The great virtue of a free market is that it enables people who hate each other, or who are from vastly different religious or ethnic backgrounds, to cooperate economically. Government intervention can't do that.

You never have real changes unless you have a time of crisis.

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.

The Great Depression was not a sign of the failure of monetary policy or a result of the failure of the market system as was widely interpreted. It was instead a consequence of a very serious government failure, in particular a failure in the monetary authorities to do what they'd initially been set up to do.

The major basis for my opposition to marijuana prohibition has not been how badly it's worked, the fact that it's produced much more harm than good - it has been primarily a moral reason: I don't think the state has any more right to tell me what to put into my mouth than it has to tell me what can come out of my mouth.

I think there is universal agreement within the economics profession that the decline - the sharp decline in the quantity of money played a very major role in producing the Great Depression.

Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.