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

A real gold standard is thoroughly consistent with [classical] liberal principles and I, for one, am entirely in favor of measures promoting its development.

The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system.

There's no such thing as a free lunch.

The true test of any scholar's work is not what his contemporaries say, but what happens to his work in the next 25 or 50 years. And the thing that I will really be proud of is if some of the work I have done is still cited in the text books long after I am gone.

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.

When they so-called 'target the interest rate', what they're doing is controlling the money supply via the interest rate. The interest rate is only an intermediary instrument.