The Soviet experience was much worse than experts in the West had thought. That discovery had a tremendous impact both on the intellectual community and on the public at large.

A real gold standard is thoroughly consistent with [classical] liberal principles and I, for one, am entirely in favor of measures promoting its development.

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.

When a man spends his own money to buy something for himself, he is very careful about how much he spends and how he spends it. When a man spends his own money to buy something for someone else, he is still very careful about how much he spends, but somewhat less what he spends it on. When a man spends someone else's money to buy something for himself, he is very careful about what he buys, but doesn't care at all how much he spends. And when a man spends someone else's money on someone else, he does't care how much he spends or what he spends it on. And that's government for you.

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

Humility is the distinguishing virtue of the believer in freedom; arrogance, of the paternalist.

The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.