise. The best way for governments to encourage private enterprise is to establish justice, to enforce contracts, to insure domestic peace and tranquility, to protect private property, and to secure the blessings of liberty including economic liberty - which means to stop putting obstacles in the way of private enterprise.

The first requisite of a sound monetary system is that it put the least possible power over the quantity or quality of money in the hands of the politicians.

Multiculturalism means your kid has to learn some wretched tribal dirge for the school holiday concert instead of getting to sing 'Rudolph the Red-Nosed Reindeer.'

Once the idea is accepted that money is something whose supply is determined simply by the printing press, it becomes impossible for the politicians in power to resist the constant demands for further inflation.