I know of no severe depression, in any country or any time, that was not accompanied by a sharp decline in the stock of money, and equally of no sharp decline in the stock of money that was not accompanied by a severe depression.

You will find that hardly a soul who will say that it was a bad thing. Almost everybody will say it was a good thing. 'But what about today? Do you think we should have free immigration?' 'Oh, no,' they'll say, 'We couldn't possibly have free immigration today. Why, that would flood us with immigrants from India, and God knows where. We'd be driven down to a bare subsistence level.'

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

Corruption is government intrusion into market efficiencies in the form of regulations.

Freedom is a rare and delicate plant. Our minds tell us, and history confirms, that the great threat to freedom is the concentration of power.

There is no figure who had more of an influence, no person had more of an influence on the intellectuals behind the Iron Curtain than Friedrich Hayek. His books were translated and published by the underground and black market editions, read widely, and undoubtedly influenced the climate of opinion that ultimately brought about the collapse of the Soviet Union.

A minimum-wage law is, in reality, a law that makes it illegal for an employer to hire a person with limited skills.