The growing role that the government has played in financing and administering schooling has led not only the enormous waste of taxpayers money but also to a far poorer educational system.

My monetary studies have led me to the conclusion that central banks could profitably be replaced by computers geared to provide a steady rate of growth in the quantity of money. Fortunately for me personally, and for a select group of fellow economists, that conclusion has had no practical impact… else there would have been no Central Bank of Sweden to have established the award [Nobel Prize] I am honoured to receive.

I start ... from a belief in individual freedom and that derives fundamentally from a belief in the limitations of our knowledge, from a belief ... that nobody can be sure that what he believes is right, is really right ... I'm an imperfect human being who cannot be certain of anything, so what position ... involved the least intolerance on my part? ... The most attractive position ... is putting individual freedom first.

To really understand something you've got to reduce it to its principles.

I think it's a scandal what has been happening in the school system so far as lower income classes. The dropout rates, the illiteracy rate, you know literacy in the United States was a lot higher in 1890 than it is now.

The high rate of unemployment among teenagers, and especially black teenagers, is both a scandal and a serious source of social unrest. Yet it is largely a result of minimum wage laws. We regard the minimum wage law as one of the most, if not the most, anti-black laws on the statute books.

If you cannot state a proposition clearly and unambiguously, you do not understand it.