The price works so well, so efficiently, that we are not aware of it most of the time.

The central banks cannot control interest rates. That's a mistake. They can control a particular rate, such as the Federal Funds rate, if they want to, but they can't control interest rates.

You had a flood of immigrants, millions of them, coming to this country. What brought them here? It was the hope for a better life for them and their children. And, in the main, they succeeded. It is hard to find any century in history, in which so large a number of people experience so great an improvement in the conditions of their life, in the opportunities open to them, as in the period of the 19th and early 20th century.

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.

In a bureaucratic system, useless work drives out useful work.

So long as large sums of money are involved - and they are bound to be if drugs are illegal - it is literally impossible to stop the traffic, or even to make a serious reduction in its scope.

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