Politicians will always spend every penny of tax raised and whatever else they can get away with.

Economics has become increasingly an arcane branch of mathematics rather than dealing with real economic problems.

And where are you going to get these angels who are going to run society for us?

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.

The problem is that, in a world of floating exchange rates, as Italy was before the euro, if one country is subjected to a shock which requires it to cut wages, it cannot do so with a modern kind of control and regulation system. It is much easier to do it by letting the exchange rate change. Only one price has to change, instead of many.

If capitalism worked as the socialists think an economic system ought to work, and provided a constant equality of living conditions for all, regardless of whether a man was able or not, resourceful or not, diligent or not, thrifty or not, if capitalism put no premiums on resourcefulness and effort and not penalty on idleness or vice, it would produce only an equality of destitution.

Hong Kong is the bellwether. If the Chinese stick to their agreement to let Hong Kong go its own path, then China will also go that way. If they don't, that is a very bad sign. I'm optimistic.