If you continue to use monetary policy to attempt to promote full employment the result would be that you would have higher inflation, and that you would not have lower unemployment.

China's productive system draws upon the other East Asian countries to a great extent. The volume of trade is much larger than the net amount being exported from China. China needs substantial reserves to finance all that.

Even the most ardent environmentalist doesn't really want to stop pollution. If he thinks about it, and doesn't just talk about it, he wants to have the right amount of pollution. We can't really afford to eliminate it - not without abandoning all the benefits of technology that we not only enjoy but on which we depend.

Government has three primary functions. It should provide for military defense of the nation. It should enforce contracts between individuals. It should protect citizens from crimes against themselves or their property. When government-- in pursuit of good intentions tries to rearrange the economy, legislate morality, or help special interests, the cost come in inefficiency, lack of motivation, and loss of freedom. Government should be a referee, not an active player.

Humility is the distinguishing virtue of the believer in freedom; arrogance, of the paternalist.

Complete free trade is not politically feasible. Why? Because it's only in the general interest and in no one's special interest.

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