The only reason free markets have a ghost of a chance is that they are so much more efficient than any other form of organization.

Only a crisis—actual or perceived—produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around.

I know of no severe depression, in any country or any time, that was not accompanied by a sharp decline in the stock of money, and equally of no sharp decline in the stock of money that was not accompanied by a severe depression.

The euro is good for Europe. But only if there is flexibility all around.

When something goes wrong, the natural tendency is to say, "By God, we need to pass a law and do something."

The price works so well, so efficiently, that we are not aware of it most of the time.

The countries that have risen and separated out as a result of the collapse of the Soviet Union are, on the whole, following freer economic policies. Most of these states have freer government and less restrictions on trade.