Doing good with other people's money has two basic flaws. In the first place, you never spend anybody else's money as carefully as you spend your own. So a large fraction of that money is inevitably wasted. In the second place, and equally important, you cannot do good with other people's money unless you first get the money away from them. So that force - sending a policeman to take the money from somebody's pocket - is fundamentally at the basis of the philosophy of the welfare state.

So long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.

Pick at random any three letters from the alphabet, put them in any order, and you will have an acronym designating a federal agency we can do without.

If you really want to engage in policy activity, don't make that your vocation. Make it your avocation. Get a job. Get a secure base of income. Otherwise, you're going to get corrupted and destroyed.

Reality ensures that the end of history will never come.

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 Internet moves us closer to "perfect information" on markets. Individuals and companies alike can buy and sell across borders and jurisdictions wherever they find the best match of supply and demand.