If a country is an attractive place for foreigners to invest their funds, then that country will have a relatively high exchange rate. If it's an unattractive place, it will have a relatively low exchange rate. Those are the fundamentals that determine the exchange rate in a floating exchange rate system.

Thanks to economists, all of us, from the days of Adam Smith and before right down to the present, tariffs are perhaps one tenth of one percent lower than they otherwise would have been. And because of our efforts, we have earned our salaries ten-thousand fold.

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

You cannot be sure that you are right unless you understand the arguments against your views better than your opponents do.

I have long been a critic of Social Security, basically because I believe that it is not the business of government to tell people what fraction of their incomes they should devote to providing for their own or someone else's old age.

I would say that in this world, the greatest source of inequality has been special privileges granted by government.

The problem in this world is to avoid concentration of power - we must have a dispersion of power.