There are idiots. Look around.

I promise you that there are a lot of people involved in various kinds of retail activities who think they have a crucial role in the economy, and they're right.

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.

Deflation and secular stagnation are the risks of our time.

We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises.

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