The high rate of unemployment among teenagers, and especially black teenagers, is both a scandal and a serious source of social unrest. Yet it is largely a result of minimum wage laws. We regard the minimum wage law as one of the most, if not the most, anti-black laws on the statute books.

Anybody who was easily converted was not worth converting.

When you have a time of crisis what happens depends on what ideas are floating around, and what ideas have been developed, and thought through, and are made effective.

How do you hold down government spending?

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.

Money is a very powerful thing, which you hardly notice when it goes right, but which can create havoc when it goes wrong.

That's an interesting paradox to think about. Make it legal and it's no good. Why? Because as long as it's illegal the people who come in do not qualify for welfare, they don't qualify for social security, they don't qualify for the other myriad of benefits that we pour out from our left pocket to our right pocket. So long as they don't qualify they migrate to jobs. They take jobs that most residents of this country are unwilling to take. They provide employers with the kind of workers that they cannot get. They're hard workers, they're good workers, and they are clearly better off.