If a tax cut increases government revenues, you haven't cut taxes enough.

Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression.

We economists don't know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can't sell tomatoes for more than two cents per pound. Instantly you'll have a tomato shortage. It's the same with oil or gas.

If you pay people not to work and tax them when they do, don't be surprised if you get unemployment.

Legalizing drugs would simultaneously reduce the amount of crime and raise the quality of law enforcement. Can you conceive of any other measure that would accomplish so much to promote law and order?

The black market was a way of getting around government controls. It was a way of enabling the free market to work. It was a way of opening up, enabling people.

What you have as a result of past policies is that German entrepreneurs go outside of Germany for many of their activities. They are investing abroad instead of at home because there isn't the openness, fluidity and opportunity they find outside their borders.