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.

The only reason there is a crisis about Social Security in the US and pensions in Europe and Japan is that you cannot maintain a "Ponzi" scheme indefinitely. We have collected from today's young to pay today's old and counted on tomorrow's young to keep doing so. That was a fine scheme as long as the number of young people was rising faster than old people. When that ratio comes to an end, such a system also has to end.

Speeches by businessmen on social responsibility...may gain them kudos in the short run. But it helps to strengthen the already too prevalent view that the pursuit of profits is wicked.... There is one and only one social responsibility of business-to...engage in open and free competition without deception or fraud.

The government solution to a problem is usually as bad as the problem.

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.

The same thing will happen in China that happened in Chile. Political freedom will ultimately break out of its shackles. Tiananmen Square was only the first episode. It is headed for a series of Tiananmen Squares. It cannot continue to develop privately and at the same time maintain its authoritarian character politically. It is headed for a clash. Sooner or later, one or the other will give.

What makes it [economics] most fascinating is that its fundamental principles are so simple that they can be written on one page, that anyone can understand them, and yet very few do.