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

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.

Most investors want to do today what they should have done yesterday.

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.

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

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