We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises.

What's the single most important thing to learn from an economics course today? What I tried to leave my students with is the view that the invisible hand is more powerful than the hidden hand. Things will happen in well-organized efforts without direction, controls, plans. That's the consensus among economists. That's the Hayek legacy.

We must recognise that in an integrated world, trade cannot be divorced from other concerns. We need to promote free trade and serious global efforts with respect to common problems even as we support every nation's right to chart its own course.

There are children who are working in textile businesses in Asia who would be prostitutes on the streets if they did not have those jobs

The availability of private insurance provides tremendous insulation for millions of individuals

Deflation and secular stagnation are the risks of our time.

All taxes discourage something. Why not discourage bad things like pollution rather than good things like working?