The economic miracle that has been the United States was not produced by socialized enterprises, by government-unon-industry cartels or by centralized economic planning. It was produced by private enterprises in a profit-and-loss system. And losses were at least as important in weeding out failures, as profits in fostering successes. Let government succor failures, and we shall be headed for stagnation and decline.

Economic freedom is ... an indispensable means toward the achievement of political freedom.

I think it's a scandal what has been happening in the school system so far as lower income classes. The dropout rates, the illiteracy rate, you know literacy in the United States was a lot higher in 1890 than it is now.

Not all schooling is education nor all education, schooling.

We economists don't know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can't sell tomatoes for more than two cents per pound. Instantly you'll have a tomato shortage. It's the same with oil or gas.

Pick at random any three letters from the alphabet, put them in any order, and you will have an acronym designating a federal agency we can do without.

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.