The great thing about fiscal policy is that it has a direct impact and doesn't require you to bind the hands of future policymakers.

...academic credentials are neither a necessary nor a sufficient condition for having your ideas taken seriously. If a famous professor repeatedly says stupid things, then tries to claim he never said them, there's no rule against calling him a mendacious idiot - and no special qualifications required to make that pronouncement other than doing your own homework.Conversely, if someone without formal credentials consistently makes trenchant, insightful observations, he or she has earned the right to be taken seriously, regardless of background.

There's one thing that the Fed has been really good at cracking down on, and that's inflation.

People respond to incentives. If unemployment becomes more attractive because of the unemployment benefit, some unemployed workers may no longer try to find a job or may not try to find one as quickly as they would without the benefit.

Unsustainable situations usually go on longer than most economists think possible. But they always end, and when they do, it's often painful.

The goal in the end is not to win elections. The goal is to change society.

[I]f one asks what substantive contributions [F. A. Hayek] made to our understanding of how the world works, one is left at something of a loss. Were it not for his politics, he would be virtually forgotten.