Inflation is always and everywhere a monetary phenomenon.

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.

There's no point in comparing an actual, operating system with an ideal system that doesn't exist.

Americans know very little about social statistics, but I am not sure that it's important that Americans know about social statistics.

Complete free trade is not politically feasible. Why? Because it's only in the general interest and in no one's special interest.

The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system.

Higher taxes never reduce the deficit. Governments spend whatever they take in and then whatever they can get away with.