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.

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

It says something about this new global economy that USA Today now reports every morning on the day's events in Asian markets.

In politics, as in poetry, it is sometimes true that it is darkest before dawn.

Investment in girls' education may well be the highest-return investment available in the developing world.

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

You can't have a situation in which companies proceed on a permanent basis relying only on cash from the government.