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.

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

When they so-called 'target the interest rate', what they're doing is controlling the money supply via the interest rate. The interest rate is only an intermediary instrument.

Humility is the distinguishing virtue of the believer in freedom; arrogance, of the paternalist.

The Great Depression was not a sign of the failure of monetary policy or a result of the failure of the market system as was widely interpreted. It was instead a consequence of a very serious government failure, in particular a failure in the monetary authorities to do what they'd initially been set up to do.

Every economist knows that minimum wages either do nothing or cause inflation and unemployment. That's not a statement, it's a definition.

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