Undoubtedly Internet has reduced the possibilities of taxation. Why should I buy something here if I can buy it from a company in Japan or England or Brazil with a lower tax?

Germany's problem, in part, is that it went into the euro at the wrong exchange rate that overvalued the deutsche mark.

Fundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction involving the use of coercion - the technique of the army and of the modern totalitarian state. The other is voluntary cooperation of individuals - the technique of the marketplace.

The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system.

Reality ensures that the end of history will never come.

The most important ways in which I think the Internet will affect the big issue is that it will make it more difficult for government to collect taxes.

...theories should be judged by their ability to predict events rather than by the realism of their assumptions.