What would the people who sold us goods do with the money? They'd get dollars. What would they do with the dollars? Eat them?!

You never can cure poverty. Poverty is in the eye of the beholder.

Money is a very powerful thing, which you hardly notice when it goes right, but which can create havoc when it goes wrong.

The government solution to a problem is usually as bad as the problem.

Government has three primary functions. It should provide for military defense of the nation. It should enforce contracts between individuals. It should protect citizens from crimes against themselves or their property. When government-- in pursuit of good intentions tries to rearrange the economy, legislate morality, or help special interests, the cost come in inefficiency, lack of motivation, and loss of freedom. Government should be a referee, not an active player.

We economists don't know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can't sell tomatoes for more than two cents per pound. Instantly you'll have a tomato shortage. It's the same with oil or gas.

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