The rule of law does not guarantee freedom, since general law as well as personal edicts can be tyrannical. But increasing reliance on the rule of law clearly played a major role in transforming Western society from a world in which the ordinary citizen was literally subject to the arbitrary will of his master to a world in which the ordinary citizen could regard himself as his own master

With some notable exceptions, businessmen favor free enterprise in general but are opposed to it when it comes to themselves.

It is true that a competitive market is not the whole of society. A great deal depends on the qualities of the population and the nation in how they organize the non-market aspects of society.

One of the reasons that I am in favor of less government is because when you have more government, industrialists take it over.

No central banker would disagree with the proposition that inflation is primarily a monetary phenomenon. Not one of them will disagree that every inflation has been accompanied by a rapid increase in the quantity of money and every deflation by a decline in the quantity of money.

A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.

If you continue to use monetary policy to attempt to promote full employment the result would be that you would have higher inflation, and that you would not have lower unemployment.