Adam Smith's key insight was that both parties to an exchange can benefit and that, so long as cooperation is strictly voluntary, no exchange can take place unless both parties do benefit.

One of the great mistakes is to judge policies and programs by their intentions rather than their results.

History suggests that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition.

And where are you going to get these angels who are going to run society for us?

Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.

Even the most ardent environmentalist doesn't really want to stop pollution. If he thinks about it, and doesn't just talk about it, he wants to have the right amount of pollution. We can't really afford to eliminate it - not without abandoning all the benefits of technology that we not only enjoy but on which we depend.

It is taken for granted that workers should receive their pay partly in kind, in the form of medical care provided by the employer. How come? Why single out medical care? Surely food is no less essential to life than medical care. Why is it not at least as logical for workers to be required to buy their food at the company store as to be required to buy their medical care at the company store?