We do not influence the course of events by persuading people that we are right when we make what they regard as radical proposals. Rather, we exert influence by keeping options available when something has to be done at a time of crisis.

Had drugs been decriminalized, crack would never have been invented and there would today be fewer addicts... The ghettos would not be drug-and-crime-infested no-man's lands... Colombia, Bolivia and Peru would not be suffering from narco-terror, and we would not be distorting our foreign policy because of it.

You never have real changes unless you have a time of crisis.

I think almost every economist would agree that government gets itself in trouble when it tries to interfere with voluntary behavior.

Germany's problem, in part, is that it went into the euro at the wrong exchange rate that overvalued the deutsche mark.

Theories can be based on any assumptions, however bizarre.

The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that's why it's so essential to preserving individual freedom.