Congress can raise taxes because it can persuade a sizable fraction of the populace that somebody else will pay

The case against a fully independent central bank is strong indeed.

The invisible hand in politics operates in the opposite direction to the invisible hand in the market.

I have long been a critic of Social Security, basically because I believe that it is not the business of government to tell people what fraction of their incomes they should devote to providing for their own or someone else's old age.

Anybody who was easily converted was not worth converting.

Economics has become increasingly an arcane branch of mathematics rather than dealing with real economic problems.

Economists may not know how to run the economy, but they know how to create shortages or gluts simply by regulating prices below the market, or artificially supporting them from above.