If you look at the history of the American capital market, there's probably no innovation more important than the idea of generally accepted accountancy principles.

If you look at the history of the American capital market, there's probably no innovation more important than the idea of generally accepted accountancy principles.

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.

The only antidote to dangerous ideas is strong alternatives vigorously advocated.

Global capital markets pose the same kinds of problems that jet planes do. They are faster, more comfortable, and they get you where you are going better. But the crashes are much more spectacular.

I have always thought that underpopulated countries in Africa are vastly underpolluted.

The United States basically accepted protection abroad as the price of post-war recovery. Now, that these countries have caught up to our level of prosperity, it is time for them to catch up to our level of openness.