Economists may not know how to run the economy, but they know how to create shortages or gluts simply by regulating prices below the market, or artificially supporting them from above.

Why have we had such a decline in moral climate? I submit to you that a major factor has been a change in the philosophy which has been dominant, a change from belief in individual responsibility to belief in social responsibility. If you adopt the view that a man is not responsible for his own behavior, that somehow society is responsible, why should he seek to make his behavior good?

Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.

In the US, the problem is primary and secondary education. We've had such an increase in inequality because a quarter of American kids don't finish high school!

Our emphasis here is based not only on the growing seriousness of drug-related crimes, but also on the belief that relieving our police and our courts from having to fight losing battles against drug use will enable their energies and facilities to be devoted more fully to combating other forms of crime.

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

So long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.