To the best of my knowledge, there has never been a monetary union, putting out a fiat currency, composed of independent states.

The big issue is whether the United States will succeed in its venture of reshaping the Middle East. It is not clear to me that using military force is the way to do it. We should not have gone into Iraq. But we have.

If you really want to engage in policy activity, don't make that your vocation. Make it your avocation. Get a job. Get a secure base of income. Otherwise, you're going to get corrupted and destroyed.

The power to do good is also the power to do harm.

A minimum-wage law is, in reality, a law that makes it illegal for an employer to hire a person with limited skills.

If, for example, existing government intervention is minor, we shall attach a smaller weight to the negative effect of additional government intervention. This is an important reason why many earlier liberals, like Henry Simons, writing at a time when government was small by today's standards, were willing to have government undertake activities that today's liberals would not accept now that government has become so overgrown.

A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.