Every economist knows that minimum wages either do nothing or cause inflation and unemployment. That's not a statement, it's a definition.

What would the people who sold us goods do with the money? They'd get dollars. What would they do with the dollars? Eat them?!

Politicians will always spend every penny of tax raised and whatever else they can get away with.

The great virtue of a free market system is that it does not care what color people are; it does not care what their religion is; it only cares whether they can produce something you want to buy. It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another.

You must distinguish sharply between being pro free enterprise and being pro business.

Political leaders in capitalist countries who cheer the collapse of socialism in other countries continue to favor socialist solutions in their own. They know the words, but they have not learned the tune.

Positive economics is in principle independent of any particular ethical position or normative judgment...In short, positive economics is or can be an "objective" science.