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.

I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to it.

The major challenge for the United States is whether it can become the first outward-looking, continental, nonimperialist power in history.

There are idiots. Look around.

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.

Deflation and secular stagnation are the risks of our time.

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