If a man didn't make sense, the Scotch felt it was misplaced politeness to try to keep him from knowing it. Better that he be aware of his reputation, for this would encourage reticence which goes well with stupidity.

Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity.

In the United States, though power corrupts, the expectation of power paralyzes.

We live surrounded by a systematic appeal to a dream world which all mature, scientific reality would reject. We, quite literally, advertise our commitment to immaturity, mendacity and profound gullibility. It is as the hallmark of the culture. And it is justified as being economically indispensable.

Milton Friedman’s misfortune is that his economic policies have been tried.

The commencement speech is not, I think, a wholly satisfactory manifestation of our culture.

If you feed enough oats to the horse, some will pass through to feed the sparrows (referring to "trickle down" economics).