Start with the idea that you can't repeal the laws of economics. Even if they are inconvenient.

Contagion has become very much a phenomenon, and it's a phenomenon of globalization.

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.

Spread the truth-the laws of economics are like the laws of engineering. One set of laws works everywhere.

It used to be said that when the U.S. sneezed, the world caught a cold. The opposite is equally true today.

When I look out the window at my backyard, I can't think of anything interesting to ask. I mean, it's green, it's growing-but nothing occurs to me that any concentrated effort of thought could possibly enlighten. Whereas in economic, statistical, or mathematical kinds of things, I can think lots of questions.

There are idiots. Look around.