The collapse of communism in essence added tens and tens of millions of people to the world labor supply, and the people who were added had previously been getting very low income, but they were not unskilled. Many of them were fairly well educated.

My interest in political philosophy was rather casual until I met Hayek.

What makes it [economics] most fascinating is that its fundamental principles are so simple that they can be written on one page, that anyone can understand them, and yet very few do.

People who intend only to seek their own benefit are “led by an invisible hand to serve a public interest which was no part of” their intention. I say that there is a reverse invisible hand: People who intend to serve only the public interest are led by an invisible hand to serve private interests which was no part of their intention.

What does it mean to say that government might have a responsibility? Government can't have a responsibility any more than the business can. The only entities which can have responsibilities are people.

What central banks can control is a base and one way they can control the base is via manipulating a particular interest rate, such as a Federal Funds rate, the overnight rate at which banks lend to one another. But they use that control to control what happens to the quantity of money. There is no disagreement.

The euro is good for Europe. But only if there is flexibility all around.