You can only make money if you buy a product, whatever it is - maybe a currency, maybe wheat and maybe something else - at a relatively low price and sell it at a higher price than you buy it at. There's no other way to make money.

Political leaders in capitalist countries who cheer the collapse of socialism in other countries continue to favor socialist solutions in their own. They know the words, but they have not learned the tune.

Why is it that private insurance companies are not in trouble because people are getting older? Aren't they subject to the same demographics? The difference is that they've accumulated a fund, not a pay-in, pay-out system.

Political freedom means the absence of coercion of a man by his fellow men.

The problem is that, in a world of floating exchange rates, as Italy was before the euro, if one country is subjected to a shock which requires it to cut wages, it cannot do so with a modern kind of control and regulation system. It is much easier to do it by letting the exchange rate change. Only one price has to change, instead of many.

There is one and only one responsibility of business: to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game.

My interest in political philosophy was rather casual until I met Hayek.