Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression.

Drugs are a tragedy for addicts. But criminalizing their use converts that tragedy into a disaster for society, for users and non-users alike. Our experience with the prohibition of drugs is a replay of our experience with the prohibition of alcoholic beverages.

How can we keep the government we create from becoming a Frankenstein that will destroy the very freedom we establish it to protect? Freedom is a rare and delicate plant.

You never have real changes unless you have a time of crisis.

The only relevant test of the validity of a hypothesis is comparison of prediction with experience.

There is no place for government to prohibit consumers from buying products the effect of which will be to harm themselves.

People who intend only to seek their own benefit are “led by an invisible hand to serve a public interest which was no part of” their intention. I say that there is a reverse invisible hand: People who intend to serve only the public interest are led by an invisible hand to serve private interests which was no part of their intention.