Japan has introduced fiscal stimulus five times in the past seven or eight years and each time it's been a failure and that's not a surprise. Fiscal stimulus is not stimulating in and of itself.

In the US, the problem is primary and secondary education. We've had such an increase in inequality because a quarter of American kids don't finish high school!

The real tragedy of minimum wage laws is that they are supported by well-meaning groups who want to reduce poverty. But the people who are hurt most by higher minimums are the most poverty stricken.

If instead of looking at income, you look at levels of consumption, if anything that's become more equal. The fraction of families that have a dishwasher, that have a sewing machine, that have a television set. In respect to consumption, it's very hard to avoid the view that people have been getting more equal rather than more unequal.

...Only physicians are likely to be regarded as competent to judge the qualifications of potential physicians, so licensing boards in the various states...are typically composed..of physicians,...members of the AMA. The boards, or the state legislatures...give the AMA the power to influence the number of persons admitted to practice (by) lengthy training,...(and) the list of 'approved' schools and hospitals (which) is generally identical with the list issued by the Council on Medical Education and Hospitals of the AMA.

Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression.

What most people really object to when they object to a free market is that it is so hard for them to shape it to their own will. The market gives people what the people want instead of what other people think they ought to want. At the bottom of many criticisms of the market economy is really lack of belief in freedom itself.